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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 11:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.12 per $10,000 · paid last 24h +0.028%
Price spread now: Extended against gTrade (Gains Network)−0.115%285s7-day average −0.029% · 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—prices read too far apart to compare
costs, in and out, $10k−$130.132% of the position
Long on gTrade (Gains Network)Short on Extended
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.103%+$10 on $10k
Price spread, last 7 days+0.101%+$10 · spread now −0.115%, 7d avg −0.029%
Together, before fees+0.204%+ Points / potential airdropExtended: Active · farm board+$20 on $10k · with fees, hour by hour
Funding pays, the price is against you. Extended is 0.087% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of −0.029%). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day). The two prices were read 285 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LonggTrade (Gains Network) BTC/USD86,111.6L +0.0004% / S −0.0004%pay 0.0001% / 1h48m 38s$36.8M—200x
ShortExtended BTC-USD86,012.40.0104get 0.0013% / 1h48m 38s$46.9M$203.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Extended against gTrade (Gains Network). 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
$20.9
Price spread: −0.115% → −0.029%
−$8.67
Slippage, 4 orders
−$1.15
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Extended: 2.5 bp × 2 orders
−$5
Net
−$0.92
Costs to cover
0.132%
Break-even
7.3 days
Slippage from gTrade (Gains Network): virtual book (oracle exchange), 4 min ago; Extended: live order book, 4 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 gTrade (Gains Network) virtual book (oracle exchange), 4 min ago0.51 bp4.0 bp −$44.1 bp −$414.5 bp −$4466.4 bp −$3,181
Sell Extended live order book, 4 min ago0.06 bp2.6 bp −$32.6 bp −$262.6 bp −$2588.0 bp −$3,987

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+0.017%$2.1M$7.8M40xas long as short
ApeX Omni BTCUSDT−0.0103%1h86,098.5−0.015%$137.8M$295.3M100xas long as short
Hotstuff BTC-PERP−0.0080%1h86,197+0.099%$8K$2K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,061.4−0.058%$363K$2.0M50xas long as short
BloFin BTC-USDT−0.0021%8h86,047.9−0.074%$422.6M$563.8M150xas long as short
SoDEX BTC-USD−0.0009%1h86,048−0.074%$65.9M$187.9M40xas long as short
dYdX BTC-USD0.0000%1h86,061.8−0.058%$16.9M$14.5M50xas long as short
Perpl BTC0.0000%43m86,079.4−0.037%$480K$13.8M6.7xas long as short
gTrade (Gains Network) BTC/USDlongL +0.0004% / S −0.0004%1h86,111.6long leg$36.8M—200x
Injective BTC/USDC PERP+0.0009%1h86,114+0.003%$301K$26.2M52xas long as short
Show all 55 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster BTCUSDT+0.0028%8h86,029−0.096%$512.8M$874.0M200xas long as short
BingX BTC-USDT+0.0028%8h86,042.3−0.080%—$1.33B—as long as short
Kraken Futures PF_XBTUSD+0.0029%1h86,068−0.051%$191.6M$768.2M100xas long as short
Bybit BTCUSDT+0.0039%8h86,043.2−0.079%$5.15B$8.13B150xas long as short
KuCoin XBTUSDTM+0.0054%8h86,038.6−0.085%$942.8M$633.3M125xas long as short
Gate BTC_USDT+0.0063%8h86,042.9−0.080%$5.51B$8.89B200xas long as short
Popdex BTCUSDT+0.0080%1h86,058−0.062%$8.5M$45.6M100xas long as short
Phemex BTCUSDT+0.0091%8h86,056.5−0.064%$170.6M$478.8M150xas long as short
Bitget BTCUSDT+0.0093%8h86,040.8−0.082%$2.99B$3.96B150xas long as short
HTX BTC-USDT+0.0095%8h86,050.5−0.071%$2.27B$803.9M200xas long as short
Lighter BTC+0.0096%1h86,051.7−0.070%$173.7M$854.1M50xas long as short
Lighter RH BTC+0.0096%1h86,055.5−0.065%$23.4M$119.1M50xas long as short
Aevo BTC-PERP+0.0096%1h86,028.9−0.096%$2.4M$6.7M20xas long as short
MEXC BTC_USDT+0.0098%8h86,036.5−0.087%$5.16B$4.83B500xas long as short
Binance BTCUSDT+0.0098%8h86,036.4−0.087%$9.45B$20.51B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,043−0.080%$218K$8.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,089.2−0.026%$6.0M$7.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,060.3−0.060%$23.5M$195.5M50xas long as short
Pacifica BTC+0.0100%1h86,077.5−0.040%$40.1M$571.2M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,051.7−0.070%$2.62B$9.49B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,027−0.098%$4.0M$15.0M25xas long as short
Arcus BTC-USD+0.0100%1h86,071.7−0.046%$4.2M$90.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,169.3+0.067%$716.4M$134.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,040.3−0.083%$38.2M$195.5M75xas long as short
Variational Omni BTC+0.0100%8h86,070.8−0.047%$156.6M$475.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,058.2−0.062%$289.8M$814.4M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,097−0.017%$216.3M$133.7M50xas long as short
StandX BTC-USD+0.0100%1h86,080.1−0.037%$30.3M$223.3M40xas long as short
Vest BTC-PERP+0.0100%1h86,125.5+0.016%—$9.1M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,065−0.054%$11.1M$12.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,048.1−0.074%$205K$3.2M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,038.7−0.085%$2.6M$8.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,087.2−0.028%$195K$563K40xas long as short
SunX BTC-USDT+0.0100%8h86,065.6−0.053%$3.3M$6.7M100xas long as short
Extended BTC-USDshort+0.0104%1h86,012.4−0.115%$46.9M$203.1M50x
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0056%1h86,103.9−0.009%—$81.6M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,104−0.009%$112.1M$4.97B50xas long as short
Hyperliquid BTC+0.0159%1h86,132+0.024%$3.97B$4.36B40xas long as short
Kalshi KXBTCPERP+0.0160%8h86,087−0.029%$12.0M$733.5M6.4xas long as short
Reya BTCRUSDPERP+0.0163%1h86,077.4−0.040%$6.6M$131.1M40xas long as short
RISEx BTC/USDC+0.0187%1h86,058.6−0.062%$8.9M$37.0M25xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0211% / S −0.0251%1h86,101.2−0.012%$15.6M—200xas long as short
Deribit BTC-PERPETUAL+0.0229%1h86,106.1−0.006%$822.7M$1.50B50xas long as short
Hibachi BTC/USDT-P+0.0352%1h86,123+0.013%$726K$7.0M30xas long as short
Aftermath Perps BTCUSD+0.0443%1h86,126.9+0.018%$79K$245K20xas long as short