BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0051%/8h= +5.6% APRnext payment +$0.06 per $10,000 · paid last 24h −0.020%

Price spread now: Derive against Deribit+0.008%7-day average −0.051% · you sell dearer than you buy

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

Long on Deribit Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now +0.008%, 7d avg −0.051%

Together, before fees−0.128%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.059% dearer against Deribit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,505.9	0.0049	pay 0.0006% / 1h	29m 42s	$914.9M	$1.48B	50x
Short	Derive BTC-PERP	86,512.8	0.0100	get 0.0013% / 1h	29m 42s	$30.5M	$62.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Deribit. 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 DeribitbpFee DerivebpOrdersPrice spread, now +0.008%Rate

Funding earned: $10.68
Price spread: +0.008% → −0.051%: $5.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $3.56
Costs to cover: 0.130%
Break-even: 4.7 days

Slippage unknown: Deribit: 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	6.6 bp −$657	12.6 bp −$6,293
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	−0.0118%	1h	86,471	−0.040%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,462	−0.051%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.072%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,473.2	−0.038%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,488.3	−0.020%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,457.9	−0.055%	$501.7M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,482.2	−0.027%	$416K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,497	−0.010%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,464.4	−0.048%	$850.4M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0030%	1h	86,479.3	−0.031%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0042%	8h	86,462	−0.051%	—	$1.59B	—	as long as short
Deribit BTC-PERPETUALlong	+0.0049%	1h	86,505.9	long leg	$914.9M	$1.48B	50x
Phemex BTCUSDT	+0.0050%	8h	86,476.3	−0.034%	$150.8M	$478.7M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,454.6	−0.059%	$2.96B	$5.13B	150x	as long as short
dYdX BTC-USD	+0.0067%	1h	86,493.3	−0.015%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0070%	8h	86,457.1	−0.056%	$9.43B	$24.57B	150x	as long as short
MEXC BTC_USDT	+0.0070%	8h	86,457.1	−0.056%	$5.16B	$5.66B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,473	−0.038%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,464.3	−0.048%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,467	−0.045%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,469.1	−0.042%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,476.2	−0.034%	$24.0M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,469	−0.043%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0098%	8h	86,460.1	−0.053%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,453	−0.061%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,495.3	−0.012%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,468.9	−0.043%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,535	+0.034%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,498.6	−0.008%	$41.1M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,467	−0.045%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,473	−0.038%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,503.5	−0.003%	$7.5M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462	−0.051%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	−0.036%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	−0.033%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,492.7	−0.015%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	−0.020%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,474.4	−0.036%	$30.7M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,516.6	+0.012%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,480	−0.030%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	−0.025%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,478.8	−0.031%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,504.1	−0.002%	$140K	$663K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	86,512.8	+0.008%	$30.5M	$62.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,455.5	−0.058%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,461.1	−0.052%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	−0.047%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,442.5	−0.073%	$45.5M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,492.2	−0.016%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,495	−0.013%	$194.0M	$952.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,512.1	+0.007%	$132.2M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0141%	1h	86,527.6	+0.025%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,503.4	−0.003%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,467.5	−0.044%	$415.6M	$658.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0217%	1h	86,492.7	−0.015%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,498	−0.009%	$9.7M	$746.1M	6.4x	as long as short