BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0355%/8h= +38.8% APRnext payment +$0.44 per $10,000 · paid last 24h −0.020%

Price spread now: Bullet against Aftermath Perps−0.068%7-day average −0.020% · 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−$32as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Aftermath Perps Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.068%, 7d avg −0.020%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.048% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.020%). If the spread goes back, that is −$5 on $10k: about 11 hours of funding at the current rate (+$11 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.043% in total (about -5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 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	Aftermath Perps BTCUSD	86,618	−0.0255	get 0.0032% / 1h	4m 26s	$85K	$188K	20x
Short	Bullet BTC-USD	86,559	0.0100	get 0.0013% / 1h	4m 26s	$191K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Aftermath Perps. 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 Aftermath PerpsbpFee BulletbpOrdersPrice spread, now −0.068%Rate

Funding earned: $74.46
Price spread: −0.068% → −0.020%: −$4.84
Slippage, 4 orders: −$9.98
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: $42.64
Costs to cover: 0.270%
Break-even: 3.0 days

Slippage from Aftermath Perps: live order book, 20 min ago; Bullet: live order book, 5 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 Aftermath Perps live order book, 20 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell Bullet live order book, 5 min ago	0.06 bp	4.2 bp −$4	7.6 bp −$76	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
Aftermath Perps BTCUSDlong	−0.0255%	1h	86,618	long leg	$85K	$188K	20x
Perpl BTC	−0.0223%	43m	86,582.2	−0.041%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,554	−0.074%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.076%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	−0.031%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,542.5	−0.087%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	−0.044%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	−0.026%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,581.1	−0.043%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,545.8	−0.083%	$850.6M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	−0.071%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,544.1	−0.085%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563.2	−0.063%	$149.6M	$472.0M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,559.5	−0.068%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.175%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,559.6	−0.067%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,558.8	−0.068%	$5.18B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558.4	−0.069%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	−0.037%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,562.1	−0.065%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,563.9	−0.062%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,571.8	−0.053%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,581	−0.043%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	−0.067%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,568	−0.058%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.080%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	−0.008%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,558.5	−0.069%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,631	+0.015%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	−0.028%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	−0.051%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.018%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.074%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	−0.064%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.083%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.004%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	−0.005%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	−0.028%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,556	−0.072%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.3	−0.007%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.067%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,559	−0.068%	$191K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	−0.052%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	−0.037%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	−0.058%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	−0.064%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,559	−0.068%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.3	−0.075%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,552.1	−0.076%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,584.8	−0.038%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,596	−0.025%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,612.4	−0.007%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,598	−0.023%	$9.5M	$727.6M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,594.8	−0.027%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	−0.069%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,573	−0.052%	$15.0M	—	200x	as long as short