Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.012%
Price spread now: Derive against Bullet−0.012%7-day average −0.003% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.018%−$2 on $10k
+Price spread, last 4 days (all we have)−0.055%−$5 · spread now −0.012%, 7d avg −0.003%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bullet BTC-USD | 85,556 | 0.0100 | pay 0.0013% / 1h | 3m 10s | $193K | $3.3M | 20x |
| Short | Derive BTC-PERP | 85,545.9 | 0.0100 | get 0.0013% / 1h | 3m 10s | $30.0M | $50.0M | 15x |
Bullet BTC-USD
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- $0
- Price spread: −0.012% → −0.003%
- −$0.84
- Slippage, 4 orders
- no order book: not counted
- Fee Bullet: 4 bp × 2 orders
- −$8
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$14.84
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Bullet: live order book, 1 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 Bullet live order book, 1 min ago | 0.29 bp | 4.5 bp −$4 | 7.4 bp −$74 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0179% | 1h | 85,492 | −0.075% | $2.1M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,533 | −0.027% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,557.9 | +0.002% | $367K | $2.3M | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0033% | 8h | 85,528.2 | −0.032% | $920.2M | $751.8M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,554.8 | −0.001% | $417.5M | $669.6M | 150x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,562.2 | +0.007% | $36.6M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0011% | 1h | 85,564.7 | +0.010% | $16.8M | $21.3M | 50x | as long as short |
| Nado BTC-PERP | +0.0011% | 1h | 85,540.3 | −0.018% | $25.0M | $221.9M | 50x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,542 | −0.016% | $515.6M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,546.4 | −0.011% | $4.2M | $98.3M | 40x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
KuCoin XBTUSDTM
BloFin BTC-USDT
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Nado BTC-PERP
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | +0.0037% | 1h | 85,599.6 | +0.051% | $207K | $739K | 40x | as long as short |
| BingX BTC-USDT | +0.0063% | 8h | 85,556.8 | +0.001% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0071% | 8h | 85,545.2 | −0.013% | $148.4M | $489.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,544.5 | −0.013% | $2.95B | $5.08B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0087% | 1h | 85,551.9 | −0.005% | $6.7M | $146.8M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0095% | 1h | 85,592.6 | +0.043% | $887.3M | $1.58B | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,562.8 | +0.008% | $172.2M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,565.6 | +0.011% | $23.9M | $149.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,555 | −0.001% | $8.4M | $53.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,548.3 | −0.009% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,516 | −0.047% | $210K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,615.5 | +0.070% | $5.2M | $9.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,636 | +0.094% | $3.75B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,576.4 | +0.024% | $40.2M | $581.6M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,556.9 | +0.001% | $9.37B | $24.17B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,554.9 | −0.001% | $5.20B | $9.80B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,565.1 | +0.011% | $2.58B | $12.14B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,502 | −0.063% | $3.8M | $17.8M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,487.5 | −0.080% | $672.1M | $698.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,556.3 | 0.000% | $5.52B | $10.77B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,555.5 | −0.001% | $5.07B | $5.66B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,496.6 | −0.069% | $35.1M | $177.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,444.6 | −0.130% | $153.4M | $564.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,454.2 | −0.119% | $279.2M | $922.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,487.4 | −0.080% | $214.6M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,480.6 | −0.088% | $139.8M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,484.2 | −0.084% | $30.2M | $208.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,593.4 | +0.044% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,550 | −0.007% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USDlong | +0.0100% | 1h | 85,556 | long leg | $193K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,552.5 | −0.004% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 85,545.9 | −0.012% | $30.0M | $50.0M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,536.5 | −0.023% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,555 | −0.001% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,548.1 | −0.009% | $2.26B | $942.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,531.1 | −0.029% | $44.6M | $230.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,517.8 | −0.045% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,589.1 | +0.039% | $117.5M | $5.20B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,565 | +0.011% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,574 | +0.021% | $187.6M | $953.7M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,561.3 | +0.006% | $13.3M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,576.8 | +0.024% | $8.4M | $42.7M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0214% | 1h | 85,514.1 | −0.049% | $78K | $220K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,568 | +0.014% | $10.3M | $755.0M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,503.6 | −0.061% | $701K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,556.5 | +0.001% | $496K | $18.7M | 6.7x | as long as short |
Bluefin BTC-PERP
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
MEXC 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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
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]
RISEx BTC/USDC
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Perpl BTC