Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −11.0% APRnext payment −$0.13 per $10,000 · paid last 24h −0.027%
Price spread now: dYdX against Bulk−0.102%7-day average −0.004% · 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−$34as in the Price arb table
costs, in and out, $10k−$240.244% of the position
Funding, last 4 days (all we have)−0.103%−$10 on $10k
+Price spread, last 7 days+0.128%+$13 · spread now −0.102%, 7d avg −0.004%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.097% cheaper against Bulk than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.004%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,476.9 | 0.0100 | pay 0.0013% / 1h | 55m 01s | $684.3M | $499.2M | 40x |
| Short | dYdX BTC-USD | 85,390 | 0 | get 0.0000% / 1h | 55m 01s | $16.7M | $21.5M | 50x |
Bulk BTC-USD
dYdX BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
dYdX against Bulk. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$21
- Price spread: −0.102% → −0.004%
- −$9.75
- Slippage, 4 orders
- −$7.44
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee dYdX: 5 bp × 2 orders
- −$10
- Net
- −$55.19
- Costs to cover
- 0.244%
- Break-even
- never at this rate
Slippage from Bulk: live order book, 4 min ago; dYdX: 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 Bulk live order book, 4 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$351 | 3.5 bp −$1,761 |
| Sell dYdX live order book, 4 min ago | 0.64 bp | 10.3 bp −$10 | 14.4 bp −$144 | 24.8 bp −$2,483 | 65.1 bp −$32.5K |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0111% | 1h | 85,444 | −0.038% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,437 | −0.047% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0049% | 8h | 85,324 | −0.179% | $926.9M | $772.1M | 125x | as long as short |
| BloFin BTC-USDT | −0.0023% | 8h | 85,328.6 | −0.173% | $420.1M | $683.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0008% | 8h | 85,323 | −0.180% | $513.0M | $1.09B | 200x | as long as short |
| dYdX BTC-USDshort | 0.0000% | 1h | 85,390 | −0.102% | $16.7M | $21.5M | 50x | |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,350.7 | −0.148% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,364.3 | −0.132% | $528K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,340 | −0.160% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0034% | 1h | 85,354.8 | −0.143% | $24.5M | $222.6M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | −0.084% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,328.4 | −0.174% | — | $1.56B | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0071% | 1h | 85,363.7 | −0.132% | $866.7M | $1.63B | 50x | as long as short |
| Bitget BTCUSDT | +0.0087% | 8h | 85,324.5 | −0.178% | $2.95B | $5.18B | 150x | as long as short |
| Phemex BTCUSDT | +0.0089% | 8h | 85,331.3 | −0.170% | $149.4M | $508.1M | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,332.5 | −0.169% | $187.6M | $955.8M | 100x | as long as short |
| SoDEX BTC-USD | +0.0092% | 1h | 85,323 | −0.180% | $59.7M | $336.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,338.5 | −0.162% | $170.5M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,341.7 | −0.158% | $23.6M | $147.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,349 | −0.150% | $8.3M | $56.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,318 | −0.186% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0097% | 8h | 85,323.4 | −0.180% | $9.42B | $24.99B | 150x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,330.5 | −0.171% | $5.01B | $5.72B | 500x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,315 | −0.189% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,408.5 | −0.080% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,411 | −0.077% | $3.75B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,386 | −0.106% | $40.1M | $602.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,321.1 | −0.182% | $5.14B | $9.99B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,321 | −0.182% | $2.59B | $12.24B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,339 | −0.161% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,353.4 | −0.144% | $4.6M | $98.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,327.9 | −0.174% | $5.50B | $10.95B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,315.8 | −0.188% | $36.8M | $179.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,340.9 | −0.159% | $155.1M | $558.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,371.2 | −0.124% | $279.6M | $950.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,385.1 | −0.107% | $214.3M | $167.5M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,382.8 | −0.110% | $139.6M | $314.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,377.3 | −0.117% | $30.1M | $206.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,404.4 | −0.085% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,328 | −0.174% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,361.9 | −0.135% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,329.3 | −0.173% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,360.4 | −0.136% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,304.5 | −0.202% | $29.9M | $48.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,340.5 | −0.160% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,326.2 | −0.176% | $2.26B | $968.7M | 200x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,476.9 | long leg | $684.3M | $499.2M | 40x | |
| Extended BTC-USD | +0.0104% | 1h | 85,300.3 | −0.207% | $44.5M | $240.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,364.6 | −0.131% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,363 | −0.133% | $116.7M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0122% | 1h | 85,323.2 | −0.180% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,333.6 | −0.168% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,360.4 | −0.136% | $8.8M | $43.2M | 25x | as long as short |
| Kalshi KXBTCPERP | +0.0203% | 8h | 85,384 | −0.109% | $11.5M | $743.1M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,420.3 | −0.066% | $690K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0241% | 1h | 85,429.6 | −0.055% | $79K | $229K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDT
Deribit BTC-PERPETUAL
Bitget BTCUSDT
Phemex BTCUSDT
Kraken Futures PF_XBTUSD
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD