BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.012%

Price spread now: Bulk against Coinbase International+0.101%7-day average −0.039% · 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−$3as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Coinbase International Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now +0.101%, 7d avg −0.039%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.140% dearer against Coinbase International than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of −0.039%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,831.4	0.0120	pay 0.0015% / 1h	57m 43s	$132.3M	$5.98B	50x
Short	Bulk BTC-USD	86,919.5	0.0100	get 0.0013% / 1h	57m 43s	$573.8M	$23.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$4.2
Price spread: +0.101% → −0.039%: $14.04
Slippage, 4 orders: −$0.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$7.51
Costs to cover: 0.173%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bulk: live order book, 1 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, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$556	11.9 bp −$5,967
Sell Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	4.4 bp −$439	5.3 bp −$2,638

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
Perpl BTC	−0.0335%	43m	86,902.3	+0.082%	$419K	$25.5M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0178%	1h	86,926.8	+0.110%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0123%	1h	86,928	+0.111%	$2.2M	$11.7M	40x	as long as short
dYdX BTC-USD	−0.0096%	1h	86,803.3	−0.032%	$18.1M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,889	+0.066%	$9K	$3K	50x	as long as short
Bluefin BTC-PERP	−0.0001%	1h	86,773.7	−0.066%	$160K	$575K	40x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,793.6	−0.044%	$838.7M	$709.1M	125x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,822.5	−0.010%	$924.2M	$1.38B	50x	as long as short
SoDEX BTC-USD	+0.0002%	1h	86,776	−0.064%	$60.6M	$336.5M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,841.5	+0.012%	$36.7M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange BTCUSD	+0.0008%	1h	86,886.4	+0.063%	$367K	$2.5M	50x	as long as short
Phemex BTCUSDT	+0.0015%	8h	86,773.5	−0.067%	$149.0M	$468.5M	150x	as long as short
BingX BTC-USDC	+0.0018%	8h	86,806.1	−0.029%	—	$15.3M	—	as long as short
Aster BTCUSDT	+0.0020%	8h	86,783.2	−0.056%	$506.5M	$1.17B	200x	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,839.8	+0.010%	$6.8M	$143.6M	40x	as long as short
Bitget BTCUSDT	+0.0024%	8h	86,823.8	−0.009%	$2.96B	$5.12B	150x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,961.7	+0.150%	$142.1M	$322.3M	100x	as long as short
MEXC BTC_USDT	+0.0046%	8h	86,797.5	−0.039%	$5.20B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0047%	8h	86,790.1	−0.048%	$9.46B	$24.42B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,789.6	−0.048%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,984	+0.176%	$316K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0053%	8h	86,800	−0.036%	$2.59B	$12.75B	100x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,815.2	−0.019%	$5.86B	$10.51B	200x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,887.5	+0.065%	$9.3M	$42.2M	25x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,794	−0.043%	$5.31B	$9.75B	150x	as long as short
Variational Omni BTC	+0.0087%	8h	87,051.5	+0.253%	$161.3M	$562.4M	—	as long as short
Popdex BTCUSDT	+0.0088%	1h	86,864	+0.038%	$8.5M	$52.2M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,826.2	−0.006%	$172.6M	$999.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,837.7	+0.007%	$24.2M	$152.3M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,958.8	+0.147%	$218.3M	$188.5M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0096%	8h	86,810.6	−0.024%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,845.9	+0.017%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,865	+0.039%	$190K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,880.7	+0.057%	$23.2M	$238.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,883	+0.059%	$3.86B	$5.14B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,839.2	+0.009%	$41.6M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,805	−0.030%	$4.0M	$18.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,959.9	+0.148%	$7.6M	$95.6M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,919.5	+0.101%	$573.8M	$23.8M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,771.7	−0.069%	$38.4M	$147.9M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,942.3	+0.128%	$280.8M	$944.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,944	+0.130%	$30.9M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,932.6	+0.117%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,862	+0.035%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,821.2	−0.012%	$202K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,789.2	−0.049%	$30.1M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,836.6	+0.006%	$3.4M	$5.6M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,776.1	−0.064%	$2.31B	$955.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,780.6	−0.059%	$46.3M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,912.5	+0.093%	—	$98.1M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	86,879	+0.055%	$8.8M	$728.8M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,810.7	−0.024%	$195.0M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,831.4	long leg	$132.3M	$5.98B	50x
BloFin BTC-USDT	+0.0167%	8h	86,893.9	+0.072%	$420.5M	$644.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0200%	1h	86,837.3	+0.007%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,974	+0.164%	$753K	$7.0M	30x	as long as short