BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0012%/8h= −1.3% APRnext payment −$0.01 per $10,000 · paid last 24h −0.010%

Price spread now: Bullet against Coinbase International−0.055%7-day average −0.040% · 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−$21as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Coinbase International Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.055%, 7d avg −0.040%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,730.1	0.0112	pay 0.0014% / 1h	42m 24s	$131.9M	$5.73B	50x
Short	Bullet BTC-USD	86,682	0.0100	get 0.0013% / 1h	42m 24s	$195K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$2.52
Price spread: −0.055% → −0.040%: −$1.58
Slippage, 4 orders: −$0.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$23.08
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Bullet: 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$506	10.7 bp −$5,355
Sell Bullet live order book, 2 min ago	0.06 bp	4.8 bp −$5	7.7 bp −$77	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
Bluefin BTC-PERP	−0.1111%	1h	86,712.3	−0.021%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0172%	1h	86,612.5	−0.136%	$79K	$199K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,603	−0.147%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,620	−0.127%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0013%	1h	86,682.4	−0.055%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,682.4	−0.055%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,676.1	−0.062%	$505.9M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,647.7	−0.095%	$418K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,721.9	−0.009%	$926.0M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,660.8	−0.080%	$852.9M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,717.5	−0.015%	$36.9M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,677.2	−0.061%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,670.5	−0.069%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.197%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,619.6	−0.127%	$149.6M	$473.0M	150x	as long as short
Hibachi BTC/USDT-P	+0.0024%	1h	86,651.1	−0.091%	$732K	$8.1M	30x	as long as short
BingX BTC-USDC	+0.0031%	8h	86,681.2	−0.056%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,694.4	−0.041%	$2.96B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,683.4	−0.054%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,679.8	−0.058%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,697.2	−0.038%	$9.44B	$24.31B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,670.2	−0.069%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,699.6	−0.035%	$5.28B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,661	−0.080%	$172.4M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,686.4	−0.050%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,679	−0.059%	$8.5M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,652	−0.090%	$207K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,708.7	−0.025%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,666.6	−0.073%	$21.9M	$233.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,750	+0.023%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,691.7	−0.044%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,692.6	−0.043%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,690	−0.046%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,737.2	+0.008%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,527.4	−0.234%	$571.7M	$19.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,632.5	−0.113%	$38.5M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.196%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,583.1	−0.169%	$279.6M	$943.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.138%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.123%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.7	−0.157%	$30.7M	$203.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,713.3	−0.019%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,678	−0.060%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,682	−0.055%	$195K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,696.3	−0.039%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,688.8	−0.048%	$30.1M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,689	−0.047%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,688	−0.049%	$60.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,617.6	−0.130%	$2.30B	$958.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,672.4	−0.067%	$46.3M	$225.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,683.1	−0.054%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	86,730.1	long leg	$131.9M	$5.73B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,725.8	−0.005%	$191.9M	$936.9M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,618.8	−0.128%	$415.5M	$653.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,709.6	−0.024%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	86,649	−0.094%	$9.6M	$726.4M	6.4x	as long as short