Funding you earn now, next payment 06:00 UTC−0.0006%/8h= −0.7% APRnext payment −$0.01 per $10,000 · paid last 24h −0.030%
Price spread now: Bullet against Deribit−0.086%7-day average −0.047% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$170.174% of the position
Funding, last 3 days (all we have)−0.030%−$3 on $10k
+Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.086%, 7d avg −0.047%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.039% cheaper against Deribit than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.047%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 85,278.7 | 0.0106 | pay 0.0013% / 1h | 21m 31s | $866.9M | $1.61B | 50x |
| Short | Bullet BTC-USD | 85,205.6 | 0.0100 | get 0.0013% / 1h | 21m 31s | $205K | $3.3M | 20x |
Deribit BTC-PERPETUAL
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Deribit. 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
- −$1.31
- Price spread: −0.086% → −0.047%
- −$3.88
- Slippage, 4 orders
- −$2.35
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$22.55
- Costs to cover
- 0.174%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 3 min ago; Bullet: 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 Deribit live order book, 3 min ago | 0.26 bp | 3.8 bp −$4 | 4.2 bp −$42 | 6.5 bp −$651 | 10.6 bp −$5,305 |
| Sell Bullet live order book, 3 min ago | 0.06 bp | 4.4 bp −$4 | 7.8 bp −$78 | doesn't fit | doesn't fit |
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 | −0.0112% | 43m | 85,249.9 | −0.034% | $524K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,134 | −0.170% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,272 | −0.008% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,235.9 | −0.050% | $922.9M | $764.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0035% | 8h | 85,137.3 | −0.166% | $419.2M | $679.4M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,292.3 | +0.016% | $354K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0016% | 8h | 85,262.7 | −0.019% | $512.3M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,252 | −0.031% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,214.5 | −0.075% | $36.4M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.063% | $338K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0035% | 1h | 85,254.5 | −0.028% | $24.8M | $222.4M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,264.8 | −0.016% | $187.2M | $954.1M | 100x | as long as short |
| BingX BTC-USDC | +0.0067% | 8h | 85,246 | −0.038% | — | $17.4M | — | as long as short |
| Phemex BTCUSDT | +0.0078% | 8h | 85,248.8 | −0.035% | $147.3M | $505.1M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,233.3 | −0.053% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 85,266.7 | −0.014% | $5.05B | $5.73B | 500x | as long as short |
| Bitget BTCUSDT | +0.0085% | 8h | 85,268.2 | −0.012% | $2.95B | $5.15B | 150x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,278.4 | 0.000% | $9.42B | $24.81B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,260.4 | −0.021% | $171.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,267.8 | −0.013% | $23.7M | $148.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,283 | +0.005% | $8.3M | $55.7M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,281.8 | +0.004% | $117.0M | $5.39B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,248 | −0.036% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,312.2 | +0.039% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,351 | +0.085% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,283 | +0.005% | $40.2M | $599.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,269.6 | −0.011% | $5.15B | $9.94B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,272.3 | −0.007% | $2.58B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,273 | −0.007% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,281.3 | +0.003% | $4.6M | $99.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.135% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,263.4 | −0.018% | $5.50B | $11.00B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,249.3 | −0.034% | $36.3M | $176.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,082 | −0.231% | $154.2M | $566.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,112.3 | −0.195% | $279.0M | $947.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,107.4 | −0.201% | $213.8M | $166.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,093.4 | −0.217% | $139.1M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,186.1 | −0.109% | $30.1M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,327.9 | +0.058% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,268 | −0.012% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 85,205.6 | −0.086% | $205K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,224.1 | −0.064% | $2.5M | $9.3M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,274.6 | −0.005% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,218.1 | −0.071% | $29.9M | $48.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,101.4 | −0.208% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,247 | −0.037% | $59.7M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,225 | −0.063% | $2.26B | $941.4M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,245 | −0.039% | $45.2M | $239.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,212.5 | −0.078% | — | $106.9M | 500x | as long as short |
| Deribit BTC-PERPETUALlong | +0.0106% | 1h | 85,278.7 | long leg | $866.9M | $1.61B | 50x | |
| Reya BTCRUSDPERP | +0.0116% | 1h | 85,260 | −0.022% | $6.6M | $147.4M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,207.5 | −0.083% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0181% | 8h | 85,207 | −0.084% | $11.6M | $743.5M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0225% | 1h | 85,186.2 | −0.108% | $78K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,232.1 | −0.055% | $688K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,294.4 | +0.018% | $8.7M | $43.2M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDC
Phemex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Bitget BTCUSDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC