BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0180%/8h= +19.7% APRnext payment +$0.23 per $10,000 · paid last 24h +0.050%

Price spread now: Bulk against Hotstuff−0.119%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Bulk is 0.119% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.119% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 2.2 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	86,439	−0.0080	get 0.0010% / 1h	43m 40s	$9K	$3K	50x
Short	Bulk BTC-USD	86,336.3	0.0100	get 0.0013% / 1h	43m 40s	$571.6M	$13.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Hotstuff. 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 HotstuffbpFee BulkbpOrdersPrice spread, now −0.119%Rate

Funding earned: $37.8
Price spread: −0.119% → 0.000%: −$11.88
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $13.92
Costs to cover: 0.120%
Break-even: 4.4 days

Slippage unknown: Hotstuff: no order-book sample; Bulk: live order book, 1 min ago. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—
Sell Bulk live order book, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.1 bp −$2,057

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	86,400	−0.045%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	86,439	long leg	$9K	$3K	50x
01 Exchange BTCUSD	−0.0032%	1h	86,422.1	−0.020%	$361K	$2.4M	50x	as long as short
Phemex BTCUSDT	−0.0016%	8h	86,393.2	−0.053%	$153.7M	$477.9M	150x	as long as short
Perpl BTC	0.0000%	43m	86,426.6	−0.014%	$456K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,421.3	−0.021%	$902.7M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,414.3	−0.029%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,459.2	+0.023%	$501.4M	$1.14B	200x	as long as short
dYdX BTC-USD	+0.0021%	1h	86,468.3	+0.034%	$16.9M	$20.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.205%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0033%	8h	86,464.6	+0.030%	$829.8M	$722.2M	125x	as long as short
Reya BTCRUSDPERP	+0.0042%	1h	86,386.4	−0.061%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0048%	8h	86,449.4	+0.012%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,439.4	0.000%	$8.3M	$42.6M	25x	as long as short
Bitget BTCUSDT	+0.0061%	8h	86,463.4	+0.028%	$2.97B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,444	+0.006%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	86,454.9	+0.018%	$9.41B	$24.43B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,417.7	−0.025%	$2.5M	$1.6M	20x	as long as short
GRVT BTC_USDT_Perp	+0.0083%	8h	86,328.3	−0.128%	$216.6M	$167.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,474	+0.040%	$170.3M	$982.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,474.9	+0.042%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,432	−0.008%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,413	−0.030%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,506	+0.077%	$4.7M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,443.5	+0.005%	$22.0M	$230.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,535	+0.111%	$3.80B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,484	+0.052%	$40.8M	$546.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,451.9	+0.015%	$5.26B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,445.5	+0.008%	$2.57B	$12.59B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,457	+0.021%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,463	+0.028%	$7.3M	$95.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,459.5	+0.024%	$5.83B	$10.51B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,385.3	−0.062%	$37.4M	$156.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,385.8	−0.062%	$158.2M	$567.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,296.2	−0.165%	$278.7M	$950.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,371.6	−0.078%	$141.4M	$322.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,386.3	−0.061%	$30.7M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,454.8	+0.018%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,407	−0.037%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,395	−0.051%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,397.3	−0.048%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,426.5	−0.014%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,425.3	−0.016%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,392	−0.054%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,388	−0.059%	$60.5M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,385.8	−0.062%	$2.29B	$964.6M	200x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,336.3	−0.119%	$571.6M	$13.0M	40x
Extended BTC-USD	+0.0104%	1h	86,439.8	+0.001%	$45.9M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,449.1	+0.012%	—	$99.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,427.9	−0.013%	$132.3M	$5.50B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,416.6	−0.026%	$192.2M	$945.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,439.1	0.000%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,420.9	−0.021%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0198%	8h	86,392.5	−0.054%	$414.9M	$650.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0216%	1h	86,407.1	−0.037%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0211%	8h	86,460	+0.024%	$9.7M	$761.4M	6.4x	as long as short