BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Bullet against Coinbase International+0.008%50s7-day average −0.040% · 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—prices read too far apart to compare

costs, in and out, $10k−$200.198% of the position

Long on Coinbase International Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.008%, 7d avg −0.040%

Together, before fees−0.058%−$6 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: Bullet is 0.049% dearer against Coinbase International than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.040%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,353.8	0.0104	pay 0.0013% / 1h	50m 28s	$116.9M	$5.46B	50x
Short	Bullet BTC-USD	85,361	0.0100	get 0.0013% / 1h	50m 28s	$204K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Coinbase International. 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 Coinbase InternationalbpFee BulletbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$0.84
Price spread: +0.008% → −0.040%: $4.86
Slippage, 4 orders: −$1.82
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$15.79
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Bullet: live order book, 4 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 Coinbase International live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$526	9.6 bp −$4,818
Sell Bullet live order book, 4 min ago	0.12 bp	5.5 bp −$6	9.0 bp −$90	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	−0.0082%	1h	85,346	−0.009%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,309	−0.052%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,344.8	−0.011%	$926.3M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,319.2	−0.041%	$421.0M	$683.6M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,345.2	−0.010%	$513.0M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,343.9	−0.012%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,336.9	−0.020%	$526K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.2	+0.010%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,345.6	−0.010%	$354K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0025%	1h	85,333.8	−0.023%	$139.5M	$314.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,285	−0.081%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.060%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,356	+0.003%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,357.3	+0.004%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,326.2	−0.032%	$187.0M	$956.1M	100x	as long as short
Phemex BTCUSDT	+0.0093%	8h	85,327.5	−0.031%	$149.7M	$508.7M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,355.9	+0.002%	$4.99B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,350.1	−0.004%	$9.43B	$24.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,355.3	+0.002%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,355.9	+0.002%	$23.6M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,350	−0.004%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.2	−0.066%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,316	−0.044%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,407.2	+0.063%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,436	+0.096%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,374.9	+0.025%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,352	−0.002%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,360	+0.007%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,350	−0.004%	$3.8M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353	−0.001%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,350	−0.004%	$5.50B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,318.6	−0.041%	$36.8M	$179.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	−0.063%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,312.4	−0.049%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,303.8	−0.059%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,338.5	−0.018%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,406.5	+0.062%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,350	−0.004%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,361	+0.008%	$204K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,307.9	−0.054%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,341.1	−0.015%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,281.3	−0.085%	$29.9M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,267.6	−0.101%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,309	−0.052%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,299.9	−0.063%	$2.26B	$968.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.069%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,323.6	−0.035%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,311	−0.050%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,353.8	long leg	$116.9M	$5.46B	50x
Deribit BTC-PERPETUAL	+0.0112%	1h	85,348.9	−0.006%	$865.8M	$1.63B	50x	as long as short
Reya BTCRUSDPERP	+0.0123%	1h	85,352.8	−0.001%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,358.1	+0.005%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,370.6	+0.020%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	85,322	−0.037%	$11.5M	$742.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.031%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,363.9	+0.012%	$79K	$229K	20x	as long as short