BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0514%/8h= −56.2% APRnext payment −$0.64 per $10,000 · paid last 24h −0.141%

Price spread now: Bluefin against gTrade (Gains Network)+0.037%7-day average −0.031% · 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−$15as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on gTrade (Gains Network)Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.332%−$33 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.037%, 7d avg −0.031%

Together, before fees−0.452%−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.067% dearer against gTrade (Gains Network) than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.031%): +$7 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,414.4	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	42m 23s	$36.5M	—	200x
Short	Bluefin BTC-PERP	85,445.9	−0.0509	pay 0.0064% / 1h	42m 23s	$206K	$738K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BluefinbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$107.84
Price spread: +0.037% → −0.031%: $6.75
Slippage, 4 orders: −$7.81
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$122.9
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from gTrade (Gains Network): virtual book (oracle venue), 2 min ago; Bluefin: live order book, 17 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 gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$447	6.4 bp −$3,183
Sell Bluefin live order book, 17 min ago	2.16 bp	6.1 bp −$6	11.3 bp −$113	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-PERPshort	−0.0509%	1h	85,445.9	+0.037%	$206K	$738K	40x
Phoenix BTC	−0.0179%	1h	85,410	−0.005%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.014%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,409.1	−0.006%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	+0.032%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0006%	8h	85,391	−0.027%	$918.4M	$750.5M	125x	as long as short
dYdX BTC-USD	0.0000%	1h	85,433.8	+0.023%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0005% / S −0.0004%	1h	85,414.4	long leg	$36.5M	—	200x
Aster BTCUSDT	+0.0013%	8h	85,396.2	−0.021%	$514.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,394.1	−0.024%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0059%	1h	85,401.2	−0.016%	$22.6M	$219.2M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,405.6	−0.010%	—	$1.54B	—	as long as short
Bitget BTCUSDT	+0.0075%	8h	85,412.8	−0.002%	$2.96B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,413.2	−0.001%	$6.7M	$146.6M	40x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,416.2	+0.002%	$5.04B	$5.59B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,411.7	−0.003%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,403.3	−0.013%	$9.34B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,417.9	+0.004%	$173.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,421.8	+0.009%	$23.8M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	−0.015%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,385	−0.034%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,479.4	+0.076%	$4.1M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,482.3	+0.079%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,446.1	+0.037%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,398.3	−0.019%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,413.2	−0.001%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,392	−0.026%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,407	−0.009%	$5.53B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,389.3	−0.029%	$35.7M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.061%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.109%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.113%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.127%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.137%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.070%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,411.1	−0.004%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,408.8	−0.007%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,417.1	+0.003%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,537.2	+0.144%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,414	0.000%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,416.6	+0.003%	$2.26B	$940.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,421.9	+0.009%	$150.1M	$483.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.116%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,382.3	−0.038%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,435.1	+0.024%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.9	+0.046%	$117.0M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,458.6	+0.052%	$893.7M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.146%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,430.3	+0.019%	$188.6M	$953.6M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,471.3	+0.067%	$13.4M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,436.5	+0.026%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.103%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,539.4	+0.146%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,505	+0.106%	$10.5M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,426.7	+0.014%	$498K	$18.9M	6.7x	as long as short