BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0066%/8h= +7.3% APRnext payment +$0.08 per $10,000 · paid last 24h +0.134%

Price spread now: 01 Exchange against Bluefin−0.061%7-day average +0.035% · 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−$230.225% of the position

Long on Bluefin Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.337%+$34 on $10k

Price spread, last 4 days (all we have)+0.144%+$14 · spread now −0.061%, 7d avg +0.035%

Together, before fees+0.481%+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. 01 Exchange is 0.095% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.061% now, against its 7-day average of +0.035%). If the spread goes back, that is −$10 on $10k: about 4.8 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.337% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,535.4	−0.0122	get 0.0015% / 1h	12m 03s	$207K	$739K	40x
Short	01 Exchange BTCUSD	85,483.6	−0.0056	pay 0.0007% / 1h	12m 03s	$365K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange against Bluefin. 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 BluefinbpFee 01 ExchangebpOrdersPrice spread, now −0.061%Rate

Funding earned: $13.92
Price spread: −0.061% → +0.035%: −$9.51
Slippage, 4 orders: −$8.52
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$18.12
Costs to cover: 0.225%
Break-even: 16.1 days

Slippage from Bluefin: live order book, 47 min ago; 01 Exchange: live order book, 2 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 Bluefin live order book, 47 min ago	2.16 bp	7.7 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 2 min ago	0.01 bp	4.5 bp −$5	8.5 bp −$85	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
Phoenix BTC	−0.0179%	1h	85,466	−0.081%	$2.1M	$10.3M	40x	as long as short
Bluefin BTC-PERPlong	−0.0122%	1h	85,535.4	long leg	$207K	$739K	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,505	−0.036%	$8K	$3K	50x	as long as short
01 Exchange BTCUSDshort	−0.0056%	1h	85,483.6	−0.061%	$365K	$2.3M	50x
KuCoin XBTUSDTM	−0.0028%	8h	85,471	−0.075%	$919.4M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,487.8	−0.056%	$417.2M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,502.4	−0.039%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,483.2	−0.061%	$515.3M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,459.5	−0.089%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,475.4	−0.070%	$25.1M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus BTC-USD	+0.0021%	1h	85,463	−0.085%	$4.6M	$97.8M	40x	as long as short
BingX BTC-USDT	+0.0062%	8h	85,493.3	−0.049%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,484.6	−0.059%	$147.8M	$488.3M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,492.8	−0.050%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0085%	1h	85,481.5	−0.063%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,502.3	−0.039%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,502.1	−0.039%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,479	−0.066%	$8.4M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,485.5	−0.058%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,489.4	−0.054%	$5.07B	$5.65B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,451	−0.099%	$210K	$8.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,494.4	−0.048%	$9.36B	$24.16B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,537.9	+0.003%	$5.1M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,566	+0.036%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511.8	−0.028%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,490.1	−0.053%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,500	−0.041%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,491	−0.052%	$3.9M	$18.3M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,445.9	−0.105%	$666.8M	$675.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,491.7	−0.051%	$5.51B	$10.75B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,477.8	−0.067%	$35.0M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.134%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431	−0.122%	$279.1M	$923.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.5	−0.092%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.4	−0.077%	$139.7M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,474.3	−0.071%	$30.2M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,532.9	−0.003%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,477	−0.068%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,487.9	−0.056%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,495.8	−0.046%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,481.5	−0.063%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,467.6	−0.079%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,495	−0.047%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,470.7	−0.076%	$2.26B	$942.6M	200x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	85,531.8	−0.004%	$890.7M	$1.58B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,465.9	−0.081%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,500.1	−0.041%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,533.3	−0.002%	$117.2M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,442	−0.109%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,516.1	−0.023%	$187.4M	$954.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,496	−0.046%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,503.9	−0.037%	$8.3M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0219%	1h	85,492.3	−0.050%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,512	−0.027%	$10.4M	$756.1M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,526.5	−0.010%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,493.1	−0.049%	$495K	$18.8M	6.7x	as long as short