BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0031%/8h= −3.4% APRnext payment −$0.04 per $10,000 · paid last 24h +0.030%

Price spread now: Bullet against Reya−0.036%63s7-day average +0.043% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.036%, 7d avg +0.043%

Together, before fees+0.072%+ Points / potential airdropReya: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bullet is 0.079% cheaper against Reya than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.043%). Swap the legs. The two prices were read 63 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	Reya BTCRUSDPERP	85,513	0.0131	pay 0.0016% / 1h	16m 00s	$6.6M	$147.7M	40x
Short	Bullet BTC-USD	85,482	0.0100	get 0.0013% / 1h	16m 00s	$200K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Reya. 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 ReyabpFee BulletbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$6.61
Price spread: −0.036% → +0.043%: −$7.91
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$28.52
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bullet: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell Bullet live order book, 3 min ago	0.29 bp	4.3 bp −$4	7.0 bp −$70	doesn't fit	doesn't fit

Reya: 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 55 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	85,513	0.000%	$2.2M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,505	−0.009%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,483.4	−0.035%	$929.3M	$775.4M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,517.2	+0.005%	$420.1M	$682.9M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,477.6	−0.041%	$513.4M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,491.8	−0.025%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,492.4	−0.024%	$490K	$18.4M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,508.1	−0.006%	$861.4M	$1.63B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.005%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,530.2	+0.020%	$36.6M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0043%	1h	85,516.5	+0.004%	$24.3M	$222.6M	50x	as long as short
Popdex BTCUSDT	+0.0056%	1h	85,513	0.000%	$8.4M	$56.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.311%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,460.9	−0.061%	—	$17.5M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,489.5	−0.028%	$186.1M	$959.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,479.1	−0.040%	$2.97B	$5.17B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,495.5	−0.020%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,492.6	−0.024%	$23.5M	$148.4M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,471.1	−0.049%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,484.8	−0.033%	$5.03B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,478.6	−0.040%	$9.43B	$25.00B	150x	as long as short
Bybit BTCUSDT	+0.0098%	8h	85,470	−0.050%	$5.15B	$10.00B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,465	−0.056%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,568.3	+0.065%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,562	+0.057%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,526	+0.015%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,479.2	−0.040%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,463	−0.058%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,472.1	−0.048%	$5.1M	$97.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.016%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,484.2	−0.034%	$5.56B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,469.4	−0.051%	$37.2M	$179.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.058%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,506.8	−0.007%	$280.1M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,525	+0.014%	$214.7M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.016%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,511.6	−0.002%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,558.6	+0.053%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,482	−0.036%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	85,482	−0.036%	$200K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,477.8	−0.041%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,521.2	+0.010%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,473.3	−0.046%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,477	−0.042%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,480	−0.039%	$2.26B	$966.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,486.9	−0.031%	$154.5M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,452.5	−0.071%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.3	+0.016%	—	$104.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,515.6	+0.003%	$114.3M	$5.50B	50x	as long as short
Reya BTCRUSDPERPlong	+0.0131%	1h	85,513	long leg	$6.6M	$147.7M	40x
Kalshi KXBTCPERP	+0.0183%	8h	85,499	−0.016%	$12.0M	$741.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,506.3	−0.008%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,490.1	−0.027%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,555.1	+0.049%	$686K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,521	+0.009%	$79K	$230K	20x	as long as short