BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bulk against Popdex+0.003%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Popdex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.003%, 7d avg −0.003%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,588	0.0096	pay 0.0012% / 1h	0m 02s	$8.5M	$52.3M	100x
Short	Bulk BTC-USD	86,590.2	0.0100	get 0.0013% / 1h	0m 02s	$572.1M	$20.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Popdex. 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 PopdexbpFee BulkbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0.84
Price spread: +0.003% → −0.003%: $0.56
Slippage, 4 orders: −$0.26
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$12.26
Costs to cover: 0.137%
Break-even: 109.1 days

Slippage from Popdex: live order book, 4 min ago; Bulk: live order book, 4 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 Popdex live order book, 4 min ago	0.06 bp	3.4 bp −$3	3.4 bp −$34	3.9 bp −$387	5.1 bp −$2,575
Sell Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.1 bp −$2,026

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
Aftermath Perps BTCUSD	−0.0248%	1h	86,615.5	+0.032%	$81K	$193K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,606.5	+0.021%	$425K	$24.5M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,561	−0.031%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,582	−0.007%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0066%	1h	86,591.4	+0.004%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,554.1	−0.039%	$505.4M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,612.9	+0.029%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,599.6	+0.013%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,611.2	+0.027%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,539.2	−0.056%	$849.7M	$709.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,580.9	−0.008%	$6.7M	$144.6M	40x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,551.8	−0.042%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,569.9	−0.021%	$149.6M	$472.6M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,543	−0.052%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,614	+0.030%	$315K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,586.4	−0.002%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,547	−0.047%	$5.18B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,550.1	−0.044%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,601.3	+0.015%	$8.5M	$43.2M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,563.9	−0.028%	$5.85B	$10.72B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,555.1	−0.038%	$5.28B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,569.8	−0.021%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,584.9	−0.004%	$24.1M	$154.6M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,588	long leg	$8.5M	$52.3M	100x
OKX BTC-USDT-SWAP	+0.0099%	8h	86,551.1	−0.043%	$2.55B	$12.73B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,578	−0.012%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,639.8	+0.060%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,585.1	−0.003%	$21.7M	$235.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,638.1	+0.058%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,622.8	+0.040%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,595	+0.008%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,662.8	+0.086%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,590.2	+0.003%	$572.1M	$20.3M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,566.3	−0.025%	$38.2M	$151.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	+0.009%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,553.8	−0.040%	$279.5M	$942.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,562.1	−0.030%	$217.2M	$185.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,565.5	−0.026%	$141.5M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588.3	0.000%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,642.1	+0.063%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,600	+0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,591	+0.003%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,598.5	+0.012%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,613	+0.029%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,588.9	+0.001%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,588.1	0.000%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,565	−0.027%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,583.3	−0.005%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,533.7	−0.063%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,623.4	+0.041%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,590.1	+0.002%	$187.0M	$934.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,619.6	+0.036%	$131.9M	$5.82B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,622.8	+0.040%	$774K	$8.1M	30x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	86,622	+0.039%	$9.6M	$727.2M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,596.9	+0.010%	$416.9M	$655.7M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,607.1	+0.022%	$15.0M	—	200x	as long as short