Funding you earn now, next payment 21:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.03 per $10,000 · paid last 24h −0.001%
Price spread now: Derive against Coinbase International−0.051%7-day average −0.044% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.038%−$4 on $10k
+Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.051%, 7d avg −0.044%
=The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International BTC-PERP-INTX | 86,808.8 | 0.0120 | pay 0.0015% / 1h | 55m 23s | $132.2M | $5.94B | 50x |
| Short | Derive BTC-PERP | 86,764.9 | 0.0100 | get 0.0013% / 1h | 55m 23s | $30.1M | $61.5M | 15x |
Coinbase International BTC-PERP-INTX
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$4.2
- Price spread: −0.051% → −0.044%
- −$0.6
- Slippage, 4 orders
- no order book: not counted
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$20.8
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Coinbase International: live order book, 4 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 Coinbase International live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.6 bp −$556 | 11.9 bp −$5,967 |
| 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0335% | 43m | 86,759.6 | −0.057% | $420K | $25.5M | 6.7x | as long as short |
| Aftermath Perps BTCUSD | −0.0185% | 1h | 86,860.1 | +0.059% | $85K | $188K | 20x | as long as short |
| Phoenix BTC | −0.0123% | 1h | 86,795 | −0.016% | $2.2M | $12.4M | 40x | as long as short |
| dYdX BTC-USD | −0.0093% | 1h | 86,756.9 | −0.060% | $18.1M | $19.9M | 50x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,790 | −0.022% | $9K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0001% | 8h | 86,784.3 | −0.028% | $839.2M | $706.8M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,806 | −0.003% | $363K | $2.5M | 50x | as long as short |
| Kalshi KXBTCPERP | 0.0000% | 8h | 86,792 | −0.019% | $8.9M | $725.1M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,808.4 | −0.001% | $922.9M | $1.38B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,822 | +0.015% | $36.7M | — | 200x | as long as short |
Perpl BTC
Aftermath Perps BTCUSD
Phoenix BTC
dYdX BTC-USD
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | +0.0008% | 1h | 86,782 | −0.031% | $160K | $575K | 40x | as long as short |
| Phemex BTCUSDT | +0.0013% | 8h | 86,748.5 | −0.069% | $149.3M | $468.5M | 150x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 86,784.5 | −0.028% | $506.7M | $1.16B | 200x | as long as short |
| BingX BTC-USDT | +0.0019% | 8h | 86,800 | −0.010% | — | $1.60B | — | as long as short |
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,803.3 | −0.006% | $6.8M | $143.8M | 40x | as long as short |
| Bitget BTCUSDT | +0.0025% | 8h | 86,799.7 | −0.010% | $2.96B | $5.08B | 150x | as long as short |
| MEXC BTC_USDT | +0.0046% | 8h | 86,800 | −0.010% | $5.20B | $5.61B | 500x | as long as short |
| Binance BTCUSDT | +0.0046% | 8h | 86,800.1 | −0.010% | $9.46B | $24.33B | 150x | as long as short |
| Aevo BTC-PERP | +0.0048% | 1h | 86,794.6 | −0.016% | $2.4M | $1.3M | 20x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,984 | +0.202% | $316K | $26.8M | 52x | as long as short |
| OKX BTC-USDT-SWAP | +0.0054% | 8h | 86,809.9 | +0.001% | $2.59B | $12.73B | 100x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,777.5 | −0.036% | $9.3M | $42.0M | 25x | as long as short |
| Gate BTC_USDT | +0.0063% | 8h | 86,799.6 | −0.011% | $5.86B | $10.53B | 200x | as long as short |
| SoDEX BTC-USD | +0.0068% | 1h | 86,755 | −0.062% | $60.6M | $336.4M | 40x | as long as short |
| Bybit BTCUSDT | +0.0078% | 8h | 86,796.4 | −0.014% | $5.30B | $9.68B | 150x | as long as short |
| Popdex BTCUSDT | +0.0088% | 1h | 86,780 | −0.033% | $8.5M | $52.2M | 100x | as long as short |
| Variational Omni BTC | +0.0088% | 8h | 86,792.9 | −0.018% | $161.2M | $563.4M | — | as long as short |
| GRVT BTC_USDT_Perp | +0.0094% | 8h | 86,810.6 | +0.002% | $218.0M | $191.1M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,764 | −0.052% | $172.7M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,765.2 | −0.050% | $24.2M | $152.4M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0097% | 8h | 86,814.9 | +0.007% | $2.5M | $8.4M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,789.7 | −0.022% | $4.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,766 | −0.049% | $201K | $6.8M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,735.2 | −0.085% | $22.0M | $237.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,873 | +0.074% | $3.86B | $5.15B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,782 | −0.031% | $41.6M | $484.5M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,745 | −0.073% | $3.9M | $18.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,829.9 | +0.024% | $7.6M | $95.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,919.5 | +0.128% | $573.8M | $23.8M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,761.8 | −0.054% | $38.4M | $147.9M | 75x | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,804.8 | −0.005% | $280.4M | $944.7M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,805.9 | −0.003% | $142.0M | $322.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,839 | +0.035% | $30.9M | $205.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,845.6 | +0.042% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,806 | −0.003% | $11.1M | $13.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,800.1 | −0.010% | $202K | $3.4M | 20x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,764.9 | −0.051% | $30.1M | $61.5M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,769 | −0.046% | $3.4M | $5.6M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,746.1 | −0.072% | $2.31B | $954.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,744.6 | −0.074% | $46.2M | $228.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,766.6 | −0.049% | — | $97.8M | 500x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0116% | 1h | 86,792.2 | −0.019% | $193.1M | $926.5M | 100x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0120% | 1h | 86,808.8 | long leg | $132.2M | $5.94B | 50x | |
| BloFin BTC-USDT | +0.0167% | 8h | 86,809.9 | +0.001% | $420.2M | $643.1M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0181% / S −0.0200% | 1h | 86,817.3 | +0.010% | $15.5M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 86,798.4 | −0.012% | $752K | $7.0M | 30x | as long as short |
Bluefin BTC-PERP
Phemex BTCUSDT
Aster BTCUSDT
BingX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Injective BTC/USDC PERP
OKX BTC-USDT-SWAP
RISEx BTC/USDC
Gate BTC_USDT
SoDEX BTC-USD
Bybit BTCUSDT
Popdex BTCUSDT
Variational Omni BTC
GRVT BTC_USDT_Perp
Lighter BTC
Lighter RH BTC
Orderly PERP_BTC_USDC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
edgeX BTCUSDC
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kraken Futures PF_XBTUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P