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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.008%
Price spread now: Bullet against Derive−0.008%7-day average +0.005% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on DeriveShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.026%+$3 on $10k
Price spread, last 3 days (all we have)+0.074%+$7 · spread now −0.008%, 7d avg +0.005%
Together, before fees+0.100%+$10 on $10k · with fees, hour by hour
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDerive BTC-PERP86,614.10.0100pay 0.0013% / 1h47m 22s$30.0M$61.5M15x
ShortBullet BTC-USD86,607.30.0100get 0.0013% / 1h47m 22s$198K$3.4M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet against Derive. 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

Funding earned
$0
Price spread: −0.008% → +0.005%
−$1.27
Slippage, 4 orders
no order book: not counted
Fee Derive: 3 bp × 2 orders
−$6
Fee Bullet: 4 bp × 2 orders
−$8
Net
−$15.27
Costs to cover
0.140%
Break-even
never at this rate
Slippage unknown: Derive: no order-book sample; Bullet: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Derive no order-book sample—————
Sell Bullet live order book, 2 min ago0.29 bp5.0 bp −$57.9 bp −$79doesn't fitdoesn't fit
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl BTC−0.0335%43m86,624.5+0.012%$426K$25.1M6.7xas long as short
Aftermath Perps BTCUSD−0.0205%1h86,674+0.069%$85K$188K20xas long as short
Phoenix BTC−0.0103%1h86,579−0.041%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0092%1h86,651.2+0.043%$18.0M$20.0M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,596−0.021%$9K$3K50xas long as short
KuCoin XBTUSDTM−0.0002%8h86,595−0.022%$844.7M$709.3M125xas long as short
01 Exchange BTCUSD0.0000%1h86,628.4+0.017%$361K$2.5M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,643.1+0.033%$938.7M$1.42B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,635.1+0.024%$36.6M—200xas long as short
Aster BTCUSDT+0.0012%8h86,587.8−0.030%$505.6M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,601−0.015%$6.7M$144.0M40xas long as short
BingX BTC-USDT+0.0021%8h86,603.2−0.013%—$1.59B—as long as short
Phemex BTCUSDT+0.0026%8h86,606.6−0.009%$149.6M$470.6M150xas long as short
Bitget BTCUSDT+0.0027%8h86,600.1−0.016%$2.94B$5.07B150xas long as short
MEXC BTC_USDT+0.0048%8h86,599.5−0.017%$5.19B$5.64B500xas long as short
Aevo BTC-PERP+0.0048%1h86,616.5+0.003%$2.4M$1.3M20xas long as short
Binance BTCUSDT+0.0048%8h86,600.3−0.016%$9.43B$24.30B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,732+0.136%$315K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0061%8h86,607.2−0.008%$2.57B$12.69B100xas long as short
RISEx BTC/USDC+0.0063%1h86,620.7+0.008%$9.2M$42.1M25xas long as short
Gate BTC_USDT+0.0066%8h86,606.4−0.009%$5.86B$10.58B200xas long as short
Bybit BTCUSDT+0.0079%8h86,603.3−0.012%$5.28B$9.66B150xas long as short
Variational Omni BTC+0.0088%8h86,626.8+0.015%$159.8M$564.2M—as long as short
Lighter BTC+0.0096%1h86,621.4+0.008%$171.8M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,623.7+0.011%$24.0M$152.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,603−0.013%$8.5M$52.1M100xas long as short
GRVT BTC_USDT_Perp+0.0097%8h86,590−0.028%$217.4M$189.0M50xas long as short
Orderly PERP_BTC_USDC+0.0099%8h86,623.7+0.011%$2.5M$8.5M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,648.1+0.039%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,595−0.022%$200K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,599.5−0.017%$21.8M$236.2M50xas long as short
Hyperliquid BTC+0.0100%1h86,678.8+0.075%$3.83B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,638.6+0.028%$40.9M$485.8M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,609−0.006%$3.9M$18.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,678.6+0.074%$7.4M$94.4M40xas long as short
Bulk BTC-USD+0.0100%1h86,665+0.059%$572.2M$23.5M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,637.4+0.027%$38.2M$148.1M75xas long as short
edgeX BTCUSDC+0.0100%4h86,590.7−0.027%$279.7M$948.0M100xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,636.4+0.026%$141.8M$322.7M100xas long as short
StandX BTC-USD+0.0100%1h86,613.90.000%$30.8M$205.7M40xas long as short
Vest BTC-PERP+0.0100%1h86,670.5+0.065%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,609−0.006%$11.0M$13.7M50xas long as short
Bullet BTC-USDshort+0.0100%1h86,607.3−0.008%$198K$3.4M20x
Bluefin BTC-PERP+0.0100%1h86,629+0.017%$141K$619K40xas long as short
Derive BTC-PERPlong+0.0100%1h86,614.1long leg$30.0M$61.5M15x
SunX BTC-USDT+0.0100%8h86,600.3−0.016%$3.4M$5.6M100xas long as short
SoDEX BTC-USD+0.0100%1h86,602−0.014%$60.4M$336.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,604.4−0.011%$2.30B$955.5M200xas long as short
Extended BTC-USD+0.0104%1h86,607.6−0.007%$46.6M$229.1M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,631.8+0.020%—$98.0M500xas long as short
Kalshi KXBTCPERP+0.0109%8h86,664+0.058%$8.8M$723.2M6.4xas long as short
Kraken Futures PF_XBTUSD+0.0117%1h86,641.1+0.031%$191.5M$927.4M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,654+0.046%$131.9M$5.88B50xas long as short
BloFin BTC-USDT+0.0168%8h86,618.6+0.005%$418.8M$642.0M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0198%1h86,622.7+0.010%$15.4M—200xas long as short
Hibachi BTC/USDT-P+0.0208%1h86,618.9+0.006%$601K$7.2M30xas long as short