BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0385%/8h= +42.2% APRnext payment +$0.48 per $10,000 · paid last 24h +0.176%

Price spread now: Polymarket Perps against Bluefin−0.055%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Bluefin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.322%+$32 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.055%, 7d avg +0.023%

Together, before fees+0.402%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.078% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.055% now, against its 7-day average of +0.023%). If the spread goes back, that is −$8 on $10k: about 16 hours of funding at the current rate (+$12 a day). At the pace of the last 7 days (+0.322% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,515	−0.0285	get 0.0036% / 1h	25m 47s	$144K	$666K	40x
Short	Polymarket Perps BTC-USD	86,467	0.0100	get 0.0013% / 1h	25m 47s	$11.1M	$14.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.055%Rate

Funding earned: $80.85
Price spread: −0.055% → +0.023%: −$7.81
Slippage, 4 orders: −$4.98
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $53.05
Costs to cover: 0.200%
Break-even: 2.4 days

Slippage from Bluefin: live order book, 48 min ago; Polymarket Perps: 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 Bluefin live order book, 48 min ago	1.72 bp	5.9 bp −$6	10.3 bp −$103	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	0.06 bp	4.2 bp −$4	4.6 bp −$46	7.3 bp −$725	doesn't fit

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
Bluefin BTC-PERPlong	−0.0285%	1h	86,515	long leg	$144K	$666K	40x
Phoenix BTC	−0.0129%	1h	86,403	−0.129%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,423	−0.106%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,466.1	−0.057%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.5	−0.076%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	−0.039%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.181%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0025%	8h	86,458.5	−0.065%	$501.4M	$1.13B	200x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,436	−0.091%	$16.9M	$20.5M	50x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,475.4	−0.046%	$154.8M	$473.6M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,463.6	−0.059%	$832.7M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,455.3	−0.069%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,457	−0.067%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,464.5	−0.058%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,461.1	−0.062%	$2.97B	$5.03B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0067%	1h	86,522.8	+0.009%	$902.3M	$1.51B	50x	as long as short
MEXC BTC_USDT	+0.0080%	8h	86,461.6	−0.062%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,471.4	−0.050%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0080%	8h	86,462.9	−0.060%	$9.42B	$24.26B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,496.2	−0.022%	$170.8M	$986.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,486.2	−0.033%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,454	−0.071%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,483	−0.037%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,440	−0.087%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,482.4	−0.038%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.6	−0.099%	$21.9M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,533	+0.021%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,483.1	−0.037%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,473.9	−0.047%	$5.26B	$9.65B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,477.2	−0.044%	$2.57B	$12.48B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,443	−0.083%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,488.9	−0.030%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,472.4	−0.049%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.5	−0.061%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.061%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,360.7	−0.178%	$278.9M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,400.1	−0.133%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,364.6	−0.174%	$141.6M	$320.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.098%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,496.6	−0.021%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	86,467	−0.055%	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	86,470	−0.052%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	−0.045%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	−0.011%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.139%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,448	−0.077%	$2.29B	$961.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.120%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,438.5	−0.088%	$45.8M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	−0.038%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,521	+0.007%	$132.4M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,516.3	+0.001%	$192.5M	$941.8M	100x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,427.9	−0.101%	$78K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,440	−0.087%	$711K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.106%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	−0.045%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,483	−0.037%	$10.4M	$763.7M	6.4x	as long as short