BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Coinbase International against Polymarket Perps+0.072%47s7-day average +0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.181% of the position

Long on Polymarket Perps Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.072%, 7d avg +0.041%

Together, before fees−0.092%−$9 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: Coinbase International is 0.030% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.041%. The two prices were read 47 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	Polymarket Perps BTC-USD	85,088	0.0100	pay 0.0013% / 1h	27m 29s	$11.0M	$14.4M	50x
Short	Coinbase International BTC-PERP-INTX	85,148.9	0.0096	get 0.0012% / 1h	27m 29s	$116.8M	$5.36B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Polymarket Perps. 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 Polymarket PerpsbpFee Coinbase InternationalbpOrdersPrice spread, now +0.072%Rate

Funding earned: −$0.84
Price spread: +0.072% → +0.041%: $3.04
Slippage, 4 orders: −$0.15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$15.95
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Coinbase International: live order book, 2 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 Polymarket Perps live order book, 2 min ago	0.06 bp	4.1 bp −$4	5.2 bp −$52	7.8 bp −$783	doesn't fit
Sell Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$531	10.9 bp −$5,460

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
Perpl BTC	−0.0112%	43m	85,120.4	+0.038%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.136%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,113	+0.029%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,079.5	−0.010%	$918.7M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.119%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,107.2	+0.023%	$372K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,082.9	−0.006%	$511.5M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,125.9	+0.045%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,092.8	+0.006%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.161%	$338K	$26.8M	52x	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	+0.0030%	1h	85,102.6	+0.017%	$24.7M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,128.6	+0.048%	$186.8M	$954.8M	100x	as long as short
BingX BTC-USDC	+0.0066%	8h	85,065.9	−0.026%	—	$17.3M	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,149.6	+0.072%	$870.1M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0079%	8h	85,115.3	+0.032%	$148.1M	$504.7M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,107.5	+0.023%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,087	−0.001%	$2.94B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,088.1	0.000%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,084.9	−0.004%	$9.40B	$24.80B	150x	as long as short
Bullet BTC-USD	+0.0094%	1h	85,085.6	−0.003%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,109.7	+0.026%	$170.6M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,119.9	+0.037%	$23.6M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,098	+0.012%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0096%	1h	85,148.9	+0.072%	$116.8M	$5.36B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,076	−0.014%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,176.4	+0.104%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,175	+0.102%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,140	+0.061%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,076.4	−0.014%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,081.8	−0.007%	$2.57B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,084	−0.005%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,108.7	+0.024%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.113%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,086.4	−0.002%	$5.49B	$10.94B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,110.8	+0.027%	$35.9M	$175.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,111.9	+0.028%	$154.3M	$569.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,179.1	+0.107%	$279.1M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,198.3	+0.130%	$214.1M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,192	+0.122%	$139.3M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,151	+0.074%	$30.0M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,175.3	+0.103%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,088	long leg	$11.0M	$14.4M	50x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,086.8	−0.001%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,122.6	+0.041%	$227K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,092	+0.005%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.110%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,114	+0.031%	$59.5M	$335.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,101.4	+0.016%	$2.25B	$944.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,068.6	−0.023%	$45.2M	$238.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,102.1	+0.017%	—	$106.7M	500x	as long as short
Reya BTCRUSDPERP	+0.0115%	1h	85,082.8	−0.006%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,118.4	+0.036%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,154	+0.078%	$11.4M	$743.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0221%	1h	85,192.7	+0.123%	$78K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,152.7	+0.076%	$716K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,121.2	+0.039%	$8.7M	$43.1M	25x	as long as short