BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0095%/8h= −10.4% APRnext payment −$0.12 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against Bulk+0.008%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on Bulk Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.008%, 7d avg +0.005%

Together, before fees−0.006%+ Points / potential airdropNado: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,517.4	0.0100	pay 0.0013% / 1h	28m 10s	$680.3M	$725.5M	40x
Short	Nado BTC-PERP	85,524.4	0.0005	get 0.0001% / 1h	28m 10s	$24.6M	$223.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now +0.008%Rate

Funding earned: −$20.04
Price spread: +0.008% → +0.005%: $0.26
Slippage, 4 orders: −$0.15
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$33.92
Costs to cover: 0.141%
Break-even: never at this rate

Slippage from Bulk: live order book, 1 min ago; Nado: live order book, 1 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, 1 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$352	5.0 bp −$2,503
Sell Nado live order book, 1 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.8 bp −$483	10.5 bp −$5,239

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	−0.0140%	1h	85,533	+0.018%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,540	+0.026%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,497.6	−0.023%	$918.6M	$756.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,514.6	−0.003%	$419.1M	$675.9M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,533.8	+0.019%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,533.3	+0.019%	$503K	$18.7M	6.7x	as long as short
Aster BTCUSDT	+0.0002%	8h	85,499.8	−0.021%	$514.9M	$1.10B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,521.1	+0.004%	$36.5M	—	200x	as long as short
Nado BTC-PERPshort	+0.0005%	1h	85,524.4	+0.008%	$24.6M	$223.3M	50x
dYdX BTC-USD	+0.0029%	1h	85,574.9	+0.067%	$16.8M	$21.2M	50x	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	+0.0044%	1h	85,514	−0.004%	$339K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0058%	1h	85,547.6	+0.035%	$884.5M	$1.59B	50x	as long as short
BingX BTC-USDC	+0.0065%	8h	85,486.5	−0.036%	—	$17.1M	—	as long as short
SoDEX BTC-USD	+0.0072%	1h	85,502	−0.018%	$59.9M	$335.9M	40x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,507.7	−0.011%	$148.3M	$495.3M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,499.8	−0.021%	$2.95B	$5.12B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,520.7	+0.004%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,520.1	+0.003%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,520	+0.003%	$8.4M	$54.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,493.7	−0.028%	$2.7M	$2.0M	20x	as long as short
Reya BTCRUSDPERP	+0.0099%	1h	85,511.5	−0.007%	$6.6M	$147.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,520	+0.003%	$208K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,549.3	+0.037%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,593	+0.088%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,563.2	+0.053%	$40.1M	$588.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,499.5	−0.021%	$9.41B	$24.41B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,501.9	−0.018%	$5.18B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,510.1	−0.009%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,522	+0.005%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,527.7	+0.012%	$4.7M	$100.4M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,517.4	long leg	$680.3M	$725.5M	40x
Gate BTC_USDT	+0.0100%	8h	85,508.7	−0.010%	$5.54B	$10.81B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,501.1	−0.019%	$5.08B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,495.6	−0.026%	$36.2M	$179.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,584.9	+0.079%	$154.4M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,523.9	+0.008%	$279.4M	$928.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,590.3	+0.085%	$215.1M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,591	+0.086%	$139.9M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,549	+0.037%	$30.2M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,583.4	+0.077%	—	$11.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,519	+0.002%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,510	−0.009%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,506.9	−0.012%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,546.9	+0.034%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,498.3	−0.022%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,501.2	−0.019%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,499.9	−0.021%	$2.26B	$948.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,472.8	−0.052%	$45.0M	$233.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,533.5	+0.019%	—	$107.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,539.2	+0.025%	$117.3M	$5.25B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,524.8	+0.009%	$187.7M	$954.6M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,568.4	+0.060%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,521.6	+0.005%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0197%	8h	85,557	+0.046%	$11.7M	$754.6M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0246%	1h	85,550.3	+0.038%	$78K	$221K	20x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,568	+0.059%	$697K	$7.9M	30x	as long as short