BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0974%/8h= +106.7% APRnext payment +$1.22 per $10,000 · paid last 24h +0.195%

Price spread now: Derive against Bluefin−0.024%7-day average +0.021% · you buy dearer than you sell

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

Long on Bluefin Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.227%+$23 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now −0.024%, 7d avg +0.021%

Together, before fees+0.225%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.044% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.024% now, against its 7-day average of +0.021%). If the spread goes back, that is −$4 on $10k: about 4 hours of funding at the current rate (+$29 a day). At the pace of the last 7 days (+0.227% in total) that is about 33 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.227% in total (about 11.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.22 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,654.1	−0.0874	get 0.0109% / 1h	38m 45s	$141K	$618K	40x
Short	Derive BTC-PERP	86,633.7	0.0100	get 0.0013% / 1h	38m 45s	$30.0M	$61.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Bluefin. 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 BluefinbpFee DerivebpOrdersPrice spread, now −0.024%Rate

Funding earned: $204.54
Price spread: −0.024% → +0.021%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $187.11
Costs to cover: 0.130%
Break-even: 0.6 days

Slippage unknown: Bluefin: live order book, 45 min ago; Derive: 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 Bluefin live order book, 45 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 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
Bluefin BTC-PERPlong	−0.0874%	1h	86,654.1	long leg	$141K	$618K	40x
Aftermath Perps BTCUSD	−0.0163%	1h	86,650.5	−0.004%	$83K	$206K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,688	+0.039%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,631	−0.027%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,628.7	−0.029%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,651	−0.004%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,631	−0.027%	$505.5M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,669.8	+0.018%	$419K	$23.9M	6.7x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,629.4	−0.028%	$852.1M	$707.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,657.7	+0.004%	$36.9M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0005%	1h	86,672.4	+0.021%	$925.6M	$1.47B	50x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,632.4	−0.025%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,631.6	−0.026%	$6.7M	$144.8M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,634.4	−0.023%	$150.1M	$473.5M	150x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.110%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,637.9	−0.019%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,713.3	+0.068%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,606.1	−0.055%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,619	−0.041%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,619.6	−0.040%	$9.43B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,625.1	−0.033%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,634.9	−0.022%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,625.5	−0.033%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,628.3	−0.030%	$172.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,628.5	−0.030%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,630	−0.028%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,616	−0.044%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,659.7	+0.006%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,652.4	−0.002%	$21.8M	$233.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,705	+0.059%	$3.82B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,650	−0.005%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,628.8	−0.029%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,632	−0.026%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,701.4	+0.055%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.056%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,633.8	−0.023%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.049%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,683.8	+0.034%	$280.1M	$943.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,681.9	+0.032%	$217.5M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,693.4	+0.045%	$141.7M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,679.7	+0.030%	$30.8M	$203.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,694.1	+0.046%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,635	−0.022%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,634.2	−0.023%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,639.4	−0.017%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,633.7	−0.024%	$30.0M	$61.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,629.4	−0.029%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.023%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,630.5	−0.027%	$2.30B	$964.0M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,630.3	−0.027%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,673.1	+0.022%	—	$98.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,686	+0.037%	$131.7M	$5.72B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,675.7	+0.025%	$191.8M	$936.8M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,647.2	−0.008%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	−0.023%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,676	+0.025%	$9.6M	$727.5M	6.4x	as long as short