BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0061%/8h= −6.7% APRnext payment −$0.08 per $10,000 · paid last 24h −0.040%

Price spread now: Reya against Bullet−0.013%7-day average −0.043% · you buy dearer than you sell

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

Long on Bullet Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days−0.016%−$2 · spread now −0.013%, 7d avg −0.043%

Together, before fees−0.023%+ Points / potential airdropReya: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.030% dearer against Bullet than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.043%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours. At the pace of the last 3 days (−0.008% in total) that is about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	86,536	0.0100	pay 0.0013% / 1h	57m 53s	$194K	$3.3M	20x
Short	Reya BTCRUSDPERP	86,524.6	0.0039	get 0.0005% / 1h	57m 53s	$6.7M	$145.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bullet. 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 BulletbpFee ReyabpOrdersPrice spread, now −0.013%Rate

Funding earned: −$12.81
Price spread: −0.013% → −0.043%: $3.03
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$23.79
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 1 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 Bullet live order book, 1 min ago	0.06 bp	5.3 bp −$5	8.3 bp −$83	doesn't fit	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 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	−0.2924%	1h	86,564.5	+0.033%	$140K	$664K	40x	as long as short
Phoenix BTC	−0.0118%	1h	86,586	+0.058%	$2.2M	$11.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,520	−0.018%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,540.9	+0.006%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,549.3	+0.015%	$414K	$22.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.2	+0.026%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	86,519.8	−0.019%	$501.9M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.092%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,556.2	+0.023%	$17.0M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0028%	8h	86,524.6	−0.013%	$835.0M	$728.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERPshort	+0.0039%	1h	86,524.6	−0.013%	$6.7M	$145.7M	40x
BingX BTC-USDT	+0.0045%	8h	86,517	−0.022%	—	$1.59B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,544.1	+0.009%	$8.4M	$42.8M	25x	as long as short
Bitget BTCUSDT	+0.0058%	8h	86,515.4	−0.024%	$2.97B	$5.12B	150x	as long as short
SoDEX BTC-USD	+0.0065%	1h	86,520	−0.018%	$60.5M	$338.0M	40x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,509.9	−0.030%	$5.14B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,508.8	−0.031%	$9.44B	$24.55B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,544.1	+0.009%	$2.5M	$1.2M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0092%	1h	86,559.2	+0.027%	$909.6M	$1.50B	50x	as long as short
Lighter BTC	+0.0096%	1h	86,545.5	+0.011%	$170.4M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,550	+0.016%	$23.7M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,524	−0.014%	$8.5M	$52.2M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,510.3	−0.030%	$5.27B	$9.78B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,513	−0.027%	$198K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,557.1	+0.024%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,548.5	+0.014%	$22.0M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,607	+0.082%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,553.4	+0.020%	$40.8M	$540.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,513.1	−0.026%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,539	+0.003%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,568.3	+0.037%	$7.3M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	−0.014%	$572.9M	$12.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,520.1	−0.018%	$5.87B	$10.42B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,527.3	−0.010%	$37.8M	$156.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,554.4	+0.021%	$157.4M	$568.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,550.1	+0.016%	$279.6M	$948.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,585.4	+0.057%	$217.4M	$171.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,575	+0.045%	$141.8M	$323.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,590	+0.062%	$30.7M	$208.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,583.9	+0.055%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,523	−0.015%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	86,536	long leg	$194K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,518.3	−0.020%	$2.5M	$9.3M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,556.5	+0.024%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,529.9	−0.007%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,516.5	−0.023%	$2.30B	$969.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,533.9	−0.002%	$152.8M	$479.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,498.1	−0.044%	$45.8M	$224.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,563.8	+0.032%	—	$100.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,563	+0.031%	$132.2M	$5.63B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,550.3	+0.017%	$193.4M	$951.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0163%	1h	86,564.6	+0.033%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,624.7	+0.103%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,561	+0.029%	$415.4M	$659.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0224%	1h	86,551.5	+0.018%	$14.9M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,576	+0.046%	$10.0M	$756.5M	6.4x	as long as short