BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0212%/8h= −23.2% APRnext payment −$0.27 per $10,000 · paid last 24h −0.035%

Price spread now: SoDEX against Deribit−0.065%7-day average −0.054% · 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−$16as in the Price arb table

costs, in and out, $10k−$150.152% of the position

Long on Deribit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.065%, 7d avg −0.054%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.056% in total (about -5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,082.1	0.0179	pay 0.0022% / 1h	11m 03s	$818.6M	$1.47B	50x
Short	SoDEX BTC-USD	86,026	−0.0033	pay 0.0004% / 1h	11m 03s	$65.9M	$186.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$44.54
Price spread: −0.065% → −0.054%: −$1.08
Slippage, 4 orders: −$0.17
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$60.8
Costs to cover: 0.152%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; SoDEX: live order book, 1 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, 1 min ago	0.03 bp	3.5 bp −$4	3.7 bp −$37	7.2 bp −$724	11.5 bp −$5,770
Sell SoDEX live order book, 1 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$512	42.5 bp −$21.3K

BTC on 56 exchanges

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	−0.0223%	43m	86,014.7	−0.078%	$466K	$13.2M	6.7x	as long as short
Phoenix BTC	−0.0150%	1h	86,038	−0.051%	$2.1M	$7.7M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,885	−0.229%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0058%	8h	86,016.5	−0.076%	$421.0M	$552.3M	150x	as long as short
SoDEX BTC-USDshort	−0.0033%	1h	86,026	−0.065%	$65.9M	$186.4M	40x
01 Exchange BTCUSD	−0.0032%	1h	86,023.9	−0.068%	$365K	$1.8M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	86,034.5	−0.055%	$16.9M	$13.2M	50x	as long as short
Injective BTC/USDC PERP	+0.0001%	1h	86,020	−0.072%	$440K	$32.4M	52x	as long as short
Aster BTCUSDT	+0.0003%	8h	86,009.9	−0.084%	$510.3M	$815.2M	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,027.5	−0.063%	$37.0M	—	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0019%	1h	86,050.3	−0.037%	$193.7M	$723.5M	100x	as long as short
Popdex BTCUSDT	+0.0032%	1h	86,005	−0.090%	$8.6M	$46.1M	100x	as long as short
Phemex BTCUSDT	+0.0037%	8h	86,021.4	−0.071%	$173.2M	$469.3M	150x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	86,024.1	−0.067%	$951.8M	$625.9M	125x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,011.2	−0.082%	$5.19B	$4.77B	500x	as long as short
Bybit BTCUSDT	+0.0061%	8h	86,017.8	−0.075%	$5.16B	$7.93B	150x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,016.7	−0.076%	$9.41B	$19.85B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,015.1	−0.078%	$2.4M	$6.8M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,024.2	−0.067%	$5.52B	$8.85B	200x	as long as short
Bitget BTCUSDT	+0.0076%	8h	86,020.6	−0.071%	$3.00B	$3.80B	150x	as long as short
HTX BTC-USDT	+0.0080%	8h	86,007.9	−0.086%	$2.27B	$737.7M	200x	as long as short
Bullet BTC-USD	+0.0081%	1h	86,016.3	−0.076%	$222K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0090%	1h	86,005.1	−0.089%	$23.0M	$188.9M	50x	as long as short
Variational Omni BTC	+0.0094%	8h	86,054.5	−0.032%	$157.7M	$475.3M	—	as long as short
Lighter BTC	+0.0096%	1h	86,044.3	−0.044%	$174.2M	$854.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,044.2	−0.044%	$23.8M	$118.7M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,984	−0.114%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,057.6	−0.029%	$5.7M	$7.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,050.9	−0.036%	$40.0M	$566.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,009.2	−0.085%	$2.64B	$9.01B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,019	−0.073%	$4.0M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,011.5	−0.082%	$4.8M	$90.6M	40x	as long as short
BingX BTC-USDC	+0.0100%	8h	85,995.4	−0.101%	—	$16.1M	—	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,013.5	−0.080%	$39.3M	$200.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,036.2	−0.053%	$289.8M	$715.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,055.6	−0.031%	$216.2M	$133.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,092.3	+0.012%	$138.0M	$284.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,070	−0.014%	$30.2M	$227.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,105.2	+0.027%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,004	−0.091%	$11.0M	$11.8M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,003.7	−0.091%	$2.6M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,041.3	−0.047%	$143K	$608K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,085	+0.003%	$29.1M	$44.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,015.2	−0.078%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,063.9	−0.021%	$717.2M	$65.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,981.3	−0.117%	$47.4M	$181.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,017.1	−0.075%	—	$76.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0128%	1h	86,065.4	−0.019%	$113.1M	$4.96B	50x	as long as short
Hyperliquid BTC	+0.0155%	1h	86,120.3	+0.044%	$3.98B	$4.16B	40x	as long as short
Kalshi KXBTCPERP	+0.0158%	8h	86,038	−0.051%	$13.2M	$731.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0165%	1h	86,041.4	−0.047%	$9.0M	$35.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0178%	1h	85,988.5	−0.109%	$6.6M	$121.4M	40x	as long as short
Deribit BTC-PERPETUALlong	+0.0179%	1h	86,082.1	long leg	$818.6M	$1.47B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0245%	1h	86,024.1	−0.067%	$15.8M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0262%	1h	86,053.6	−0.033%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0280%	1h	86,101.9	+0.023%	$690K	$6.8M	30x	as long as short