BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0180%/8h= −19.7% APRnext payment −$0.23 per $10,000 · paid last 24h −0.058%

Price spread now: Hotstuff against Derive+0.110%7-day average — · you sell dearer than you buy

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

Long on Derive Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread pays, funding is against you. Hotstuff is 0.110% dearer against Derive than usual: you sell high and buy low (spread +0.110% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,571.7	0.0100	pay 0.0013% / 1h	32m 38s	$29.9M	$57.6M	15x
Short	Hotstuff BTC-PERP	85,666	−0.0080	pay 0.0010% / 1h	32m 38s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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

Position, each leg$Hold fordaysFee DerivebpFee HotstuffbpOrdersPrice spread, now +0.110%Rate

Funding earned: −$37.8
Price spread: +0.110% → 0.000%: $11.03
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$37.77
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Hotstuff: 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 Derive no order-book sample	—	—	—	—	—
Sell Hotstuff no order-book sample	—	—	—	—	—

Derive and Hotstuff: 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 55 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	−0.0144%	1h	85,641	+0.081%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,666	+0.110%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0056%	1h	85,541.1	−0.036%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,578.4	+0.008%	$516K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	+0.106%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,563.6	−0.009%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.139%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,632.4	+0.071%	$496.5M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0036%	8h	85,599.9	+0.033%	$901.4M	$755.9M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	+0.028%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,571.3	0.000%	$7.9M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,623.9	+0.061%	—	$1.58B	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,566	−0.007%	$6.7M	$146.1M	40x	as long as short
HTX BTC-USDT	+0.0058%	8h	85,534.2	−0.044%	$2.27B	$954.7M	200x	as long as short
Nado BTC-PERP	+0.0068%	1h	85,580.9	+0.011%	$22.6M	$229.3M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,648.4	+0.090%	$2.94B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,563.3	−0.010%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,618.9	+0.055%	$5.61B	$10.50B	200x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,659.1	+0.102%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,659.1	+0.102%	$9.32B	$24.47B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,650.7	+0.092%	$169.4M	$985.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,638.7	+0.078%	$23.2M	$146.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,563	−0.010%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,525	−0.055%	$206K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,621.8	+0.059%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,693	+0.142%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,676.8	+0.123%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,669.9	+0.115%	$5.29B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,665.8	+0.110%	$2.54B	$12.42B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,658	+0.101%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,631.8	+0.070%	$7.2M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,548	−0.028%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	+0.056%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	+0.011%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,597.4	+0.030%	$214.9M	$168.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,582.3	+0.012%	$30.3M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,643.5	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,569	−0.003%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,574.4	+0.003%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,575.3	+0.004%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,608.7	+0.043%	$186K	$709K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,571.7	long leg	$29.9M	$57.6M	15x
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.059%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,569	−0.003%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,553.1	−0.022%	$153.1M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	+0.019%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,593.4	+0.025%	$43.9M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,595.7	+0.028%	—	$101.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,587.3	+0.018%	$130.7M	$5.21B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0122%	1h	85,594.4	+0.027%	$894.0M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,673.6	+0.119%	$697K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,569.5	−0.003%	$188.5M	$966.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	85,637.1	+0.076%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,579.1	+0.009%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	85,610	+0.045%	$10.0M	$771.1M	6.4x	as long as short