BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.02 per $10,000 · paid last 24h −0.150%

Price spread now: Bluefin against Popdex+0.007%46s7-day average −0.020% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on Popdex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.434%−$43 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.007%, 7d avg −0.020%

Together, before fees−0.474%−$47 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Bluefin is 0.027% dearer against Popdex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.020%. Mind the row above: over the last 4 days funding on this pair cost −0.434%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,528	0.0088	pay 0.0011% / 1h	20m 31s	$8.4M	$56.5M	100x
Short	Bluefin BTC-PERP	85,534.1	0.0100	get 0.0013% / 1h	20m 31s	$194K	$796K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Popdex. 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 PopdexbpFee BluefinbpOrdersPrice spread, now +0.007%Rate

Funding earned: $2.52
Price spread: +0.007% → −0.020%: $2.68
Slippage, 4 orders: −$5.81
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$14.01
Costs to cover: 0.192%
Break-even: 45.9 days

Slippage from Popdex: live order book, 4 min ago; Bluefin: live order book, 24 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 Popdex live order book, 4 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.7 bp −$370	5.3 bp −$2,637
Sell Bluefin live order book, 24 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit

BTC on 55 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	−0.0082%	1h	85,446	−0.096%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,485	−0.050%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0041%	8h	85,529	+0.001%	$929.4M	$774.4M	125x	as long as short
BloFin BTC-USDT	−0.0025%	8h	85,495.3	−0.038%	$420.7M	$684.5M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,520.3	−0.009%	$513.7M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,539.1	+0.013%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,558.9	+0.036%	$490K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	−0.012%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	−0.018%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,492.9	−0.041%	$24.4M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.329%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,531.1	+0.004%	—	$1.57B	—	as long as short
Popdex BTCUSDTlong	+0.0088%	1h	85,528	long leg	$8.4M	$56.5M	100x
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,503	−0.029%	$186.2M	$960.1M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,548.5	+0.024%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,544.2	+0.019%	$5.03B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,535.2	+0.008%	$9.44B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,540.3	+0.014%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,541.6	+0.016%	$23.6M	$148.3M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,489.5	−0.045%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,528.5	+0.001%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,507	−0.025%	$243K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,585.3	+0.067%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.106%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,550.1	+0.026%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,554.9	+0.031%	$2.60B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,490	−0.044%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,512	−0.019%	$5.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.033%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,529.8	+0.002%	$5.56B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,487.7	−0.047%	$37.4M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.076%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.106%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.097%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,447.2	−0.095%	$139.7M	$313.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,485	−0.050%	$30.1M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,595.7	+0.079%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,549	+0.025%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,539.1	+0.013%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,493.4	−0.040%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,534.1	+0.007%	$194K	$796K	40x
SunX BTC-USDT	+0.0100%	8h	85,481.6	−0.054%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	−0.046%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,487.4	−0.047%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,490.5	−0.044%	$153.5M	$511.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,504.4	−0.028%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,504.7	−0.027%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,525.7	−0.003%	$114.7M	$5.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,540.1	+0.014%	$6.6M	$147.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,533.4	+0.006%	$861.8M	$1.64B	50x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,519	−0.011%	$11.7M	$741.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,554.8	+0.031%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,503	−0.029%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,498.8	−0.034%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,467.5	−0.071%	$79K	$230K	20x	as long as short