Funding you earn now, next payment 04:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.029%
Price spread now: Deribit against Bullet+0.061%7-day average +0.047% · 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−$16as in the Price arb table
costs, in and out, $10k−$170.171% of the position
Funding, last 3 days (all we have)+0.030%+$3 on $10k
+Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.061%, 7d avg +0.047%
=The price spread sits at its 7-day average of +0.047%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bullet BTC-USD | 85,604.3 | 0.0100 | pay 0.0013% / 1h | 50m 45s | $194K | $3.3M | 20x |
| Short | Deribit BTC-PERPETUAL | 85,656.5 | 0.0196 | get 0.0024% / 1h | 50m 45s | $892.9M | $1.53B | 50x |
Bullet BTC-USD
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Bullet. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $20.15
- Price spread: +0.061% → +0.047%
- $1.39
- Slippage, 4 orders
- −$2.1
- Fee Bullet: 4 bp × 2 orders
- −$8
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $4.44
- Costs to cover
- 0.171%
- Break-even
- 5.5 days
Slippage from Bullet: live order book, 3 min ago; Deribit: live order book, 3 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 Bullet live order book, 3 min ago | 0.29 bp | 4.8 bp −$5 | 7.2 bp −$72 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 3 min ago | 0.03 bp | 3.5 bp −$4 | 4.9 bp −$49 | 8.0 bp −$804 | 16.1 bp −$8,036 |
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-PERP | −0.1921% | 1h | 85,641.4 | +0.043% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,587 | −0.020% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,613 | +0.010% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,591.2 | −0.015% | $370K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,599.8 | −0.005% | $417.7M | $665.6M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0001% | 8h | 85,632.7 | +0.033% | $919.9M | $749.3M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,605.7 | +0.002% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,610.8 | +0.008% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,625.6 | +0.025% | $516.1M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,569.7 | −0.040% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0051% | 1h | 85,582.9 | −0.025% | $22.5M | $218.8M | 50x | as long as short |
| BingX BTC-USDT | +0.0058% | 8h | 85,651 | +0.055% | — | $1.54B | — | as long as short |
| Bitget BTCUSDT | +0.0074% | 8h | 85,649.7 | +0.053% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0077% | 1h | 85,595.6 | −0.010% | $6.7M | $146.6M | 40x | as long as short |
| SoDEX BTC-USD | +0.0084% | 1h | 85,607 | +0.003% | $60.0M | $336.1M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,597.8 | −0.008% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,650 | +0.053% | $5.05B | $5.58B | 500x | as long as short |
| Binance BTCUSDT | +0.0089% | 8h | 85,603.7 | −0.001% | $9.34B | $23.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,602.2 | −0.002% | $173.9M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,636.7 | +0.038% | $23.8M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,595 | −0.011% | $8.4M | $52.6M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,621.5 | +0.020% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,566 | −0.045% | $233K | $7.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,724 | +0.140% | $3.75B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,610 | +0.007% | $40.1M | $576.9M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,587.9 | −0.019% | $5.32B | $9.58B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,593.6 | −0.012% | $2.58B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,572 | −0.038% | $3.9M | $18.0M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.108% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,652.7 | +0.057% | $5.54B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,606.4 | +0.002% | $35.9M | $175.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,584.4 | −0.023% | $156.6M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,637.5 | +0.039% | $279.7M | $917.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,650.2 | +0.054% | $214.9M | $165.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,649.2 | +0.052% | $140.0M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,646.5 | +0.049% | $30.3M | $207.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,647.3 | +0.050% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,596 | −0.010% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USDlong | +0.0100% | 1h | 85,604.3 | long leg | $194K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,589.7 | −0.017% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,598.8 | −0.006% | $30.0M | $51.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,577 | −0.032% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,598 | −0.007% | $2.27B | $938.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,603.9 | 0.000% | $151.0M | $482.7M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,629.1 | +0.029% | $44.5M | $226.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,582 | −0.026% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,646.8 | +0.050% | $117.3M | $5.14B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,670 | +0.077% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,628.1 | +0.028% | $188.7M | $952.2M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,609.1 | +0.006% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,684.7 | +0.094% | $700K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,618.4 | +0.016% | $8.4M | $42.4M | 25x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0196% | 1h | 85,656.5 | +0.061% | $892.9M | $1.53B | 50x | |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,672.2 | +0.079% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,624 | +0.023% | $10.7M | $758.6M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,587.7 | −0.019% | $492K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
SoDEX BTC-USD
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC