Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%
Price spread now: Bulk against Orderly+0.106%7-day average +0.005% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.010%−$1 on $10k
+Price spread, last 3 days (all we have)−0.179%−$18 · spread now +0.106%, 7d avg +0.005%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.100% dearer against Orderly than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.005%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Orderly PERP_BTC_USDC | 85,797.6 | 0.0100 | pay 0.0100% / 8h | 6h 47m | $2.4M | $9.1M | 100x |
| Short | Bulk BTC-USD | 85,888.3 | 0.0100 | get 0.0013% / 1h | 47m 49s | $579.3M | $92.3M | 40x |
Orderly PERP_BTC_USDC
Bulk BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bulk against Orderly. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: +0.106% → +0.005%
- $10.05
- Slippage, 4 orders
- no order book: not counted
- Fee Orderly: 3 bp × 2 orders
- −$6
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Net
- −$2.95
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 1 min ago. Net counts fees only.
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 Orderly no order-book sample | — | — | — | — | — |
| Sell Bulk live order book, 1 min ago | 0.03 bp | 3.5 bp −$4 | 3.5 bp −$35 | 4.0 bp −$402 | 5.2 bp −$2,615 |
Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.0144% | 1h | 85,788 | −0.011% | $2.2M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,897 | +0.116% | $8K | $3K | 50x | as long as short |
| BloFin BTC-USDT | −0.0078% | 8h | 85,853 | +0.065% | $415.8M | $658.2M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,814.1 | +0.019% | $364K | $2.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | −0.0018% | 1h | 85,787.3 | −0.012% | $140.3M | $320.8M | 100x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,814.4 | +0.020% | $16.8M | $20.6M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,857.1 | +0.069% | $513K | $21.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,787.6 | −0.012% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,810 | +0.014% | $341K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0036% | 8h | 85,806.8 | +0.011% | $497.6M | $1.13B | 200x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
ApeX Omni BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin XBTUSDTM | +0.0041% | 8h | 85,795.7 | −0.002% | $894.1M | $757.1M | 125x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,836.7 | +0.046% | $8.1M | $42.6M | 25x | as long as short |
| BingX BTC-USDC | +0.0052% | 8h | 85,797.8 | 0.000% | — | $15.4M | — | as long as short |
| Reya BTCRUSDPERP | +0.0053% | 1h | 85,765.5 | −0.037% | $6.7M | $146.0M | 40x | as long as short |
| Bitget BTCUSDT | +0.0067% | 8h | 85,801.5 | +0.005% | $2.95B | $5.13B | 150x | as long as short |
| HTX BTC-USDT | +0.0074% | 8h | 85,778.9 | −0.022% | $2.28B | $968.7M | 200x | as long as short |
| Nado BTC-PERP | +0.0078% | 1h | 85,793.4 | −0.005% | $22.5M | $228.8M | 50x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,797.9 | 0.000% | $2.5M | $1.8M | 20x | as long as short |
| MEXC BTC_USDT | +0.0082% | 8h | 85,804.1 | +0.008% | $5.09B | $5.66B | 500x | as long as short |
| Binance BTCUSDT | +0.0085% | 8h | 85,805.9 | +0.010% | $9.34B | $24.59B | 150x | as long as short |
| Gate BTC_USDT | +0.0087% | 8h | 85,811.5 | +0.016% | $5.66B | $10.37B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,796.3 | −0.002% | $170.6M | $976.9M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,816.6 | +0.022% | $23.3M | $145.2M | 50x | as long as short |
| GRVT BTC_USDT_Perp | +0.0096% | 8h | 85,757.5 | −0.047% | $215.4M | $162.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,833 | +0.041% | $8.4M | $52.5M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,801 | +0.004% | $200K | $7.5M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,865 | +0.079% | $3.8M | $8.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,873 | +0.088% | $3.77B | $5.03B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,881.2 | +0.097% | $40.9M | $569.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,819.3 | +0.025% | $5.26B | $9.81B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,813 | +0.018% | $2.55B | $12.54B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,842 | +0.052% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,812.5 | +0.017% | $7.2M | $98.0M | 40x | as long as short |
| Bulk BTC-USDshort | +0.0100% | 1h | 85,888.3 | +0.106% | $579.3M | $92.3M | 40x | |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,792.9 | −0.005% | $35.2M | $163.3M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,782.9 | −0.017% | $155.6M | $556.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,687.9 | −0.128% | $277.7M | $941.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,854.5 | +0.066% | $30.4M | $206.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,857.7 | +0.070% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,800 | +0.003% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,780.3 | −0.020% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDClong | +0.0100% | 8h | 85,797.6 | long leg | $2.4M | $9.1M | 100x | |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,830.8 | +0.039% | $186K | $709K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,805.1 | +0.009% | $30.0M | $57.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,845.8 | +0.056% | $2.9M | $6.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,798 | 0.000% | $60.1M | $338.0M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,799.3 | +0.002% | $153.9M | $477.2M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,786 | −0.014% | $44.8M | $227.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,897.4 | +0.116% | — | $101.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,839 | +0.048% | $131.6M | $5.26B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0128% | 1h | 85,874.1 | +0.089% | $710K | $8.0M | 30x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,820.4 | +0.027% | $189.2M | $970.1M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0151% | 1h | 85,834.6 | +0.043% | $77K | $217K | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0186% | 1h | 85,841.4 | +0.051% | $895.2M | $1.54B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0204% | 8h | 85,865 | +0.079% | $10.0M | $768.9M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0194% | 1h | 85,786.2 | −0.013% | $13.8M | — | 200x | as long as short |
KuCoin XBTUSDTM
RISEx BTC/USDC
BingX BTC-USDC
Reya BTCRUSDPERP
Bitget BTCUSDT
HTX BTC-USDT
Nado BTC-PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Lighter BTC
Lighter RH BTC
GRVT BTC_USDT_Perp
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-P
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]