BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Bullet against Popdex+0.018%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on Popdex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.018%, 7d avg +0.003%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,331	0.0096	pay 0.0012% / 1h	58m 56s	$8.4M	$57.8M	100x
Short	Bullet BTC-USD	85,346.3	0.0100	get 0.0013% / 1h	58m 56s	$200K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Popdex. 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 PopdexbpFee BulletbpOrdersPrice spread, now +0.018%Rate

Funding earned: $0.84
Price spread: +0.018% → +0.003%: $1.54
Slippage, 4 orders: −$2.48
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$14.5
Costs to cover: 0.169%
Break-even: 127.8 days

Slippage from Popdex: live order book, just now; Bullet: live order book, just now.

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, just now	0.06 bp	3.4 bp −$3	12.2 bp −$122	14.2 bp −$1,424	17.7 bp −$8,842
Sell Bullet live order book, just now	0.23 bp	4.7 bp −$5	8.0 bp −$80	doesn't fit	doesn't fit

BTC on 55 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
Hotstuff BTC-PERP	−0.0080%	1h	85,351	+0.023%	$8K	$2K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,341	+0.012%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,343.9	+0.015%	$421.7M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,364	+0.039%	$311K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,335.5	+0.005%	$345K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,370.8	+0.047%	$929.9M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,345	+0.016%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,376.5	+0.053%	$502.8M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,321.7	−0.011%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,350.5	+0.023%	$186.2M	$954.5M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0069%	8h	85,396	+0.076%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUAL	+0.0081%	1h	85,370.6	+0.046%	$829.4M	$1.67B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,378.5	+0.056%	$169.6M	$935.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,353.5	+0.026%	$23.6M	$133.1M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,331	long leg	$8.4M	$57.8M	100x
Aevo BTC-PERP	+0.0096%	1h	85,333.4	+0.003%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,273.7	−0.067%	$138.0M	$312.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,358.3	+0.032%	$5.7M	$9.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,299.9	−0.036%	$24.0M	$219.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.9	+0.034%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,385.1	+0.063%	$9.41B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,401.4	+0.083%	$5.09B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,406.5	+0.088%	$2.61B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,338	+0.008%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,369	+0.045%	$4.6M	$97.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,256	−0.088%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,377.9	+0.055%	$5.46B	$9.80B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,382.6	+0.060%	$5.03B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,381.9	+0.060%	$2.98B	$5.19B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,362.9	+0.037%	$36.9M	$191.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.076%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.074%	$282.8M	$959.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,283.5	−0.056%	$214.0M	$159.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.071%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,403.9	+0.085%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,315	−0.019%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,346.3	+0.018%	$200K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,344.5	+0.016%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,383.4	+0.061%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,339	+0.009%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,338	+0.008%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,336	+0.006%	$2.26B	$976.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,365.2	+0.040%	$159.3M	$516.8M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,359.2	+0.033%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,306.1	−0.029%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,381.3	+0.059%	$111.8M	$5.47B	50x	as long as short
Derive BTC-PERP	+0.0133%	1h	85,433.6	+0.120%	$28.8M	$46.9M	15x	as long as short
Reya BTCRUSDPERP	+0.0145%	1h	85,330.6	0.000%	$6.6M	$140.9M	40x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,355	+0.028%	$11.9M	$737.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,340.4	+0.011%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,376.1	+0.053%	$8.9M	$42.9M	25x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,298.8	−0.038%	$81K	$249K	20x	as long as short
Hyperliquid BTC	+0.0292%	1h	85,456	+0.146%	$3.79B	$5.11B	40x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,302.6	−0.033%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,378.6	+0.056%	$464K	$18.4M	6.7x	as long as short