BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0057%/8h= −6.3% APRnext payment −$0.07 per $10,000 · paid last 24h −0.025%

Price spread now: Nado against Hyperliquid−0.113%7-day average −0.038% · 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−$24as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.026%−$3 on $10k

Price spread, last 7 days+0.100%+$10 · spread now −0.113%, 7d avg −0.038%

Together, before fees+0.075%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Nado is 0.076% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BTC	85,376	0.0100	pay 0.0013% / 1h	31m 11s	$3.74B	$5.08B	40x
Short	Nado BTC-PERP	85,279.2	0.0043	get 0.0005% / 1h	31m 11s	$24.4M	$222.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Hyperliquid. 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 HyperliquidbpFee NadobpOrdersPrice spread, now −0.113%Rate

Funding earned: −$12.06
Price spread: −0.113% → −0.038%: −$7.57
Slippage, 4 orders: −$0.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$35.86
Costs to cover: 0.162%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; Nado: live order book, 3 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 Hyperliquid live order book, 13 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	5.5 bp −$547	doesn't fit
Sell Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$479	11.5 bp −$5,756

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	85,293	−0.097%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	−0.114%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,288.4	−0.103%	$927.6M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,298.9	−0.090%	$421.2M	$682.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,291.5	−0.099%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,310	−0.077%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,312.6	−0.074%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.109%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	−0.074%	$36.5M	—	200x	as long as short
Nado BTC-PERPshort	+0.0043%	1h	85,279.2	−0.113%	$24.4M	$222.4M	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.151%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,279.4	−0.113%	—	$17.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	−0.082%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,294.4	−0.096%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,309.4	−0.078%	$185.8M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,296.3	−0.093%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,298.8	−0.090%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,299.8	−0.089%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,310.7	−0.076%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,312.4	−0.074%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,292	−0.098%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,270	−0.124%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,292.4	−0.098%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,340.4	−0.042%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,376	long leg	$3.74B	$5.08B	40x
Pacifica BTC	+0.0100%	1h	85,313.1	−0.074%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,305.5	−0.083%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,263	−0.132%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,291.5	−0.099%	$5.1M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,303.3	−0.085%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,296.8	−0.093%	$36.9M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.197%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	−0.142%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	−0.094%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	−0.136%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,351.9	−0.028%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,298	−0.091%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,298.8	−0.090%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,305.5	−0.083%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,345.5	−0.036%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.189%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,279	−0.114%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,302	−0.087%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,273	−0.121%	$2.26B	$967.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,311.7	−0.075%	$151.6M	$509.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.124%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,280.7	−0.112%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,287.7	−0.103%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,337.3	−0.045%	$116.0M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,340.5	−0.042%	$862.2M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,289.1	−0.102%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,312	−0.075%	$11.8M	$741.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,317.4	−0.069%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	−0.079%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,306.3	−0.082%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0269%	1h	85,294.8	−0.095%	$79K	$230K	20x	as long as short