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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0095%/8h= +10.4% APRnext payment +$0.12 per $10,000 · paid last 24h +0.027%
Price spread now: Bullet against gTrade (Gains Network)−0.021%7-day average −0.009% · 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−$19as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Long on gTrade (Gains Network)Short on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.078%+$8 on $10k
Price spread, last 3 days (all we have)−0.023%−$2 · spread now −0.021%, 7d avg −0.009%
Together, before fees+0.056%+$6 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LonggTrade (Gains Network) BTC/USD86,766.5L +0.0005% / S −0.0004%pay 0.0001% / 1h23m 25s$36.9M—200x
ShortBullet BTC-USD86,748.30.0100get 0.0013% / 1h23m 25s$197K$3.4M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet 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

Funding earned
$20.03
Price spread: −0.021% → −0.009%
−$1.2
Slippage, 4 orders
−$2.44
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Bullet: 4 bp × 2 orders
−$8
Net
$1.4
Costs to cover
0.174%
Break-even
6.5 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 1 min ago; Bullet: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy gTrade (Gains Network) virtual book (oracle venue), 1 min ago0.51 bp4.0 bp −$44.1 bp −$414.5 bp −$4466.4 bp −$3,184
Sell Bullet live order book, 1 min ago0.29 bp4.8 bp −$58.1 bp −$81doesn't fitdoesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps BTCUSD−0.0235%1h86,720.9−0.053%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,780.5+0.016%$430K$24.8M6.7xas long as short
Phoenix BTC−0.0103%1h86,781+0.017%$2.2M$12.4M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,801+0.040%$9K$3K50xas long as short
dYdX BTC-USD−0.0069%1h86,828.6+0.072%$17.6M$20.6M50xas long as short
01 Exchange BTCUSD0.0000%1h86,785.2+0.022%$364K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,844.3+0.090%$934.6M$1.45B50xas long as short
KuCoin XBTUSDTM+0.0003%8h86,751.7−0.017%$848.8M$706.9M125xas long as short
gTrade (Gains Network) BTC/USDlongL +0.0005% / S −0.0004%1h86,766.5long leg$36.9M—200x
Aster BTCUSDT+0.0010%8h86,798.4+0.037%$507.0M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex BTCUSDT+0.0021%8h86,810.2+0.050%$150.4M$471.6M150xas long as short
Reya BTCRUSDPERP+0.0021%1h86,740.5−0.030%$6.7M$144.4M40xas long as short
BingX BTC-USDC+0.0025%8h86,751.4−0.017%—$15.2M—as long as short
Bitget BTCUSDT+0.0034%8h86,754−0.014%$2.96B$5.08B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639−0.147%$315K$26.8M52xas long as short
Aevo BTC-PERP+0.0056%1h86,811.2+0.052%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0057%8h86,745.3−0.024%$5.18B$5.69B500xas long as short
Binance BTCUSDT+0.0057%8h86,766.50.000%$9.45B$24.35B150xas long as short
RISEx BTC/USDC+0.0063%1h86,762.8−0.004%$9.2M$41.9M25xas long as short
OKX BTC-USDT-SWAP+0.0080%8h86,764.5−0.002%$2.56B$12.74B100xas long as short
Gate BTC_USDT+0.0081%8h86,804.2+0.043%$5.86B$10.66B200xas long as short
Bybit BTCUSDT+0.0085%8h86,762.5−0.005%$5.29B$9.70B150xas long as short
Lighter BTC+0.0096%1h86,819+0.061%$172.1M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,827.1+0.070%$24.1M$153.7M50xas long as short
Popdex BTCUSDT+0.0096%1h86,755−0.013%$8.5M$52.3M100xas long as short
Variational Omni BTC+0.0097%8h86,726.9−0.046%$159.3M$566.6M—as long as short
Katana Perps BTC-USD+0.0100%8h86,754−0.014%$201K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,847+0.093%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,810.2+0.050%$21.8M$235.6M50xas long as short
Hyperliquid BTC+0.0100%1h86,836+0.080%$3.82B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,831.6+0.075%$41.0M$492.6M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,753−0.016%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,829.4+0.072%$7.5M$94.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,577.9−0.217%$571.8M$22.4M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,808.6+0.049%$38.2M$148.5M75xas long as short
edgeX BTCUSDC+0.0100%4h86,653.8−0.130%$280.0M$950.3M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,676.9−0.103%$217.6M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,687.3−0.091%$141.5M$322.6M100xas long as short
StandX BTC-USD+0.0100%1h86,775.2+0.010%$30.8M$204.8M40xas long as short
Vest BTC-PERP+0.0100%1h86,829+0.072%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,762−0.005%$11.1M$13.8M50xas long as short
Bullet BTC-USDshort+0.0100%1h86,748.3−0.021%$197K$3.4M20x
Orderly PERP_BTC_USDC+0.0100%8h86,829.6+0.073%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,841.9+0.087%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,818.2+0.060%$30.1M$61.8M15xas long as short
SunX BTC-USDT+0.0100%8h86,790.9+0.028%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,810+0.050%$60.6M$336.4M40xas long as short
HTX BTC-USDT+0.0100%8h86,797+0.035%$2.31B$958.3M200xas long as short
Extended BTC-USD+0.0104%1h86,749.6−0.020%$46.3M$228.1M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,820.2+0.062%—$98.9M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,842.7+0.088%$188.8M$932.9M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,861.3+0.109%$132.2M$5.87B50xas long as short
Kalshi KXBTCPERP+0.0133%8h86,833+0.077%$9.6M$726.2M6.4xas long as short
BloFin BTC-USDT+0.0177%8h86,751.2−0.018%$417.2M$654.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0180% / S −0.0209%1h86,756.7−0.011%$15.0M—200xas long as short
Hibachi BTC/USDT-P+0.0216%1h86,782.6+0.019%$618K$7.1M30xas long as short