BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0093%/8h= +10.2% APRnext payment +$0.12 per $10,000 · paid last 24h +0.042%

Price spread now: Coinbase International against dYdX+0.085%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on dYdX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.128%+$13 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now +0.085%, 7d avg +0.031%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.054% dearer against dYdX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	86,318.1	0.0027	pay 0.0003% / 1h	13m 34s	$16.9M	$20.5M	50x
Short	Coinbase International BTC-PERP-INTX	86,391.2	0.0120	get 0.0015% / 1h	13m 34s	$132.3M	$5.32B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against dYdX. 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 dYdXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.085%Rate

Funding earned: $19.63
Price spread: +0.085% → +0.031%: $5.41
Slippage, 4 orders: −$12.2
Fee dYdX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$7.16
Costs to cover: 0.322%
Break-even: 9.6 days

Slippage from dYdX: live order book, 1 min ago; Coinbase International: live order book, 6 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 dYdX live order book, 1 min ago	6.03 bp	11.0 bp −$11	16.2 bp −$162	25.4 bp −$2,542	37.4 bp −$18.7K
Sell Coinbase International live order book, 6 min ago	0.01 bp	5.1 bp −$5	5.6 bp −$56	10.3 bp −$1,028	22.8 bp −$11.4K

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	−0.0129%	1h	86,372	+0.062%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,277	−0.048%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,265.3	−0.061%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0031%	1h	86,381.2	+0.073%	$145K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,320	+0.002%	$538K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,358.7	+0.047%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.046%	$343K	$26.9M	52x	as long as short
dYdX BTC-USDlong	+0.0027%	1h	86,318.1	long leg	$16.9M	$20.5M	50x
Aster BTCUSDT	+0.0033%	8h	86,313	−0.006%	$500.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,294.9	−0.027%	$831.4M	$717.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,257.1	−0.071%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,276.3	−0.048%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,274.4	−0.051%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,260.8	−0.066%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,332.4	+0.017%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0081%	1h	86,343	+0.029%	$60.5M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,277.8	−0.047%	$5.10B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,262.6	−0.064%	$9.40B	$24.22B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.040%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.7	−0.021%	$170.4M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,306.9	−0.013%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,258	−0.070%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,238	−0.093%	$191K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,298.1	−0.023%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,290.1	−0.032%	$22.0M	$226.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,362	+0.051%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,317.9	0.000%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,271.1	−0.054%	$5.25B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,277.2	−0.047%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,277	−0.048%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,293.7	−0.028%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.200%	$580.3M	$59.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,285.4	−0.038%	$5.77B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,360	+0.049%	$35.6M	$160.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,226.1	−0.107%	$156.7M	$559.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,254.8	−0.073%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	−0.030%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	−0.032%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,313.4	−0.005%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,323.9	+0.007%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,263	−0.064%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,340.7	+0.026%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,344.9	+0.031%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,360.5	+0.049%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,296.4	−0.025%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	+0.008%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,257.3	−0.070%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,319.8	+0.002%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,391.2	+0.085%	$132.3M	$5.32B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,381.6	+0.074%	$191.5M	$946.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	−0.001%	$713K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,320.9	+0.003%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	−0.024%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.042%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,349.4	+0.036%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0232%	1h	86,397.4	+0.092%	$902.3M	$1.51B	50x	as long as short