Funding you earn now, next payment 04:00 UTC−0.0686%/8h= −75.2% APRnext payment −$0.86 per $10,000 · paid last 24h −0.167%
Price spread now: Bluefin against Popdex−0.076%7-day average −0.021% · 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−$28as in the Price arb table
costs, in and out, $10k−$230.229% of the position
Funding, last 4 days (all we have)−0.434%−$43 on $10k
+Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.076%, 7d avg −0.021%
=Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Bluefin is 0.055% cheaper against Popdex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.021%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Popdex BTCUSDT | 85,519 | 0.0096 | pay 0.0012% / 1h | 42m 55s | $8.4M | $52.7M | 100x |
| Short | Bluefin BTC-PERP | 85,453.7 | −0.0590 | pay 0.0074% / 1h | 42m 55s | $206K | $738K | 40x |
Popdex BTCUSDT
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin against Popdex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$144.14
- Price spread: −0.076% → −0.021%
- −$5.5
- Slippage, 4 orders
- −$9.54
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$172.57
- Costs to cover
- 0.229%
- Break-even
- never at this rate
Slippage from Popdex: live order book, 1 min ago; Bluefin: live order book, 16 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 Popdex live order book, 1 min ago | 0.06 bp | 3.3 bp −$3 | 3.3 bp −$33 | 3.3 bp −$334 | 4.2 bp −$2,101 |
| Sell Bluefin live order book, 16 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 | −0.0590% | 1h | 85,453.7 | −0.076% | $206K | $738K | 40x | |
| Phoenix BTC | −0.0179% | 1h | 85,410 | −0.127% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,571 | +0.061% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,519.5 | +0.001% | $366K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,441.9 | −0.090% | $416.7M | $665.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0005% | 8h | 85,389.5 | −0.151% | $918.1M | $750.5M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,550 | +0.036% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,470.1 | −0.057% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,418.4 | −0.118% | $514.7M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,523.6 | +0.005% | $6.9M | $97.3M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0054% | 1h | 85,548 | +0.034% | $22.6M | $219.3M | 50x | as long as short |
| BingX BTC-USDC | +0.0060% | 8h | 85,390.5 | −0.150% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0075% | 8h | 85,400 | −0.139% | $2.96B | $5.03B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0078% | 1h | 85,445.6 | −0.086% | $6.7M | $146.6M | 40x | as long as short |
| MEXC BTC_USDT | +0.0088% | 8h | 85,407.2 | −0.131% | $5.04B | $5.59B | 500x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,411.7 | −0.125% | $2.4M | $1.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,410 | −0.127% | $9.34B | $24.04B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,426.2 | −0.109% | $173.4M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,429.4 | −0.105% | $23.8M | $148.4M | 50x | as long as short |
| Popdex BTCUSDTlong | +0.0096% | 1h | 85,519 | long leg | $8.4M | $52.7M | 100x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,601.1 | +0.096% | $4.1M | $8.5M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,508 | −0.013% | $229K | $8.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,496 | −0.027% | $3.74B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,584.8 | +0.077% | $40.1M | $575.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,404.7 | −0.134% | $5.24B | $9.68B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,421.4 | −0.114% | $2.57B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,555 | +0.042% | $3.9M | $18.0M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,419.8 | −0.116% | $5.53B | $10.60B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,389.3 | −0.152% | $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 | −0.013% | $279.3M | $919.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,511.2 | −0.009% | $214.7M | $168.5M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,522.5 | +0.004% | $139.9M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,500.4 | −0.022% | $30.2M | $207.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,560.5 | +0.048% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,500 | −0.022% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,459 | −0.070% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,426.3 | −0.108% | $2.3M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,417.1 | −0.119% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,537.2 | +0.021% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,414 | −0.123% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,416.6 | −0.120% | $2.26B | $940.3M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,421.9 | −0.114% | $150.1M | $483.8M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,513.6 | −0.006% | $649.6M | $594.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,378.3 | −0.165% | $44.5M | $226.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,567 | +0.056% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,453.9 | −0.076% | $117.0M | $5.15B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0113% | 1h | 85,458.6 | −0.071% | $893.7M | $1.53B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,539 | +0.023% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,430.3 | −0.104% | $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 | −0.056% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,602.5 | +0.098% | $695K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,557.3 | +0.045% | $8.3M | $42.4M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0204% | 1h | 85,564.9 | +0.054% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,505 | −0.016% | $10.5M | $758.8M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,518.6 | 0.000% | $498K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC