BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.031%

Price spread now: dYdX against Bullet+0.006%7-day average −0.011% · 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−$27as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Bullet Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.090%−$9 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.006%, 7d avg −0.011%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$3 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	85,630.2	0.0100	pay 0.0013% / 1h	56m 45s	$195K	$3.3M	20x
Short	dYdX BTC-USD	85,635.6	0	get 0.0000% / 1h	56m 45s	$16.8M	$21.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$21
Price spread: +0.006% → −0.011%: $1.69
Slippage, 4 orders: −$11.14
Fee Bullet: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$48.45
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Bullet: live order book, 2 min ago; dYdX: live order book, 2 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, 2 min ago	0.23 bp	4.5 bp −$5	7.6 bp −$76	doesn't fit	doesn't fit
Sell dYdX live order book, 2 min ago	4.90 bp	9.9 bp −$10	14.3 bp −$143	18.3 bp −$1,835	28.5 bp −$14.3K

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	−0.0179%	1h	85,646	+0.018%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,649	+0.022%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0036%	8h	85,614.3	−0.019%	$923.2M	$754.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,624.5	−0.007%	$417.3M	$675.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,635.4	+0.006%	$367K	$2.3M	50x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,635.6	+0.006%	$16.8M	$21.3M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,635.9	+0.007%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,612.5	−0.021%	$516.0M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,634.6	+0.005%	$25.0M	$222.4M	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.070%	$340K	$26.9M	52x	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	+0.0063%	8h	85,611.3	−0.022%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0064%	8h	85,616.4	−0.016%	$148.6M	$489.3M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,665.3	+0.041%	$886.4M	$1.58B	50x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,625.7	−0.005%	$2.96B	$5.10B	150x	as long as short
Reya BTCRUSDPERP	+0.0089%	1h	85,625.8	−0.005%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,635.7	+0.006%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,641.3	+0.013%	$23.9M	$147.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,625	−0.006%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,622.7	−0.009%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,601	−0.034%	$202K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,698.8	+0.080%	$5.2M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,666.1	+0.042%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,624.6	−0.007%	$9.38B	$24.26B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,620.7	−0.011%	$5.19B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635.7	+0.006%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,617	−0.015%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,617.4	−0.015%	$4.4M	$98.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.167%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,626.3	−0.004%	$5.52B	$10.71B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,624.6	−0.006%	$5.07B	$5.62B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,615.2	−0.017%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,565.9	−0.075%	$153.8M	$564.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,637	+0.008%	$279.8M	$921.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,666.6	+0.043%	$215.0M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,668.6	+0.045%	$140.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,629.2	−0.001%	$30.2M	$208.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,682.2	+0.061%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,630	0.000%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,630.2	long leg	$195K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,625.5	−0.005%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,668.8	+0.045%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,619.7	−0.012%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,613.4	−0.020%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,625	−0.006%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,621.9	−0.010%	$2.27B	$946.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,601.2	−0.034%	$44.8M	$231.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,635.5	+0.006%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,661.6	+0.037%	$117.3M	$5.21B	50x	as long as short
Hyperliquid BTC	+0.0109%	1h	85,709	+0.092%	$3.79B	$5.01B	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,646.3	+0.019%	$187.7M	$955.7M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,652.5	+0.026%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,636.9	+0.008%	$13.2M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0217%	1h	85,629.5	−0.001%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0239%	8h	85,658	+0.033%	$12.0M	$757.3M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,699.5	+0.081%	$703K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.7	+0.010%	$502K	$18.8M	6.7x	as long as short