BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0099%/8h= +10.8% APRnext payment +$0.12 per $10,000 · paid last 24h −0.122%

Price spread now: Bluefin against dYdX+0.004%7-day average −0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on dYdX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.004%, 7d avg −0.028%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bluefin is 0.032% dearer against dYdX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.028%. Mind the row above: over the last 7 days funding on this pair cost −0.146%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BTC-USD	85,517.7	0.0001	pay 0.0000% / 1h	15m 41s	$16.8M	$21.2M	50x
Short	Bluefin BTC-PERP	85,521.2	0.0100	get 0.0013% / 1h	15m 41s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against dYdX. 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 dYdXbpFee BluefinbpOrdersPrice spread, now +0.004%Rate

Funding earned: $20.79
Price spread: +0.004% → −0.028%: $3.21
Slippage, 4 orders: −$9.48
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$2.47
Costs to cover: 0.265%
Break-even: 7.8 days

Slippage from dYdX: live order book, 8 min ago; Bluefin: live order book, 28 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 dYdX live order book, 8 min ago	0.06 bp	7.9 bp −$8	10.5 bp −$105	14.2 bp −$1,422	20.9 bp −$10.5K
Sell Bluefin live order book, 28 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit

BTC on 55 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	85,513	−0.005%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,505	−0.015%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,483.4	−0.040%	$929.3M	$775.4M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,517.2	−0.001%	$420.1M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0002%	8h	85,484.8	−0.038%	$513.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,491.8	−0.030%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,492.4	−0.030%	$490K	$18.4M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,508.1	−0.011%	$861.4M	$1.63B	50x	as long as short
dYdX BTC-USDlong	+0.0001%	1h	85,517.7	long leg	$16.8M	$21.2M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,530.2	+0.015%	$36.6M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0043%	1h	85,516.5	−0.001%	$24.3M	$222.6M	50x	as long as short
Popdex BTCUSDT	+0.0056%	1h	85,513	−0.005%	$8.4M	$56.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.316%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,478	−0.046%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,489.5	−0.033%	$186.1M	$959.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,476	−0.049%	$2.97B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,484	−0.039%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,488.7	−0.034%	$23.6M	$148.4M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,471.1	−0.054%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,484.8	−0.038%	$5.03B	$5.77B	500x	as long as short
Bybit BTCUSDT	+0.0098%	8h	85,455.7	−0.073%	$5.14B	$10.00B	150x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,486	−0.037%	$9.43B	$24.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,465	−0.062%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,568.3	+0.059%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,564.5	+0.055%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,505.8	−0.014%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,464.3	−0.062%	$2.60B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,463	−0.064%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,472.1	−0.053%	$5.1M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.021%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,484.2	−0.039%	$5.56B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,469.4	−0.056%	$37.2M	$179.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,450.4	−0.079%	$156.4M	$558.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,506.8	−0.013%	$280.1M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,525	+0.009%	$214.7M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.022%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,511.6	−0.007%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,558.6	+0.048%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,482	−0.042%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,482	−0.042%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,477.8	−0.047%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,521.2	+0.004%	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,473.3	−0.052%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,477	−0.048%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,480	−0.044%	$2.26B	$966.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,486.9	−0.036%	$154.5M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,452.5	−0.076%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.3	+0.010%	—	$104.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,515.6	−0.002%	$114.3M	$5.50B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,513	−0.005%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,499	−0.022%	$12.0M	$741.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,506.3	−0.013%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,490.1	−0.032%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,555.1	+0.044%	$686K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,521	+0.004%	$79K	$230K	20x	as long as short