BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.01 per $10,000 · paid last 24h +0.010%

Price spread now: Coinbase International against Bullet+0.046%7-day average +0.040% · 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−$19as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Bullet Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.022%+$2 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now +0.046%, 7d avg +0.040%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,577.4	0.0100	pay 0.0013% / 1h	3m 40s	$193K	$3.3M	20x
Short	Coinbase International BTC-PERP-INTX	86,617.2	0.0112	get 0.0014% / 1h	3m 40s	$132.2M	$5.64B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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

Position, each leg$Hold fordaysFee BulletbpFee Coinbase InternationalbpOrdersPrice spread, now +0.046%Rate

Funding earned: $2.52
Price spread: +0.046% → +0.040%: $0.62
Slippage, 4 orders: −$1.93
Fee Bullet: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$16.8
Costs to cover: 0.199%
Break-even: 53.7 days

Slippage from Bullet: live order book, 1 min ago; Coinbase International: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bullet live order book, 1 min ago	0.17 bp	4.9 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit
Sell Coinbase International live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$525	11.7 bp −$5,829

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0118%	1h	86,444	−0.154%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,513	−0.074%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.268%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,586.3	+0.010%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,581.3	+0.005%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,550.9	−0.031%	$412K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,592.6	+0.018%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,577.4	0.000%	$502.2M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	86,576.9	−0.001%	$835.2M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,575.5	−0.002%	$6.7M	$145.6M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0044%	8h	86,565.5	−0.014%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,572.9	−0.005%	$151.9M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0057%	8h	86,573	−0.005%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,559.6	−0.021%	$17.0M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,567.9	−0.011%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,573	−0.005%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,574.6	−0.003%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,572.4	−0.006%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,585.5	+0.009%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,586.9	+0.011%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,578	+0.001%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,573.6	−0.004%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,556	−0.025%	$196K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,618.6	+0.048%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,531.5	−0.053%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,652	+0.086%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,605.3	+0.032%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,585.9	+0.010%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,584	+0.008%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,609.1	+0.037%	$7.2M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.1	0.000%	$38.1M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.119%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.096%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.134%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,505.5	−0.083%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,504	−0.085%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,604.7	+0.031%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,582	+0.005%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,577.4	long leg	$193K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.7	−0.008%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,616.8	+0.046%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,605.7	+0.033%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,543	−0.040%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	−0.014%	$60.5M	$338.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,564.1	−0.015%	$2.30B	$968.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.144%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,557	−0.024%	$45.8M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,545.6	−0.037%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,600	+0.026%	$193.6M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	86,617.2	+0.046%	$132.2M	$5.64B	50x
Aftermath Perps BTCUSD	+0.0160%	1h	86,521.6	−0.064%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,531.8	−0.053%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,487.6	−0.104%	$415.0M	$659.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0225%	1h	86,583	+0.006%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,577	0.000%	$10.4M	$754.5M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0254%	1h	86,619.9	+0.049%	$912.9M	$1.49B	50x	as long as short