Funding you earn now, next payment 05:00 UTC−0.0044%/8h= −4.8% APRnext payment −$0.05 per $10,000 · paid last 24h +0.020%
Price spread now: Deribit against Derive+0.063%7-day average +0.051% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.043%+$4 on $10k
+Price spread, last 4 days (all we have)+0.009%+$1 · spread now +0.063%, 7d avg +0.051%
=The price spread sits at its 7-day average of +0.051%, 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 | Derive BTC-PERP | 85,446.3 | 0.0100 | pay 0.0013% / 1h | 12m 58s | $30.0M | $50.1M | 15x |
| Short | Deribit BTC-PERPETUAL | 85,499.8 | 0.0056 | get 0.0007% / 1h | 12m 58s | $872.2M | $1.60B | 50x |
Derive BTC-PERP
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Derive. 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
- −$9.2
- Price spread: +0.063% → +0.051%
- $1.2
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$21
- Costs to cover
- 0.130%
- Break-even
- never at this rate
Slippage unknown: Derive: no order-book sample; Deribit: live order book, 1 min ago. 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 Derive no order-book sample | — | — | — | — | — |
| Sell Deribit live order book, 1 min ago | 0.03 bp | 3.7 bp −$4 | 4.5 bp −$45 | 7.3 bp −$735 | 14.3 bp −$7,160 |
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 | −0.0140% | 1h | 85,504 | +0.068% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,540 | +0.110% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0045% | 8h | 85,451.6 | +0.006% | $919.3M | $758.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0027% | 8h | 85,453.8 | +0.009% | $420.4M | $675.7M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,483.3 | +0.043% | $363K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | −0.0007% | 8h | 85,449.5 | +0.004% | $514.5M | $1.10B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,482.2 | +0.042% | $503K | $18.7M | 6.7x | as long as short |
| Nado BTC-PERP | +0.0003% | 1h | 85,475 | +0.034% | $24.4M | $222.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,477.8 | +0.037% | $36.5M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0030% | 1h | 85,493.3 | +0.055% | $16.8M | $21.2M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,552 | +0.124% | $340K | $26.9M | 52x | as long as short |
| SoDEX BTC-USD | +0.0049% | 1h | 85,454 | +0.009% | $59.9M | $335.9M | 40x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0056% | 1h | 85,499.8 | +0.063% | $872.2M | $1.60B | 50x | |
| BingX BTC-USDC | +0.0063% | 8h | 85,432.5 | −0.016% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0068% | 8h | 85,457.5 | +0.013% | $148.7M | $497.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,457 | +0.013% | $2.95B | $5.12B | 150x | as long as short |
| Binance BTCUSDT | +0.0093% | 8h | 85,452.3 | +0.007% | $9.44B | $24.47B | 150x | as long as short |
| MEXC BTC_USDT | +0.0093% | 8h | 85,453.8 | +0.009% | $5.07B | $5.67B | 500x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,467.9 | +0.025% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,469.2 | +0.027% | $23.9M | $149.0M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,464 | +0.021% | $8.4M | $55.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,453.1 | +0.008% | $2.7M | $3.4M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,462 | +0.018% | $228K | $8.4M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,537 | +0.106% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,548 | +0.119% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,511.8 | +0.077% | $40.4M | $591.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,453.9 | +0.009% | $5.17B | $9.87B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,463.1 | +0.020% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,471 | +0.029% | $3.8M | $17.7M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,474.4 | +0.033% | $4.7M | $99.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,460.9 | +0.017% | $5.53B | $10.85B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,452 | +0.007% | $36.4M | $178.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,488.9 | +0.050% | $154.5M | $565.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,507.9 | +0.072% | $279.4M | $932.1M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,529.2 | +0.097% | $214.9M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,566.9 | +0.141% | $139.9M | $316.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,472 | +0.030% | $30.2M | $206.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,530.7 | +0.099% | — | $11.0M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,462 | +0.018% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,464.1 | +0.021% | $204K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,456.4 | +0.012% | $2.5M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,508.6 | +0.073% | $207K | $737K | 40x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 85,446.3 | long leg | $30.0M | $50.1M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,455.7 | +0.011% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,461.9 | +0.018% | $2.26B | $950.1M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,447 | +0.001% | $679.5M | $701.9M | 40x | as long as short |
| Reya BTCRUSDPERP | +0.0104% | 1h | 85,452.5 | +0.007% | $6.6M | $147.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,427.3 | −0.022% | $45.7M | $235.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,495.2 | +0.057% | — | $106.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,493.4 | +0.055% | $117.3M | $5.26B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,472.4 | +0.031% | $187.7M | $956.7M | 100x | as long as short |
| Kalshi KXBTCPERP | +0.0173% | 8h | 85,511 | +0.076% | $11.5M | $753.4M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,511.5 | +0.076% | $8.6M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,476.1 | +0.035% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,555.1 | +0.127% | $700K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0251% | 1h | 85,524.6 | +0.092% | $78K | $222K | 20x | as long as short |
Injective BTC/USDC PERP
SoDEX BTC-USD
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Binance BTCUSDT
MEXC BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
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
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
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Reya BTCRUSDPERP
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD