BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0045%/8h= +4.9% APRnext payment +$0.06 per $10,000 · paid last 24h −0.016%

Price spread now: Reya against Arcus−0.097%50s7-day average −0.068% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Arcus Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.097%, 7d avg −0.068%

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

Funding pays, the price is against you. Reya is 0.029% cheaper against Arcus than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of −0.068%). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$1 a day). The two prices were read 50 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	Arcus BTC-USD	85,369	0.0100	pay 0.0013% / 1h	59m 39s	$4.6M	$97.7M	40x
Short	Reya BTCRUSDPERP	85,286	0.0145	get 0.0018% / 1h	59m 39s	$6.6M	$141.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Arcus. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ArcusbpFee ReyabpOrdersPrice spread, now −0.097%Rate

Funding earned: $9.48
Price spread: −0.097% → −0.068%: −$2.92
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Reya: 3 bp × 2 orders: −$6
Net: −$3.94
Costs to cover: 0.105%
Break-even: 9.9 days

Slippage unknown: Arcus: live order book, 5 min ago; Reya: no order-book sample. Net counts fees only.

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 Arcus live order book, 5 min ago	0.01 bp	2.3 bp −$2	2.5 bp −$25	3.1 bp −$310	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Hotstuff BTC-PERP	−0.0080%	1h	85,283	−0.101%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,306	−0.074%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,279.8	−0.104%	$421.4M	$684.9M	150x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,335.5	−0.039%	$345K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,357.6	−0.013%	$929.9M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,297.7	−0.084%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,355.8	−0.015%	$502.6M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0022%	1h	85,321.7	−0.055%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,305.6	−0.074%	$186.3M	$954.0M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,267	−0.119%	$311K	$26.1M	52x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0069%	8h	85,335.8	−0.039%	—	$17.5M	—	as long as short
Nado BTC-PERP	+0.0095%	1h	85,281.8	−0.102%	$24.0M	$220.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,351.5	−0.020%	$169.6M	$935.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,348	−0.025%	$23.6M	$133.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,290	−0.093%	$8.4M	$57.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,290	−0.093%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0097%	1h	85,273.7	−0.112%	$138.0M	$312.8M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,358.3	−0.013%	$5.7M	$9.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,359.9	−0.011%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,357.8	−0.013%	$9.40B	$25.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,361.9	−0.008%	$5.09B	$10.03B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,358.6	−0.012%	$2.61B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,338	−0.036%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USDlong	+0.0100%	1h	85,369	long leg	$4.6M	$97.7M	40x
Bulk BTC-USD	+0.0100%	1h	85,256	−0.132%	$695.2M	$190.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,355.3	−0.016%	$5.46B	$9.79B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,339	−0.035%	$5.03B	$5.70B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,358.8	−0.012%	$2.97B	$5.19B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,297.5	−0.084%	$36.8M	$191.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.121%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,267.5	−0.119%	$282.8M	$959.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,278.8	−0.106%	$214.0M	$159.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,270.7	−0.115%	$30.1M	$216.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,367.8	−0.001%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,291	−0.091%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,294.8	−0.087%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,295.6	−0.086%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,347.1	−0.026%	$193K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,317.2	−0.061%	$28.8M	$46.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,280.8	−0.103%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,290	−0.093%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,284.7	−0.099%	$2.25B	$974.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,301.2	−0.079%	$159.0M	$516.4M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,328.7	−0.047%	$829.4M	$1.67B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,338.5	−0.036%	$45.7M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,296.9	−0.084%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,333	−0.042%	$111.8M	$5.47B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0145%	1h	85,286	−0.097%	$6.6M	$141.1M	40x
Kalshi KXBTCPERP	+0.0173%	8h	85,319	−0.059%	$11.9M	$737.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,295.4	−0.086%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,376.1	+0.008%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0277%	1h	85,407	+0.045%	$3.79B	$5.11B	40x	as long as short
Aftermath Perps BTCUSD	+0.0284%	1h	85,299.1	−0.082%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,302.6	−0.078%	$682K	$7.8M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,306.9	−0.073%	$465K	$18.4M	6.7x	as long as short