BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h +0.023%

Price spread now: Hyperliquid against Popdex+0.069%47s7-day average +0.037% · 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−$180.185% of the position

Long on Popdex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.027%+$3 on $10k

Price spread, last 7 days−0.057%−$6 · spread now +0.069%, 7d avg +0.037%

Together, before fees−0.029%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.031% dearer against Popdex than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.037%. The two prices were read 47 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	85,615	0.0096	pay 0.0012% / 1h	35m 48s	$8.4M	$51.9M	100x
Short	Hyperliquid BTC	85,674	0.0100	get 0.0013% / 1h	35m 48s	$3.77B	$4.94B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.069%Rate

Funding earned: $0.84
Price spread: +0.069% → +0.037%: $3.15
Slippage, 4 orders: −$3.07
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.48
Costs to cover: 0.185%
Break-even: 127.7 days

Slippage from Popdex: live order book, 3 min ago; Hyperliquid: live order book, 8 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, 3 min ago	0.23 bp	3.4 bp −$3	3.4 bp −$34	3.9 bp −$385	5.3 bp −$2,654
Sell Hyperliquid live order book, 8 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.4 bp −$2,681

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	−0.0160%	1h	85,585	−0.035%	$2.2M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0097%	1h	85,672.1	+0.067%	$196K	$722K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,589	−0.030%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,615.6	+0.001%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,617.3	+0.003%	$415.9M	$663.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,640.3	+0.030%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,641.9	+0.031%	$36.7M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,615	0.000%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,593.4	−0.025%	$916.9M	$753.1M	125x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,618.6	+0.004%	$515.9M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,629.6	+0.017%	—	$1.54B	—	as long as short
HTX BTC-USDT	+0.0064%	8h	85,622.5	+0.009%	$2.27B	$933.6M	200x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,598.7	−0.019%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,608.3	−0.008%	$2.95B	$5.02B	150x	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,639.4	+0.028%	$148.3M	$478.9M	150x	as long as short
SunX BTC-USDT	+0.0078%	8h	85,607.4	−0.009%	$2.9M	$6.1M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.043%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,625.6	+0.012%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,607.7	−0.009%	$5.05B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,608.2	−0.008%	$9.35B	$23.90B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,676.6	+0.072%	$893.1M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,607.5	−0.009%	$169.9M	$988.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,616.6	+0.002%	$23.9M	$148.1M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,615	long leg	$8.4M	$51.9M	100x
Paradex BTC-USD-PERP	+0.0099%	8h	85,650.5	+0.041%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,588	−0.032%	$197K	$7.8M	50x	as long as short
Hyperliquid BTCshort	+0.0100%	1h	85,674	+0.069%	$3.77B	$4.94B	40x
Pacifica BTC	+0.0100%	1h	85,636.9	+0.026%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,617.1	+0.002%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,615.3	0.000%	$2.57B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,618	+0.004%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,578.8	−0.042%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,562.7	−0.061%	$616.1M	$358.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,635.6	+0.024%	$5.55B	$10.48B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,623.8	+0.010%	$35.3M	$172.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	+0.009%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,550.1	−0.076%	$278.9M	$928.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,558.4	−0.066%	$214.7M	$165.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,549.6	−0.076%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,552.7	−0.073%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,650.3	+0.041%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,613	−0.002%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,621	+0.007%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,627.3	+0.014%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,626.4	+0.013%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,635	+0.023%	$60.0M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,621.2	+0.007%	$44.0M	$227.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,617.6	+0.003%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,674	+0.069%	$130.9M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,642.1	+0.032%	$8.3M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,665.4	+0.059%	$188.6M	$948.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0190%	1h	85,588.2	−0.031%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,605.5	−0.011%	$700K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,633.3	+0.021%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0214%	8h	85,639	+0.028%	$10.5M	$760.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,666.2	+0.060%	$521K	$19.4M	6.7x	as long as short