BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.009%

Price spread now: Bullet against Coinbase International−0.059%7-day average −0.040% · 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−$22as in the Price arb table

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

Long on Coinbase International Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.059%, 7d avg −0.040%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,194.7	0.0120	pay 0.0015% / 1h	56m 12s	$112.3M	$4.99B	50x
Short	Bullet BTC-USD	86,143.7	0.0100	get 0.0013% / 1h	56m 12s	$206K	$3.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Coinbase International. 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 Coinbase InternationalbpFee BulletbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$4.2
Price spread: −0.059% → −0.040%: −$1.94
Slippage, 4 orders: −$1.98
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$26.12
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bullet: 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 Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$617	11.4 bp −$5,695
Sell Bullet live order book, 1 min ago	0.29 bp	5.1 bp −$5	8.2 bp −$82	doesn't fit	doesn't fit

BTC on 55 exchanges

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	86,197	+0.003%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,160.2	−0.040%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.8	−0.040%	$421.0M	$566.8M	150x	as long as short
SoDEX BTC-USD	−0.0015%	1h	86,146	−0.056%	$66.0M	$188.1M	40x	as long as short
ApeX Omni BTCUSDT	−0.0004%	1h	86,185.3	−0.011%	$138.2M	$295.1M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	86,162.9	−0.037%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,228.2	+0.039%	$483K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,178.5	−0.019%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.022%	$301K	$26.1M	52x	as long as short
BingX BTC-USDC	+0.0029%	8h	86,124.2	−0.082%	—	$16.3M	—	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,163.5	−0.036%	$191.8M	$774.0M	100x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,141	−0.062%	$513.4M	$878.3M	200x	as long as short
Bybit BTCUSDT	+0.0037%	8h	86,152.5	−0.049%	$5.15B	$8.15B	150x	as long as short
Phoenix BTC	+0.0053%	1h	86,185	−0.011%	$2.0M	$7.8M	40x	as long as short
KuCoin XBTUSDTM	+0.0053%	8h	86,144.7	−0.058%	$943.2M	$637.0M	125x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,153.5	−0.048%	$5.52B	$8.87B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,142	−0.061%	$8.8M	$45.5M	100x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,145.8	−0.057%	$170.8M	$480.2M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,159.8	−0.040%	$173.8M	$850.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,165.3	−0.034%	$23.6M	$118.4M	50x	as long as short
Bitget BTCUSDT	+0.0096%	8h	86,149.8	−0.052%	$2.99B	$3.99B	150x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,128.6	−0.077%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,139	−0.065%	$220K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,210.8	+0.019%	$6.0M	$7.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,178.4	−0.019%	$23.7M	$196.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,212	+0.020%	$40.4M	$570.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,145.7	−0.057%	$9.46B	$20.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,155.8	−0.045%	$2.62B	$9.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,155	−0.046%	$4.0M	$15.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,192.6	−0.002%	$4.2M	$90.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	−0.029%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,145.8	−0.057%	$5.18B	$4.81B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,137.8	−0.066%	$38.7M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,112.6	−0.095%	$157.8M	$476.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,094.9	−0.116%	$289.8M	$841.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,177.2	−0.020%	$216.5M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,183.5	−0.013%	$30.3M	$222.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,204.5	+0.011%	—	$9.3M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,149	−0.053%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,143.7	−0.059%	$206K	$3.2M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,130.7	−0.074%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,178.4	−0.019%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,137.6	−0.066%	$3.2M	$6.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,142.7	−0.060%	$2.28B	$806.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,107.2	−0.101%	$47.0M	$203.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,150.4	−0.051%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,194.7	long leg	$112.3M	$4.99B	50x
Kalshi KXBTCPERP	+0.0160%	8h	86,187	−0.009%	$11.8M	$732.3M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0162%	1h	86,135.6	−0.069%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0172%	1h	86,246.3	+0.060%	$3.97B	$4.41B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,175.9	−0.022%	$9.0M	$37.3M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0210% / S −0.0249%	1h	86,157.2	−0.043%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0216%	1h	86,205.3	+0.012%	$822.6M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	86,238.4	+0.051%	$718K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0442%	1h	86,205.9	+0.013%	$82K	$242K	20x	as long as short