BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0963%/8h= −105.5% APRnext payment −$1.20 per $10,000 · paid last 24h −0.189%

Price spread now: Bluefin against Hyperliquid−0.105%54s7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.211% of the position

Long on Hyperliquid Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.329%−$33 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now −0.105%, 7d avg −0.094%

Together, before fees−0.477%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.094%, so right now this pair is about funding alone: −$29 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.329% in total (about -17.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.20 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,848	0.0100	pay 0.0013% / 1h	17m 33s	$3.75B	$4.98B	40x
Short	Bluefin BTC-PERP	85,757.7	−0.0863	pay 0.0108% / 1h	17m 33s	$196K	$722K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Hyperliquid. 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 HyperliquidbpFee BluefinbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$202.32
Price spread: −0.105% → −0.094%: −$1.11
Slippage, 4 orders: −$5.11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$224.54
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bluefin: live order book, 47 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 Hyperliquid live order book, 7 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	doesn't fit
Sell Bluefin live order book, 47 min ago	0.88 bp	6.0 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	−0.0863%	1h	85,757.7	−0.105%	$196K	$722K	40x
Phoenix BTC	−0.0160%	1h	85,789	−0.069%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,786	−0.072%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,766.1	−0.095%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,764.8	−0.097%	$416.5M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,749.3	−0.115%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,781.3	−0.078%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,761.1	−0.101%	$918.6M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,767	−0.094%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,755.3	−0.108%	$516.7M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0055%	8h	85,761.5	−0.101%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,770.6	−0.090%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0071%	1h	85,760.6	−0.102%	$6.7M	$146.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0078%	1h	85,756.1	−0.107%	$891.6M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.048%	$341K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,737.6	−0.129%	$148.4M	$479.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,705.9	−0.166%	$2.5M	$1.7M	20x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,725	−0.143%	$2.27B	$935.6M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,766	−0.096%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,767.8	−0.093%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0093%	8h	85,727.5	−0.140%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0095%	1h	85,720	−0.149%	$60.0M	$336.1M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,774.5	−0.086%	$170.3M	$995.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,778.8	−0.081%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,767	−0.094%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,804.2	−0.051%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,738	−0.128%	$199K	$7.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,848	long leg	$3.75B	$4.98B	40x
Pacifica BTC	+0.0100%	1h	85,799.6	−0.056%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,772	−0.089%	$5.33B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,774.5	−0.086%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.108%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,739.6	−0.126%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,775.5	−0.084%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,724.8	−0.144%	$35.2M	$173.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,772.2	−0.088%	$155.9M	$551.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.136%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.102%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	−0.046%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,748.2	−0.116%	$30.3M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,813.6	−0.040%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,766	−0.096%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,770.2	−0.091%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,708.1	−0.163%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,713	−0.157%	$30.0M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.194%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,744.7	−0.120%	$44.2M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.8	−0.081%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,757	−0.106%	$130.4M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,788.6	−0.069%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,756.4	−0.107%	$188.8M	$951.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,768.9	−0.092%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,755.8	−0.107%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,725.6	−0.143%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,760	−0.103%	$10.5M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,789.6	−0.068%	$509K	$19.2M	6.7x	as long as short