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 −0.185%

Price spread now: Bluefin against Coinbase International−0.022%7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

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

costs, in and out, $10k−$220.217% of the position

Long on Coinbase International Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 3 days (all we have)−0.032%−$3 · spread now −0.022%, 7d avg −0.064%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.042% dearer against Coinbase International than usual: you sell high and buy low (spread −0.022% now, against its 7-day average of −0.064%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 12 days. At the pace of the last 7 days (−0.270% in total) that is about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,603.9	0.0112	pay 0.0014% / 1h	1m 52s	$132.2M	$5.64B	50x
Short	Bluefin BTC-PERP	86,584.9	0.0100	get 0.0013% / 1h	1m 52s	$141K	$663K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Coinbase International. 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 Coinbase InternationalbpFee BluefinbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$2.52
Price spread: −0.022% → −0.064%: $4.2
Slippage, 4 orders: −$4.65
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$19.97
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bluefin: live order book, 12 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$512	11.7 bp −$5,865
Sell Bluefin live order book, 12 min ago	1.72 bp	5.7 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit

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	86,570	−0.039%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,550	−0.062%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,605	+0.001%	$333K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,558.5	−0.052%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,560.6	−0.050%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,575.8	−0.032%	$411K	$22.4M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,565.4	−0.044%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,558.3	−0.053%	$502.1M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0025%	8h	86,570.6	−0.038%	$834.9M	$728.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0038%	1h	86,551.8	−0.060%	$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	86,550	−0.062%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0055%	8h	86,556.8	−0.054%	$152.0M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0057%	8h	86,567.7	−0.042%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0063%	1h	86,559.6	−0.051%	$17.0M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,543	−0.070%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,568.6	−0.041%	$5.16B	$5.70B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,566.4	−0.043%	$9.45B	$24.55B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,563.7	−0.046%	$5.85B	$10.82B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,573.7	−0.035%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,566.7	−0.043%	$23.8M	$153.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,554	−0.058%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,566.1	−0.044%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,530	−0.085%	$197K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,590	−0.016%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,550	−0.062%	$21.8M	$234.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638	+0.039%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,589.3	−0.017%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,582.2	−0.025%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,564	−0.046%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,582	−0.025%	$7.0M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,560.3	−0.050%	$38.0M	$155.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.150%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.126%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,495.7	−0.125%	$217.1M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,506.3	−0.113%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,564.6	−0.045%	$30.7M	$207.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,595.7	−0.010%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,548	−0.065%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,551.5	−0.060%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,544.4	−0.069%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	86,584.9	−0.022%	$141K	$663K	40x
Derive BTC-PERP	+0.0100%	1h	86,580.9	−0.027%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,547	−0.066%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,548	−0.065%	$60.4M	$338.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,536.1	−0.078%	$2.30B	$968.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.174%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,553.9	−0.058%	$45.8M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,570.3	−0.039%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,589.9	−0.016%	$193.6M	$953.0M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	86,603.9	long leg	$132.2M	$5.64B	50x
Aftermath Perps BTCUSD	+0.0162%	1h	86,546	−0.067%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,594	−0.011%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,572.2	−0.037%	$415.4M	$659.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0225%	1h	86,562.2	−0.048%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,582	−0.025%	$10.3M	$755.2M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0278%	1h	86,603.5	0.000%	$912.9M	$1.49B	50x	as long as short