BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0137%/8h= +15.0% APRnext payment +$0.17 per $10,000 · paid last 24h +0.014%

Price spread now: Reya against Hotstuff−0.041%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Reya

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 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.041% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 24 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,780	−0.0080	get 0.0010% / 1h	27m 25s	$8K	$3K	50x
Short	Reya BTCRUSDPERP	85,744.4	0.0057	get 0.0007% / 1h	27m 25s	$6.7M	$146.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hotstuff. 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 HotstuffbpFee ReyabpOrdersPrice spread, now −0.041%Rate

Funding earned: $28.76
Price spread: −0.041% → 0.000%: −$4.15
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Reya: 3 bp × 2 orders: −$6
Net: $13.61
Costs to cover: 0.110%
Break-even: 3.7 days

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

Hotstuff and Reya: 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	85,735	−0.052%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,780	long leg	$8K	$3K	50x
01 Exchange BTCUSD	−0.0064%	1h	85,738.5	−0.048%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,792.2	+0.014%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	−0.033%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,754.9	−0.029%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.104%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,745.8	−0.040%	$903.6M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,739.8	−0.047%	$509.6M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,774.5	−0.006%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,749.8	−0.035%	—	$1.57B	—	as long as short
Reya BTCRUSDPERPshort	+0.0057%	1h	85,744.4	−0.041%	$6.7M	$146.2M	40x
Nado BTC-PERP	+0.0059%	1h	85,764.9	−0.018%	$22.6M	$228.5M	50x	as long as short
HTX BTC-USDT	+0.0061%	8h	85,758	−0.026%	$2.27B	$952.8M	200x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,744.3	−0.042%	$2.95B	$5.09B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	−0.032%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,768.4	−0.013%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,751	−0.034%	$5.07B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,751.2	−0.034%	$9.34B	$24.37B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,762.6	−0.020%	$170.4M	$988.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,777.6	−0.003%	$23.6M	$146.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,751	−0.034%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,725	−0.064%	$204K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,723.8	−0.066%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,818	+0.044%	$3.77B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,792.6	+0.015%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,753	−0.031%	$5.30B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,759.4	−0.024%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,770	−0.012%	$3.9M	$18.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,730.2	−0.058%	$7.3M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,761	−0.022%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,762.2	−0.021%	$35.4M	$164.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.163%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.069%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.080%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,731.4	−0.057%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,803.6	+0.027%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,749	−0.036%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,752	−0.033%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,740.6	−0.046%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,810.1	+0.035%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,768.5	−0.013%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,703.8	−0.089%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,766	−0.016%	$60.0M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,765.5	−0.017%	$153.5M	$480.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.224%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,737.7	−0.049%	$44.0M	$228.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.2	−0.002%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,801.5	+0.025%	$131.2M	$5.18B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	−0.005%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,787.3	+0.009%	$188.9M	$965.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,708.8	−0.083%	$78K	$219K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0201%	1h	85,814.3	+0.040%	$894.4M	$1.53B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,753.7	−0.031%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,735	−0.052%	$10.0M	$770.4M	6.4x	as long as short