BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0098%/8h= −10.7% APRnext payment −$0.12 per $10,000 · paid last 24h +0.005%

Price spread now: Popdex against RISEx−0.027%7-day average −0.005% · 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−$17as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on RISEx Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days−0.013%−$1 · spread now −0.027%, 7d avg −0.005%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Popdex is 0.022% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,509.9	0.0194	pay 0.0024% / 1h	13m 19s	$8.2M	$42.5M	25x
Short	Popdex BTCUSDT	85,487	0.0096	get 0.0012% / 1h	13m 19s	$8.6M	$53.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against RISEx. 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 RISExbpFee PopdexbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$20.49
Price spread: −0.027% → −0.005%: −$2.23
Slippage, 4 orders: −$2.72
Fee RISEx: 3 bp × 2 orders: −$6
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$37.83
Costs to cover: 0.151%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Popdex: 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 RISEx live order book, 1 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.2 bp −$1,020	doesn't fit
Sell Popdex live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.3 bp −$431	5.8 bp −$2,901

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	−0.0179%	1h	85,466	−0.051%	$2.1M	$10.3M	40x	as long as short
Bluefin BTC-PERP	−0.0144%	1h	85,501.1	−0.010%	$206K	$739K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,465	−0.053%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,486.8	−0.027%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0027%	8h	85,462.3	−0.056%	$919.3M	$752.1M	125x	as long as short
BloFin BTC-USDT	−0.0021%	8h	85,487.8	−0.026%	$417.2M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,497.4	−0.015%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,478.8	−0.036%	$515.2M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,459.5	−0.059%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,481.7	−0.033%	$25.1M	$222.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus BTC-USD	+0.0021%	1h	85,466.3	−0.051%	$4.6M	$97.8M	40x	as long as short
BingX BTC-USDC	+0.0062%	8h	85,473.4	−0.043%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,482.6	−0.032%	$147.8M	$488.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,492.1	−0.021%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0085%	1h	85,482.9	−0.032%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,498.2	−0.014%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,502.8	−0.008%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,487	−0.027%	$8.6M	$53.2M	100x
Aevo BTC-PERP	+0.0096%	1h	85,482.7	−0.032%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0099%	8h	85,487.7	−0.026%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,490	−0.023%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,457	−0.062%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,532	+0.026%	$5.1M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,562.8	+0.062%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,511.5	+0.002%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,489.3	−0.024%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,496.9	−0.015%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,477	−0.039%	$3.9M	$18.3M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,445.9	−0.075%	$666.8M	$675.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,489.9	−0.023%	$5.51B	$10.75B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,438.9	−0.083%	$35.6M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.104%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431	−0.092%	$279.1M	$923.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,456.5	−0.063%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.4	−0.047%	$139.7M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,442.5	−0.079%	$30.2M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,528	+0.021%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,480	−0.035%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,487.6	−0.026%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,487.6	−0.026%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,479.6	−0.035%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,467.6	−0.050%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,489	−0.024%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,478.8	−0.036%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,464.3	−0.053%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,500.4	−0.011%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,524.3	+0.017%	$117.2M	$5.20B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0110%	1h	85,527.6	+0.021%	$891.1M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,442	−0.079%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,509.3	−0.001%	$187.4M	$955.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,492.9	−0.020%	$13.3M	—	200x	as long as short
RISEx BTC/USDClong	+0.0194%	1h	85,509.9	long leg	$8.2M	$42.5M	25x
Kalshi KXBTCPERP	+0.0219%	8h	85,520	+0.012%	$10.4M	$756.0M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0221%	1h	85,486.9	−0.027%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,478.9	−0.036%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,491.3	−0.022%	$495K	$18.8M	6.7x	as long as short