BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0348%/8h= +38.1% APRnext payment +$0.44 per $10,000 · paid last 24h −0.022%

Price spread now: Popdex against Aftermath Perps−0.114%7-day average −0.023% · 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−$35as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on Aftermath Perps Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.040%−$4 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.114%, 7d avg −0.023%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.091% cheaper against Aftermath Perps than usual: you would sell low and buy high (spread −0.114% now, against its 7-day average of −0.023%). If the spread goes back, that is −$9 on $10k: about 21 hours of funding at the current rate (+$10 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.040% in total (about -4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,648.9	−0.0252	get 0.0032% / 1h	6m 28s	$85K	$188K	20x
Short	Popdex BTCUSDT	86,550	0.0096	get 0.0012% / 1h	6m 28s	$8.5M	$52.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Aftermath 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 Aftermath PerpsbpFee PopdexbpOrdersPrice spread, now −0.114%Rate

Funding earned: $73.13
Price spread: −0.114% → −0.023%: −$9.13
Slippage, 4 orders: −$10.01
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $38.6
Costs to cover: 0.254%
Break-even: 3.3 days

Slippage from Aftermath Perps: live order book, 18 min ago; Popdex: 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 Aftermath Perps live order book, 18 min ago	1.77 bp	12.5 bp −$12	19.0 bp −$190	doesn't fit	doesn't fit
Sell Popdex live order book, 3 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.4 bp −$342	4.9 bp −$2,427

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 BTCUSDlong	−0.0252%	1h	86,648.9	long leg	$85K	$188K	20x
Perpl BTC	−0.0223%	43m	86,570.3	−0.091%	$425K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,670	+0.024%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,552	−0.112%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,591.4	−0.066%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,553.5	−0.110%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,576.8	−0.083%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,589.8	−0.068%	$927.6M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,583.3	−0.076%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,542.2	−0.123%	$847.5M	$708.7M	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	86,541.5	−0.124%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,548.2	−0.116%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0031%	8h	86,565.4	−0.096%	$149.7M	$471.9M	150x	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,547.9	−0.117%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.140%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,552.7	−0.111%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0058%	8h	86,552.4	−0.111%	$5.19B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,555	−0.108%	$9.42B	$24.38B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,573.7	−0.087%	$8.9M	$42.6M	25x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,559	−0.104%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,571.4	−0.089%	$5.26B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0095%	8h	86,576.1	−0.084%	$2.55B	$12.73B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,564.6	−0.097%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,575.8	−0.084%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	86,550	−0.114%	$8.5M	$52.3M	100x
Katana Perps BTC-USD	+0.0100%	8h	86,541	−0.125%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,599.3	−0.057%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,554	−0.110%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,627	−0.025%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,593.7	−0.064%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,551	−0.113%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,627.7	−0.024%	$7.4M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.039%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,547.2	−0.117%	$38.4M	$150.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,672.4	+0.027%	$160.1M	$567.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	−0.032%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	−0.041%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,617.4	−0.036%	$141.4M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,649	0.000%	$30.7M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,612.7	−0.042%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	−0.103%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,554.6	−0.109%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,570.8	−0.090%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,587.5	−0.071%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,562.8	−0.099%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,556.9	−0.106%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,550	−0.114%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,556.9	−0.106%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,539.2	−0.127%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,579.9	−0.080%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,573.8	−0.087%	$187.3M	$934.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,608.5	−0.047%	$131.6M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	86,634	−0.017%	$9.5M	$727.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,552.7	−0.111%	$416.4M	$655.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,578.1	−0.082%	$15.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,620.2	−0.033%	$778K	$7.9M	30x	as long as short