BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.140%

Price spread now: Coinbase International against Bluefin−0.001%7-day average +0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.230% of the position

Long on Bluefin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.367%+$37 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.001%, 7d avg +0.058%

Together, before fees+0.421%+$42 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 0.059% cheaper against Bluefin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,315.5	0.0100	pay 0.0013% / 1h	13m 48s	$194K	$796K	40x
Short	Coinbase International BTC-PERP-INTX	85,314.7	0.0104	get 0.0013% / 1h	13m 48s	$111.9M	$5.48B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bluefin. 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 BluefinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.001%Rate

Funding earned: $0.84
Price spread: −0.001% → +0.058%: −$5.93
Slippage, 4 orders: −$6.02
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$28.11
Costs to cover: 0.230%
Break-even: 241.2 days

Slippage from Bluefin: live order book, 25 min ago; Coinbase International: live order book, 5 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 Bluefin live order book, 25 min ago	1.14 bp	6.5 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$515	9.5 bp −$4,726

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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.118%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	−0.062%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,190.7	−0.146%	$421.1M	$686.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,287	−0.033%	$927.7M	$777.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250	−0.077%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,273.2	−0.050%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,272	−0.051%	$509.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,277.8	−0.044%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,293.7	−0.026%	$185.8M	$954.6M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,286.5	−0.034%	—	$1.58B	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0067%	1h	85,331	+0.018%	$311K	$25.5M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,274.1	−0.049%	$5.09B	$10.04B	150x	as long as short
ApeX Omni BTCUSDT	+0.0084%	1h	85,241.3	−0.087%	$139.6M	$312.5M	100x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,199.8	−0.136%	$24.0M	$220.9M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,288.6	−0.032%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,283.4	−0.038%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,230	−0.100%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,264.5	−0.060%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,306.9	−0.010%	$836.0M	$1.67B	50x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,270.9	−0.052%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.126%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.8	−0.030%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,362	+0.055%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,260	−0.065%	$40.3M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,277.4	−0.045%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,277.9	−0.044%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,233	−0.097%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,247.2	−0.080%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,289.5	−0.030%	$5.49B	$11.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,296.8	−0.022%	$5.03B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,286.5	−0.034%	$36.9M	$189.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.158%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,195.5	−0.141%	$282.5M	$959.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,244.3	−0.083%	$214.2M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.123%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,311.6	−0.005%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,253	−0.073%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,258	−0.067%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,278.8	−0.043%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,315.5	long leg	$194K	$796K	40x
Derive BTC-PERP	+0.0100%	1h	85,286.9	−0.034%	$29.0M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.156%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,272	−0.051%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,258	−0.067%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,276.7	−0.045%	$159.0M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.088%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,272.4	−0.051%	$45.4M	$241.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	−0.043%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0104%	1h	85,314.7	−0.001%	$111.9M	$5.48B	50x
Reya BTCRUSDPERP	+0.0142%	1h	85,177.4	−0.162%	$6.6M	$142.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,259	−0.066%	$12.1M	$737.7M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,254.6	−0.071%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.140%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,239.3	−0.089%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,250.5	−0.076%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,247.2	−0.080%	$465K	$18.3M	6.7x	as long as short