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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 23:00 UTC+0.0184%/8h= +20.1% APRnext payment +$0.23 per $10,000 · paid last 24h +0.053%
Price spread now: Extended against Hotstuff−0.052%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on HotstuffShort on Extended
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 · Extended: Active · farm boardneeds both histories
Funding pays, the price is against you. Extended is 0.052% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 23 hours of funding at the current rate (+$6 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHotstuff BTC-PERP86,559−0.0080get 0.0010% / 1h50m 20s$9K$3K50x
ShortExtended BTC-USD86,514.20.0104get 0.0013% / 1h50m 20s$46.4M$225.3M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Extended 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

Funding earned
$38.64
Price spread: −0.052% → 0.000%
−$5.18
Slippage, 4 orders
no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders
−$5
Fee Extended: 2.5 bp × 2 orders
−$5
Net
$23.46
Costs to cover
0.100%
Break-even
2.7 days
Slippage unknown: Hotstuff: no order-book sample; Extended: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hotstuff no order-book sample—————
Sell Extended live order book, 4 min ago0.06 bp2.6 bp −$33.1 bp −$314.4 bp −$43910.0 bp −$4,987
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps BTCUSD−0.0199%1h86,596.7+0.044%$79K$199K20xas long as short
Phoenix BTC−0.0159%1h86,601+0.049%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERPlong−0.0080%1h86,559long leg$9K$3K50x
dYdX BTC-USD−0.0025%1h86,590.3+0.036%$17.6M$20.7M50xas long as short
01 Exchange BTCUSD−0.0008%1h86,571.1+0.014%$359K$2.4M50xas long as short
Aster BTCUSDT−0.0006%8h86,557.2−0.002%$505.4M$1.16B200xas long as short
Perpl BTC0.0000%43m86,555.3−0.004%$420K$24.2M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,571.3+0.014%$925.6M$1.47B50xas long as short
KuCoin XBTUSDTM+0.0003%8h86,525.9−0.038%$850.7M$709.4M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,555.4−0.004%$36.8M—200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
RISEx BTC/USDC+0.0006%1h86,576.7+0.020%$8.6M$43.3M25xas long as short
Hibachi BTC/USDT-P+0.0016%1h86,567.6+0.010%$730K$8.1M30xas long as short
Reya BTCRUSDPERP+0.0022%1h86,532.5−0.031%$6.7M$144.7M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,587+0.032%$315K$26.8M52xas long as short
Phemex BTCUSDT+0.0028%8h86,533.7−0.029%$149.6M$473.2M150xas long as short
BingX BTC-USDT+0.0030%8h86,530.8−0.033%—$1.59B—as long as short
Bitget BTCUSDT+0.0039%8h86,534.8−0.028%$2.95B$5.08B150xas long as short
Aevo BTC-PERP+0.0056%1h86,531−0.032%$2.4M$1.3M20xas long as short
SoDEX BTC-USD+0.0058%1h86,527−0.037%$60.5M$336.8M40xas long as short
Binance BTCUSDT+0.0059%8h86,537.8−0.025%$9.42B$24.37B150xas long as short
MEXC BTC_USDT+0.0059%8h86,537.1−0.025%$5.19B$5.61B500xas long as short
Gate BTC_USDT+0.0083%8h86,529.9−0.034%$5.85B$10.62B200xas long as short
Bybit BTCUSDT+0.0088%8h86,532.3−0.031%$5.27B$9.73B150xas long as short
Lighter BTC+0.0096%1h86,577.2+0.021%$172.5M$997.9M50xas long as short
Lighter RH BTC+0.0096%1h86,587.9+0.033%$24.0M$151.6M50xas long as short
Popdex BTCUSDT+0.0096%1h86,542−0.020%$8.5M$52.3M100xas long as short
Nado BTC-PERP+0.0097%1h86,567.7+0.010%$21.7M$233.9M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,549−0.012%$205K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,604.7+0.053%$4.7M$8.3M50xas long as short
Hyperliquid BTC+0.0100%1h86,613.7+0.063%$3.81B$5.09B40xas long as short
Pacifica BTC+0.0100%1h86,601.5+0.049%$41.0M$499.4M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,534.1−0.029%$2.55B$12.71B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,554−0.006%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,638.3+0.092%$7.4M$94.0M40xas long as short
Bulk BTC-USD+0.0100%1h86,527.4−0.036%$571.7M$19.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,532.4−0.031%$38.2M$153.0M75xas long as short
Variational Omni BTC+0.0100%8h86,521.5−0.043%$156.7M$571.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,579.9+0.024%$279.6M$942.4M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,665.5+0.123%$217.4M$182.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,588.3+0.034%$141.5M$322.9M100xas long as short
StandX BTC-USD+0.0100%1h86,556−0.003%$30.7M$203.2M40xas long as short
Vest BTC-PERP+0.0100%1h86,592.9+0.039%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,541−0.021%$11.1M$13.5M50xas long as short
Bullet BTC-USD+0.0100%1h86,539−0.023%$193K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,540.3−0.022%$2.4M$8.6M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,558.90.000%$140K$618K40xas long as short
Derive BTC-PERP+0.0100%1h86,532.4−0.031%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,527.7−0.036%$3.4M$5.5M100xas long as short
HTX BTC-USDT+0.0100%8h86,530.3−0.033%$2.30B$959.6M200xas long as short
Extended BTC-USDshort+0.0104%1h86,514.2−0.052%$46.4M$225.3M50x
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,556.5−0.003%—$98.8M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,578.2+0.022%$131.7M$5.77B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,564.6+0.006%$191.3M$937.2M100xas long as short
BloFin BTC-USDT+0.0179%8h86,545.5−0.016%$415.3M$655.0M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0180% / S −0.0210%1h86,555.7−0.004%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0188%8h86,566+0.008%$9.5M$726.4M6.4xas long as short