BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0049%/8h= −5.4% APRnext payment −$0.06 per $10,000 · paid last 24h −0.012%

Price spread now: SoDEX against Bullet−0.002%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Bullet Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.002%, 7d avg −0.008%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$1 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	85,410	0.0098	pay 0.0012% / 1h	1m 58s	$205K	$3.3M	20x
Short	SoDEX BTC-USD	85,408	0.0048	get 0.0006% / 1h	1m 58s	$59.8M	$335.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$10.39
Price spread: −0.002% → −0.008%: $0.54
Slippage, 4 orders: −$1.24
Fee Bullet: 4 bp × 2 orders: −$8
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$27.1
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Bullet: live order book, 2 min ago; SoDEX: 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	4.8 bp −$5	7.2 bp −$72	doesn't fit	doesn't fit
Sell SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$503	44.2 bp −$22.1K

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	−0.0140%	1h	85,470	+0.070%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,425	+0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,393.8	−0.019%	$919.1M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,404.2	−0.007%	$419.8M	$675.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,396	−0.016%	$514.1M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,418.2	+0.010%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,420.1	+0.012%	$539K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,429.9	+0.023%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,411	+0.001%	$24.3M	$222.9M	50x	as long as short
dYdX BTC-USD	+0.0025%	1h	85,448.7	+0.045%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.166%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USDshort	+0.0048%	1h	85,408	−0.002%	$59.8M	$335.9M	40x
BingX BTC-USDT	+0.0063%	8h	85,407.3	−0.003%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,409.3	−0.001%	$149.0M	$498.6M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,412.9	+0.003%	$2.95B	$5.13B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,402.9	−0.008%	$2.6M	$5.3M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,402	−0.009%	$9.45B	$24.50B	150x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,402.1	−0.009%	$5.06B	$5.69B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0091%	1h	85,451.6	+0.049%	$872.3M	$1.60B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,420	+0.012%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,423.6	+0.016%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	+0.005%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USDlong	+0.0098%	1h	85,410	long leg	$205K	$3.3M	20x
Katana Perps BTC-USD	+0.0100%	8h	85,394	−0.019%	$242K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,464.3	+0.064%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,489.7	+0.093%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,448.9	+0.046%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,401.6	−0.010%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,412.1	+0.002%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	0.000%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.8	+0.006%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,408.8	−0.001%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.7	−0.011%	$36.5M	$177.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465	+0.064%	$154.3M	$564.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,462	+0.061%	$279.2M	$932.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.086%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.8	+0.081%	$139.7M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.8	+0.086%	$30.2M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,480.5	+0.082%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	+0.007%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,400.7	−0.011%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.7	+0.051%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395	−0.018%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,390.4	−0.023%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,404.4	−0.007%	$2.26B	$949.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.007%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,379.6	−0.036%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,435.6	+0.030%	—	$106.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.2	+0.032%	$117.8M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,412.8	+0.003%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,427.7	+0.021%	$187.7M	$956.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0164%	8h	85,444	+0.040%	$11.4M	$751.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.5	+0.043%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.2	+0.017%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,524.1	+0.134%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0245%	1h	85,474.2	+0.075%	$79K	$223K	20x	as long as short