BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Bullet+0.018%7-day average −0.012% · 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−$15as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Bullet Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.092%−$9 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.018%, 7d avg −0.012%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.030% dearer against Bullet than usual: you sell high and buy low (spread +0.018% now, against its 7-day average of −0.012%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,996	0.0100	pay 0.0013% / 1h	13m 22s	$210K	$3.3M	20x
Short	gTrade (Gains Network) BTC/USD	86,011.3	L +0.0004% / S −0.0004%	get 0.0001% / 1h	13m 22s	$36.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.018%Rate

Funding earned: −$20.1
Price spread: +0.018% → −0.012%: $2.98
Slippage, 4 orders: −$3.42
Fee Bullet: 4 bp × 2 orders: −$8
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$35.54
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Bullet: live order book, 1 min ago; gTrade (Gains Network): virtual book (oracle venue), 16 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	0.29 bp	5.1 bp −$5	7.9 bp −$79	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 16 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

BTC on 55 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
Bluefin BTC-PERP	−0.0485%	1h	86,165.3	+0.197%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,031	+0.041%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,061.3	+0.076%	$424.5M	$626.5M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,009.7	+0.016%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,071	+0.087%	$308K	$27.2M	52x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	86,011.3	+0.018%	$36.8M	—	200x
KuCoin XBTUSDTM	+0.0027%	8h	86,001.7	+0.007%	$944.0M	$674.8M	125x	as long as short
dYdX BTC-USD	+0.0041%	1h	86,030.7	+0.040%	$16.8M	$18.6M	50x	as long as short
Aster BTCUSDT	+0.0045%	8h	86,013.1	+0.020%	$502.8M	$989.5M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,128.1	+0.154%	$188.6M	$871.1M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	86,095	+0.115%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,979.4	−0.019%	—	$16.6M	—	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,993.5	−0.003%	$5.09B	$9.22B	150x	as long as short
Nado BTC-PERP	+0.0092%	1h	86,008.9	+0.015%	$22.0M	$209.4M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,035.7	+0.046%	$173.0M	$962.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,025.6	+0.034%	$23.2M	$136.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,009	+0.015%	$8.5M	$52.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,112.9	+0.136%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,989	−0.008%	$215K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,100	+0.121%	$6.0M	$8.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,058.2	+0.072%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,995.9	0.000%	$9.42B	$23.08B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,993	−0.003%	$2.61B	$10.81B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,017	+0.024%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,035.8	+0.046%	$4.6M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,005.6	+0.011%	$5.50B	$10.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,998.8	+0.003%	$5.09B	$5.86B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,997.6	+0.002%	$2.98B	$4.58B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,080.6	+0.098%	$37.8M	$187.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	+0.058%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,007	+0.013%	$289.3M	$980.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,992.6	−0.004%	$216.0M	$149.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,996.3	0.000%	$137.0M	$302.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,107.5	+0.130%	$30.3M	$213.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,106	+0.128%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,010	+0.016%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,996	long leg	$210K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,002.2	+0.007%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,120.9	+0.145%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,108	+0.130%	$60.3M	$257.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,050.2	+0.063%	$2.28B	$912.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,061	+0.076%	$167.5M	$500.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.147%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,986.7	−0.011%	$46.3M	$222.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,024.4	+0.033%	—	$94.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,150.3	+0.179%	$112.7M	$5.32B	50x	as long as short
Hyperliquid BTC	+0.0151%	1h	86,085	+0.103%	$3.85B	$4.81B	40x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,977.5	−0.022%	$6.7M	$134.0M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	86,164.9	+0.196%	$830.4M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,133	+0.159%	$11.0M	$727.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,045.2	+0.057%	$9.0M	$40.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0178%	1h	86,011.5	+0.018%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	86,147.7	+0.176%	$693K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0375%	1h	85,967.7	−0.033%	$82K	$254K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,032.4	+0.042%	$480K	$17.0M	6.7x	as long as short