Funding you earn now, next payment 01:00 UTC+0.0061%/8h= +6.7% APRnext payment +$0.08 per $10,000 · paid last 24h +0.040%
Price spread now: Bullet against Reya+0.013%7-day average +0.043% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.008%+$1 on $10k
+Price spread, last 7 days+0.016%+$2 · spread now +0.013%, 7d avg +0.043%
=Together, before fees+0.023%+ Points / potential airdropReya: Active · farm board+$2 on $10k · with fees, hour by hour
Funding pays, the price is against you. Bullet is 0.030% cheaper against Reya than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.043%). If the spread goes back, that is −$3 on $10k: about 40 hours of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.008% in total) that is about 13 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Reya BTCRUSDPERP | 86,524.6 | 0.0039 | pay 0.0005% / 1h | 58m 25s | $6.7M | $145.7M | 40x |
| Short | Bullet BTC-USD | 86,536 | 0.0100 | get 0.0013% / 1h | 58m 25s | $194K | $3.3M | 20x |
Reya BTCRUSDPERP
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Reya. 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
- $12.81
- Price spread: +0.013% → +0.043%
- −$3.03
- Slippage, 4 orders
- no order book: not counted
- Fee Reya: 3 bp × 2 orders
- −$6
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$4.21
- Costs to cover
- 0.140%
- Break-even
- 9.3 days
Slippage unknown: Reya: no order-book sample; Bullet: 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 Reya no order-book sample | — | — | — | — | — |
| Sell Bullet live order book, 1 min ago | 0.06 bp | 4.4 bp −$4 | 7.9 bp −$79 | doesn't fit | doesn't fit |
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 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.8000% | 1h | 86,597 | +0.084% | $140K | $663K | 40x | as long as short |
| Phoenix BTC | −0.0118% | 1h | 86,586 | +0.071% | $2.2M | $11.1M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,520 | −0.005% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 86,540.9 | +0.019% | $361K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,549.3 | +0.029% | $414K | $22.2M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,558.2 | +0.039% | $37.0M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 86,541.9 | +0.020% | $502.0M | $1.15B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,616 | +0.106% | $333K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0027% | 1h | 86,556.2 | +0.036% | $17.0M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0028% | 8h | 86,526.9 | +0.003% | $834.8M | $728.6M | 125x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Injective BTC/USDC PERP
dYdX BTC-USD
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERPlong | +0.0039% | 1h | 86,524.6 | long leg | $6.7M | $145.7M | 40x | |
| BingX BTC-USDC | +0.0045% | 8h | 86,530 | +0.006% | — | $15.3M | — | as long as short |
| RISEx BTC/USDC | +0.0052% | 1h | 86,544.1 | +0.022% | $8.4M | $42.8M | 25x | as long as short |
| Phemex BTCUSDT | +0.0057% | 8h | 86,583.4 | +0.068% | $152.8M | $479.5M | 150x | as long as short |
| Bitget BTCUSDT | +0.0058% | 8h | 86,522.9 | −0.002% | $2.97B | $5.12B | 150x | as long as short |
| SoDEX BTC-USD | +0.0066% | 1h | 86,578 | +0.062% | $60.6M | $338.0M | 40x | as long as short |
| MEXC BTC_USDT | +0.0076% | 8h | 86,530 | +0.006% | $5.14B | $5.64B | 500x | as long as short |
| Binance BTCUSDT | +0.0077% | 8h | 86,537.9 | +0.015% | $9.44B | $24.55B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,576.3 | +0.060% | $2.5M | $1.2M | 20x | as long as short |
| Gate BTC_USDT | +0.0083% | 8h | 86,533.3 | +0.010% | $5.88B | $10.42B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,526.3 | +0.002% | $170.3M | $979.4M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,534.2 | +0.011% | $23.7M | $148.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,524 | −0.001% | $8.5M | $52.2M | 100x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 86,522.7 | −0.002% | $5.27B | $9.80B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,513 | −0.013% | $198K | $7.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,557.1 | +0.038% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,548.5 | +0.028% | $22.0M | $233.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,604 | +0.092% | $3.80B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,553.4 | +0.033% | $40.8M | $540.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,535 | +0.012% | $2.55B | $12.73B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,539 | +0.017% | $3.9M | $18.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,568.3 | +0.050% | $7.3M | $96.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,523.6 | −0.001% | $572.9M | $12.4M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,552.5 | +0.032% | $38.2M | $156.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,554.4 | +0.034% | $157.4M | $568.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,550.1 | +0.029% | $279.6M | $948.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,585.4 | +0.070% | $217.4M | $171.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,575 | +0.058% | $141.8M | $323.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,590 | +0.076% | $30.7M | $208.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,583.9 | +0.068% | — | $11.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,523 | −0.002% | $11.1M | $13.9M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 86,536 | +0.013% | $194K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,574.5 | +0.058% | $2.5M | $9.3M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,611.8 | +0.101% | $30.5M | $62.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,586.5 | +0.072% | $3.4M | $5.3M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,577.2 | +0.061% | $2.30B | $970.2M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,510.4 | −0.016% | $45.8M | $225.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,563.8 | +0.045% | — | $100.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,626.5 | +0.118% | $132.2M | $5.64B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,611.9 | +0.101% | $193.5M | $952.6M | 100x | as long as short |
| Aftermath Perps BTCUSD | +0.0163% | 1h | 86,564.6 | +0.046% | $78K | $219K | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0164% | 1h | 86,624.6 | +0.116% | $910.2M | $1.50B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 86,624.7 | +0.116% | $717K | $8.1M | 30x | as long as short |
| BloFin BTC-USDT | +0.0197% | 8h | 86,561 | +0.042% | $415.4M | $659.9M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0201% / S −0.0224% | 1h | 86,551.5 | +0.031% | $14.9M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0210% | 8h | 86,606 | +0.094% | $10.1M | $756.8M | 6.4x | as long as short |
BingX BTC-USDC
RISEx BTC/USDC
Phemex BTCUSDT
Bitget BTCUSDT
SoDEX BTC-USD
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Aftermath Perps BTCUSD
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP