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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.010%
Price spread now: Bulk against SoDEX−0.015%7-day average +0.009% · 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−$18as in the Price arb table
costs, in and out, $10k−$150.151% of the position
Long on SoDEXShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.024%+$2 on $10k
Price spread, last 3 days (all we have)+0.084%+$8 · spread now −0.015%, 7d avg +0.009%
Together, before fees+0.107%+$11 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.024% cheaper against SoDEX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.009%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongSoDEX BTC-USD86,5910.0100pay 0.0013% / 1h30m 05s$60.5M$336.4M40x
ShortBulk BTC-USD86,577.90.0100get 0.0013% / 1h30m 05s$571.8M$22.4M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk against SoDEX. 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
$0
Price spread: −0.015% → +0.009%
−$2.41
Slippage, 4 orders
−$0.14
Fee SoDEX: 4 bp × 2 orders
−$8
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$17.55
Costs to cover
0.151%
Break-even
never at this rate
Slippage from SoDEX: live order book, 4 min ago; Bulk: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy SoDEX live order book, 4 min ago0.06 bp4.1 bp −$44.1 bp −$416.1 bp −$61245.1 bp −$22.6K
Sell Bulk live order book, 4 min ago0.01 bp3.5 bp −$43.5 bp −$354.2 bp −$4185.4 bp −$2,715

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−0.0234%1h86,607.4+0.019%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,633.4+0.049%$428K$24.9M6.7xas long as short
Phoenix BTC−0.0103%1h86,590−0.001%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0080%1h86,626.4+0.041%$17.6M$20.5M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,574−0.020%$9K$3K50xas long as short
01 Exchange BTCUSD0.0000%1h86,646.2+0.064%$362K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,621.9+0.036%$935.1M$1.44B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,592.5+0.002%$843.7M$704.8M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,628.7+0.044%$37.0M—200xas long as short
Aster BTCUSDT+0.0008%8h86,577.4−0.016%$505.7M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,611.5+0.024%$6.7M$144.3M40xas long as short
BingX BTC-USDC+0.0023%8h86,582.6−0.010%—$15.3M—as long as short
Phemex BTCUSDT+0.0026%8h86,590.2−0.001%$149.7M$471.4M150xas long as short
Bitget BTCUSDT+0.0031%8h86,590.4−0.001%$2.95B$5.07B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639+0.055%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0053%8h86,591.40.000%$5.19B$5.67B500xas long as short
Binance BTCUSDT+0.0053%8h86,593.3+0.003%$9.44B$24.31B150xas long as short
Aevo BTC-PERP+0.0056%1h86,595.7+0.005%$2.4M$1.3M20xas long as short
RISEx BTC/USDC+0.0063%1h86,630.6+0.046%$9.2M$42.0M25xas long as short
OKX BTC-USDT-SWAP+0.0074%8h86,605+0.016%$2.56B$12.70B100xas long as short
Gate BTC_USDT+0.0075%8h86,595.9+0.006%$5.86B$10.64B200xas long as short
Bybit BTCUSDT+0.0082%8h86,598.1+0.008%$5.27B$9.67B150xas long as short
Variational Omni BTC+0.0095%8h86,614.5+0.027%$160.3M$564.8M—as long as short
Lighter BTC+0.0096%1h86,603+0.014%$172.0M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,608.8+0.021%$24.0M$153.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,620+0.033%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,610+0.022%$193K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,667.4+0.088%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,616.5+0.029%$21.7M$235.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,664+0.084%$3.82B$5.13B40xas long as short
Pacifica BTC+0.0100%1h86,650.2+0.068%$41.3M$490.3M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,627+0.042%$3.9M$18.5M25xas long as short
Arcus BTC-USD+0.0100%1h86,690.1+0.114%$7.5M$93.7M40xas long as short
Bulk BTC-USDshort+0.0100%1h86,577.9−0.015%$571.8M$22.4M40x
Backpack BTC_USDC_PERP+0.0100%1h86,594.1+0.004%$38.1M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,620.6+0.034%$279.9M$950.7M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,619.4+0.033%$217.4M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,627.4+0.042%$141.4M$322.8M100xas long as short
StandX BTC-USD+0.0100%1h86,601.6+0.012%$30.8M$205.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,675.1+0.097%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,620+0.033%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,605+0.016%$194K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,610+0.022%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,625.8+0.040%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,600.1+0.011%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,612.9+0.025%$3.4M$5.5M100xas long as short
SoDEX BTC-USDlong+0.0100%1h86,591long leg$60.5M$336.4M40x
HTX BTC-USDT+0.0100%8h86,598.6+0.009%$2.30B$957.1M200xas long as short
Extended BTC-USD+0.0104%1h86,579.6−0.013%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,638.6+0.055%—$98.4M500xas long as short
Kraken Futures PF_XBTUSD+0.0117%1h86,619.4+0.033%$188.7M$930.9M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,634.6+0.050%$132.0M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0124%8h86,640+0.057%$8.9M$723.8M6.4xas long as short
BloFin BTC-USDT+0.0173%8h86,599.6+0.010%$416.9M$652.8M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,620.6+0.034%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,641.4+0.058%$614K$7.1M30xas long as short