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Funding arb · Price arb /

BTC

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 11:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h +0.115%
Price spread now: Bitget against Bluefin−0.034%7-day average +0.010% · you buy dearer than you sell
Net, funding: paid 7d − costs+$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$29as in the Price arb table
costs, in and out, $10k−$240.244% of the position
Long on BluefinShort on Bitget
What this pair did over the last
the charts below follow
Funding, last 7 days+0.351%+$35 on $10k
Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.034%, 7d avg +0.010%
Together, before fees+0.421%+$42 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: Bitget is 0.045% cheaper against Bluefin than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.010%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBluefin BTC-PERP86,127.20.0100pay 0.0013% / 1h52m 00s$195K$564K40x
ShortBitget BTCUSDT86,097.50.0095get 0.0095% / 8h5h 52m$2.99B$3.97B150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bitget against Bluefin. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$1.05
Price spread: −0.034% → +0.010%
−$4.47
Slippage, 4 orders
−$5.42
Fee Bluefin: 3.5 bp × 2 orders
−$7
Fee Bitget: 6 bp × 2 orders
−$12
Net
−$29.94
Costs to cover
0.244%
Break-even
never at this rate
Slippage from Bluefin: live order book, 60 min ago; Bitget: live order book, 5 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 Bluefin live order book, 60 min ago0.99 bp6.3 bp −$610.4 bp −$104doesn't fitdoesn't fit
Sell Bitget live order book, 5 min ago0.01 bp6.0 bp −$66.2 bp −$626.9 bp −$686doesn't fit

BTC on 55 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0133%1h86,126−0.001%$2.0M$7.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,197+0.081%$8K$2K50xas long as short
01 Exchange BTCUSD−0.0024%1h86,076.4−0.059%$363K$2.0M50xas long as short
BloFin BTC-USDT−0.0020%8h86,091.8−0.041%$421.2M$564.2M150xas long as short
SoDEX BTC-USD0.0000%1h86,097−0.035%$65.9M$187.9M40xas long as short
dYdX BTC-USD0.0000%1h86,064.4−0.073%$16.9M$14.6M50xas long as short
Perpl BTC0.0000%43m86,108.2−0.022%$481K$13.8M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,111.6−0.018%$36.8M—200xas long as short
Injective BTC/USDC PERP+0.0009%1h86,214+0.101%$301K$26.1M52xas long as short
Aster BTCUSDT+0.0028%8h86,085.8−0.048%$513.2M$875.3M200xas long as short
Show all 55 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Kraken Futures PF_XBTUSD+0.0029%1h86,113.5−0.016%$191.3M$770.3M100xas long as short
BingX BTC-USDC+0.0030%8h86,078.4−0.057%—$16.3M—as long as short
Bybit BTCUSDT+0.0036%8h86,100−0.032%$5.14B$8.14B150xas long as short
ApeX Omni BTCUSDT+0.0037%1h86,155.8+0.033%$137.8M$295.3M100xas long as short
KuCoin XBTUSDTM+0.0054%8h86,091.3−0.042%$943.1M$634.7M125xas long as short
Gate BTC_USDT+0.0063%8h86,103.2−0.028%$5.52B$8.88B200xas long as short
Popdex BTCUSDT+0.0072%1h86,073−0.063%$8.8M$45.3M100xas long as short
Phemex BTCUSDT+0.0088%8h86,088.5−0.045%$170.6M$479.1M150xas long as short
Bitget BTCUSDTshort+0.0095%8h86,097.5−0.034%$2.99B$3.97B150x
Lighter BTC+0.0096%1h86,103.5−0.028%$173.8M$852.8M50xas long as short
Lighter RH BTC+0.0096%1h86,105.8−0.025%$23.4M$119.0M50xas long as short
Aevo BTC-PERP+0.0096%1h86,069.3−0.067%$2.4M$6.7M20xas long as short
HTX BTC-USDT+0.0097%8h86,076.7−0.059%$2.27B$805.8M200xas long as short
Binance BTCUSDT+0.0099%8h86,098.7−0.033%$9.46B$20.58B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,048−0.092%$218K$8.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,112−0.018%$6.0M$7.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,059.5−0.079%$23.5M$196.0M50xas long as short
Pacifica BTC+0.0100%1h86,101.8−0.030%$40.4M$570.0M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,107.4−0.023%$2.62B$9.51B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,063−0.075%$4.0M$15.1M25xas long as short
Arcus BTC-USD+0.0100%1h86,105.1−0.026%$4.2M$90.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,169.3+0.049%$716.4M$134.3M40xas long as short
MEXC BTC_USDT+0.0100%8h86,097.7−0.034%$5.17B$4.82B500xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,092−0.041%$38.7M$196.3M75xas long as short
Variational Omni BTC+0.0100%8h86,125.5−0.002%$158.0M$474.6M—as long as short
edgeX BTCUSDC+0.0100%4h86,136.3+0.011%$290.0M$813.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,151.9+0.029%$216.4M$133.7M50xas long as short
StandX BTC-USD+0.0100%1h86,151+0.028%$30.3M$222.8M40xas long as short
Vest BTC-PERP+0.0100%1h86,134.7+0.009%—$9.4M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,077−0.058%$11.0M$12.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,093.8−0.039%$205K$3.2M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,080.1−0.055%$2.7M$8.9M100xas long as short
Bluefin BTC-PERPlong+0.0100%1h86,127.2long leg$195K$564K40x
SunX BTC-USDT+0.0100%8h86,061.2−0.077%$3.2M$6.6M100xas long as short
Extended BTC-USD+0.0104%1h86,062.9−0.075%$47.0M$203.3M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0056%1h86,101.5−0.030%—$81.7M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,143.8+0.019%$112.3M$4.98B50xas long as short
Kalshi KXBTCPERP+0.0159%8h86,102−0.029%$11.9M$733.1M6.4xas long as short
Hyperliquid BTC+0.0163%1h86,191+0.074%$3.97B$4.36B40xas long as short
Reya BTCRUSDPERP+0.0163%1h86,062.8−0.075%$6.6M$131.1M40xas long as short
RISEx BTC/USDC+0.0187%1h86,098.7−0.033%$8.9M$37.1M25xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0211% / S −0.0251%1h86,101.2−0.030%$15.6M—200xas long as short
Deribit BTC-PERPETUAL+0.0245%1h86,143.2+0.019%$822.7M$1.50B50xas long as short
Hibachi BTC/USDT-P+0.0352%1h86,160+0.038%$727K$7.0M30xas long as short
Aftermath Perps BTCUSD+0.0450%1h86,144.6+0.020%$79K$245K20xas long as short