BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0112%/8h= −12.3% APRnext payment −$0.14 per $10,000 · paid last 24h +0.020%

Price spread now: Deribit against Coinbase International−0.017%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Coinbase International Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now −0.017%, 7d avg +0.007%

Together, before fees+0.015%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.024% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,594.7	0.0112	pay 0.0014% / 1h	52m 37s	$131.6M	$5.80B	50x
Short	Deribit BTC-PERPETUAL	86,580.3	0	get 0.0000% / 1h	52m 37s	$926.0M	$1.47B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 Coinbase InternationalbpFee DeribitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$23.52
Price spread: −0.017% → +0.007%: −$2.38
Slippage, 4 orders: −$0.07
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$42.97
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Deribit: live order book, 2 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	6.1 bp −$606	12.7 bp −$6,362
Sell Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.5 bp −$449	11.6 bp −$5,814

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
Aftermath Perps BTCUSD	−0.0212%	1h	86,621.8	+0.031%	$79K	$197K	20x	as long as short
Phoenix BTC	−0.0159%	1h	86,601	+0.007%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,564	−0.035%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0028%	1h	86,590.3	−0.005%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,591.9	−0.003%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,568.1	−0.031%	$505.4M	$1.16B	200x	as long as short
Perpl BTC	0.0000%	43m	86,602.9	+0.009%	$421K	$24.2M	6.7x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,580.3	−0.017%	$926.0M	$1.47B	50x
KuCoin XBTUSDTM	+0.0003%	8h	86,559.6	−0.041%	$851.0M	$709.6M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,587.5	−0.008%	$36.8M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0006%	1h	86,585.5	−0.011%	$8.5M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0008%	1h	86,638.1	+0.050%	$725K	$8.1M	30x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,557.5	−0.043%	$6.7M	$144.7M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,587	−0.009%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,545.6	−0.057%	$149.6M	$473.5M	150x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,574.8	−0.023%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,575	−0.023%	$2.95B	$5.09B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,548.6	−0.053%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,571.6	−0.027%	$5.19B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,571.7	−0.027%	$9.42B	$24.39B	150x	as long as short
SoDEX BTC-USD	+0.0062%	1h	86,547	−0.055%	$60.5M	$336.7M	40x	as long as short
Gate BTC_USDT	+0.0084%	8h	86,567.2	−0.032%	$5.85B	$10.62B	200x	as long as short
Bybit BTCUSDT	+0.0088%	8h	86,576	−0.022%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,585.2	−0.011%	$172.0M	$997.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,598	+0.004%	$24.0M	$151.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,576	−0.022%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,561	−0.039%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,614.3	+0.023%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,545.6	−0.057%	$21.6M	$234.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,627	+0.037%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,610.2	+0.018%	$41.0M	$499.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,578.6	−0.019%	$2.55B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,570	−0.029%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,648.3	+0.062%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	−0.005%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,547	−0.055%	$38.2M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,582.6	−0.014%	$156.4M	$568.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,613.4	+0.022%	$279.8M	$941.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,665.5	+0.082%	$217.4M	$182.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,648.6	+0.062%	$141.6M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,577.3	−0.020%	$30.7M	$202.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,624.6	+0.035%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,577	−0.020%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,568	−0.031%	$193K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,563.9	−0.036%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,574.1	−0.024%	$140K	$618K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,548	−0.054%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,580.8	−0.016%	$3.4M	$5.5M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,560.1	−0.040%	$2.30B	$960.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,558.1	−0.042%	$46.4M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,611.4	+0.019%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	86,594.7	long leg	$131.6M	$5.80B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,579.9	−0.017%	$191.3M	$937.3M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,545.9	−0.056%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,580.8	−0.016%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	86,614	+0.022%	$9.5M	$726.8M	6.4x	as long as short