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Funding arb · Price arb /

BTC

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Alert: spread
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Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%
Price spread now: Hyperliquid against Bullet+0.085%7-day average +0.034% · 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−$14as in the Price arb table
costs, in and out, $10k−$190.192% of the position
Long on BulletShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.030%+$3 on $10k
Price spread, last 7 days−0.085%−$8 · spread now +0.085%, 7d avg +0.034%
Together, before fees−0.055%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.051% dearer against Bullet than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.034%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet BTC-USD86,2780.0100pay 0.0013% / 1h21m 09s$191K$3.3M20x
ShortHyperliquid BTC86,3510.0100get 0.0013% / 1h21m 09s$3.79B$4.97B40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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
$0
Price spread: +0.085% → +0.034%
$5.06
Slippage, 4 orders
−$2.24
Fee Bullet: 4 bp × 2 orders
−$8
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$14.19
Costs to cover
0.192%
Break-even
never at this rate
Slippage from Bullet: live order book, 3 min ago; Hyperliquid: live order book, 13 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, 3 min ago0.23 bp4.9 bp −$58.1 bp −$81doesn't fitdoesn't fit
Sell Hyperliquid live order book, 13 min ago0.06 bp4.6 bp −$54.6 bp −$464.6 bp −$458doesn'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-PERP−0.0161%1h86,307+0.034%$144K$666K40xas long as short
Phoenix BTC−0.0129%1h86,359+0.094%$2.2M$11.2M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,322+0.051%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,278.8+0.001%$364K$2.4M50xas long as short
Perpl BTC0.0000%43m86,315.4+0.043%$481K$21.4M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,297.6+0.023%$36.9M—200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,358+0.093%$343K$26.9M52xas long as short
dYdX BTC-USD+0.0024%1h86,339.8+0.072%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0030%8h86,274.3−0.004%$500.3M$1.13B200xas long as short
KuCoin XBTUSDTM+0.0042%8h86,290+0.014%$831.1M$717.9M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0047%1h86,270.5−0.009%$6.7M$145.7M40xas long as short
BingX BTC-USDC+0.0050%8h86,269.9−0.009%—$15.3M—as long as short
RISEx BTC/USDC+0.0052%1h86,288.1+0.012%$8.3M$42.4M25xas long as short
Bitget BTCUSDT+0.0064%8h86,286.8+0.010%$2.98B$5.04B150xas long as short
Aevo BTC-PERP+0.0080%1h86,286.5+0.010%$2.5M$1.8M20xas long as short
SoDEX BTC-USD+0.0082%1h86,285+0.008%$60.3M$338.2M40xas long as short
MEXC BTC_USDT+0.0083%8h86,281.5+0.004%$5.13B$5.72B500xas long as short
Binance BTCUSDT+0.0083%8h86,276.1−0.002%$9.40B$24.27B150xas long as short
Lighter BTC+0.0096%1h86,306.9+0.033%$170.5M$987.7M50xas long as short
Lighter RH BTC+0.0096%1h86,296.2+0.021%$23.7M$150.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,267−0.013%$8.4M$52.0M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,250−0.032%$196K$7.2M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,327.4+0.057%$4.2M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,310.5+0.038%$22.1M$227.1M50xas long as short
Hyperliquid BTCshort+0.0100%1h86,351+0.085%$3.79B$4.97B40x
Pacifica BTC+0.0100%1h86,328+0.058%$41.1M$552.2M50xas long as short
Bybit BTCUSDT+0.0100%8h86,286.2+0.010%$5.25B$9.66B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,289.3+0.013%$2.56B$12.45B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,261−0.020%$3.9M$17.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,305.8+0.032%$7.2M$94.9M40xas long as short
Gate BTC_USDT+0.0100%8h86,283.2+0.006%$5.78B$10.56B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,269.1−0.010%$37.2M$158.9M75xas long as short
Variational Omni BTC+0.0100%8h86,271.9−0.007%$157.9M$558.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,378.6+0.117%$279.0M$949.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,434.6+0.181%$217.1M$165.2M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,403.6+0.146%$141.5M$321.0M100xas long as short
StandX BTC-USD+0.0100%1h86,336.6+0.068%$30.7M$208.8M40xas long as short
Vest BTC-PERP+0.0100%1h86,328.2+0.058%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,274−0.005%$11.1M$14.1M50xas long as short
Bullet BTC-USDlong+0.0100%1h86,278long leg$191K$3.3M20x
Orderly PERP_BTC_USDC+0.0100%8h86,280.9+0.003%$2.4M$8.9M100xas long as short
Derive BTC-PERP+0.0100%1h86,310.7+0.038%$30.3M$57.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,256.6−0.025%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,270.1−0.009%$2.29B$958.7M200xas long as short
Phemex BTCUSDT+0.0100%8h86,290.4+0.014%$155.0M$473.4M150xas long as short
Bulk BTC-USD+0.0100%1h86,411.1+0.154%$576.0M$32.8M40xas long as short
Extended BTC-USD+0.0104%1h86,272.6−0.006%$46.1M$222.0M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,323.6+0.053%—$98.4M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,337.7+0.069%$132.4M$5.34B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,326+0.056%$192.4M$944.4M100xas long as short
Deribit BTC-PERPETUAL+0.0155%1h86,337.9+0.069%$902.2M$1.51B50xas long as short
Hibachi BTC/USDT-P+0.0168%1h86,341.8+0.074%$709K$7.9M30xas long as short
Aftermath Perps BTCUSD+0.0170%1h86,399.2+0.140%$77K$217K20xas long as short
BloFin BTC-USDT+0.0203%8h86,280.1+0.002%$415.0M$641.3M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0206% / S −0.0221%1h86,292.4+0.017%$14.5M—200xas long as short
Kalshi KXBTCPERP+0.0206%8h86,319+0.048%$10.6M$765.4M6.4xas long as short