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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC−0.3024%/8h= −331.1% APRnext payment −$3.78 per $10,000 · paid last 24h −0.175%
Price spread now: Bluefin against Bullet+0.033%7-day average −0.024% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$210.213% of the position
Long on BulletShort on Bluefin
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.413%−$41 on $10k
Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.033%, 7d avg −0.024%
Together, before fees−0.472%−$47 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Bluefin is 0.057% dearer against Bullet than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.024%): +$6 on $10k if it goes back. Holding the pair costs −$91 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 3 days (−0.413% in total) that is about 11 hours.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.413% in total (about -46.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.78 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet BTC-USD86,5360.0100pay 0.0013% / 1h57m 31s$194K$3.3M20x
ShortBluefin BTC-PERP86,564.5−0.2924pay 0.0366% / 1h57m 31s$140K$664K40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bluefin against Bullet. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

click an exchange to add or hide it
latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$635.06
Price spread: +0.033% → −0.024%
$5.69
Slippage, 4 orders
−$6.34
Fee Bullet: 4 bp × 2 orders
−$8
Fee Bluefin: 3.5 bp × 2 orders
−$7
Net
−$650.71
Costs to cover
0.213%
Break-even
never at this rate
Slippage from Bullet: live order book, 2 min ago; Bluefin: live order book, 17 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bullet live order book, 2 min ago0.06 bp5.3 bp −$58.3 bp −$83doesn't fitdoesn't fit
Sell Bluefin live order book, 17 min ago1.72 bp5.7 bp −$610.5 bp −$105doesn't fitdoesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERPshort−0.2924%1h86,564.5+0.033%$140K$664K40x
Phoenix BTC−0.0118%1h86,586+0.058%$2.2M$11.1M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,487−0.057%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,492.8−0.050%$361K$2.4M50xas long as short
Perpl BTC0.0000%43m86,549.3+0.015%$414K$22.2M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,558.2+0.026%$37.0M—200xas long as short
dYdX BTC-USD+0.0013%1h86,503−0.038%$16.9M$21.2M50xas long as short
Aster BTCUSDT+0.0015%8h86,487.7−0.056%$501.7M$1.15B200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,616+0.092%$333K$26.9M52xas long as short
KuCoin XBTUSDTM+0.0028%8h86,515−0.024%$834.9M$728.6M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit BTCUSDT+0.0039%8h86,465.1−0.082%$5.26B$9.77B150xas long as short
Reya BTCRUSDPERP+0.0039%1h86,524.6−0.013%$6.7M$145.7M40xas long as short
BingX BTC-USDT+0.0045%8h86,494.7−0.048%—$1.59B—as long as short
RISEx BTC/USDC+0.0052%1h86,506−0.035%$8.4M$42.8M25xas long as short
Bitget BTCUSDT+0.0058%8h86,494.1−0.048%$2.97B$5.11B150xas long as short
SoDEX BTC-USD+0.0065%1h86,520−0.018%$60.5M$338.0M40xas long as short
MEXC BTC_USDT+0.0076%8h86,480.6−0.064%$5.14B$5.64B500xas long as short
Binance BTCUSDT+0.0077%8h86,464−0.083%$9.44B$24.52B150xas long as short
Aevo BTC-PERP+0.0080%1h86,544.1+0.009%$2.5M$1.2M20xas long as short
Deribit BTC-PERPETUAL+0.0092%1h86,559.2+0.027%$909.6M$1.50B50xas long as short
Lighter BTC+0.0096%1h86,499.8−0.042%$170.3M$979.6M50xas long as short
Lighter RH BTC+0.0096%1h86,520.1−0.018%$23.7M$148.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,473−0.073%$8.4M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,476−0.069%$201K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,515.6−0.024%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,504.4−0.037%$22.1M$233.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,592.5+0.065%$3.80B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,522.8−0.015%$40.8M$540.8M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,477.4−0.068%$2.55B$12.71B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,511−0.029%$3.9M$18.1M25xas long as short
Arcus BTC-USD+0.0100%1h86,525−0.013%$7.3M$96.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,523.6−0.014%$572.9M$12.4M40xas long as short
Gate BTC_USDT+0.0100%8h86,495.4−0.047%$5.87B$10.42B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,527.3−0.010%$37.8M$156.3M75xas long as short
Variational Omni BTC+0.0100%8h86,554.4+0.021%$157.4M$568.6M—as long as short
edgeX BTCUSDC+0.0100%4h86,572.4+0.042%$279.6M$946.5M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,585.4+0.057%$217.4M$171.3M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,575+0.045%$141.8M$323.5M100xas long as short
StandX BTC-USD+0.0100%1h86,558+0.025%$30.7M$208.1M40xas long as short
Vest BTC-PERP+0.0100%1h86,533.5−0.003%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,523−0.015%$11.1M$13.9M50xas long as short
Bullet BTC-USDlong+0.0100%1h86,536long leg$194K$3.3M20x
Orderly PERP_BTC_USDC+0.0100%8h86,518.3−0.020%$2.5M$9.3M100xas long as short
Derive BTC-PERP+0.0100%1h86,556.5+0.024%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,529.9−0.007%$3.4M$5.3M100xas long as short
HTX BTC-USDT+0.0100%8h86,516.5−0.023%$2.30B$969.9M200xas long as short
Phemex BTCUSDT+0.0100%8h86,533.9−0.002%$152.8M$479.5M150xas long as short
Extended BTC-USD+0.0104%1h86,473−0.073%$45.8M$224.8M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,563.8+0.032%—$100.1M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,563+0.031%$132.2M$5.63B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,550.3+0.017%$193.4M$951.1M100xas long as short
Aftermath Perps BTCUSD+0.0163%1h86,564.6+0.033%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0176%1h86,624.7+0.103%$717K$8.1M30xas long as short
BloFin BTC-USDT+0.0197%8h86,561+0.029%$415.4M$659.9M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0201% / S −0.0224%1h86,551.5+0.018%$14.9M—200xas long as short
Kalshi KXBTCPERP+0.0210%8h86,576+0.046%$10.0M$756.5M6.4xas long as short