BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRnext payment −$0.03 per $10,000 · paid last 24h +0.007%

Price spread now: dYdX against Reya−0.032%7-day average +0.033% · you buy dearer than you sell

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

Long on Reya Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.032%, 7d avg +0.033%

Together, before fees−0.007%+ Points / potential airdropReya: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and dYdX is 0.065% cheaper against Reya than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,392.3	0.0022	pay 0.0003% / 1h	29m 28s	$6.7M	$144.9M	40x
Short	dYdX BTC-USD	86,364.7	0.0001	get 0.0000% / 1h	29m 28s	$16.9M	$21.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee dYdXbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$4.38
Price spread: −0.032% → +0.033%: −$6.5
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$26.88
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; dYdX: live order book, 5 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 dYdX live order book, 5 min ago	0.46 bp	6.8 bp −$7	11.5 bp −$115	15.5 bp −$1,546	35.7 bp −$17.8K

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	−0.0469%	1h	86,381.1	−0.013%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	−0.005%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,341	−0.059%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0076%	1h	86,495.5	+0.119%	$83K	$216K	20x	as long as short
Aster BTCUSDT	−0.0013%	8h	86,382.8	−0.011%	$504.1M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,415.8	+0.027%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	−0.0001%	8h	86,384.4	−0.009%	$850.7M	$710.0M	125x	as long as short
Perpl BTC	0.0000%	43m	86,411.2	+0.022%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,395.4	+0.004%	$921.6M	$1.48B	50x	as long as short
dYdX BTC-USDshort	+0.0001%	1h	86,364.7	−0.032%	$16.9M	$21.1M	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,426.2	+0.039%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,405.3	+0.015%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERPlong	+0.0022%	1h	86,392.3	long leg	$6.7M	$144.9M	40x
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.193%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,370.4	−0.025%	$149.2M	$476.1M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,407.9	+0.018%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,396.3	+0.005%	$2.94B	$5.09B	150x	as long as short
Hibachi BTC/USDT-P	+0.0056%	1h	86,390.4	−0.002%	$720K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,401.6	+0.011%	$5.13B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,397.8	+0.006%	$9.41B	$24.37B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,347.6	−0.052%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,399.9	+0.009%	$5.85B	$10.68B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,389.2	−0.004%	$5.25B	$9.74B	150x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,365	−0.032%	$60.4M	$337.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,388.9	−0.004%	$171.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,397.6	+0.006%	$24.0M	$152.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	+0.009%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,386	−0.007%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,417.3	+0.029%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.6	−0.015%	$21.9M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,464.5	+0.084%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,422.4	+0.035%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,391.4	−0.001%	$2.54B	$12.71B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,402	+0.011%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,470.4	+0.090%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.056%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,347.7	−0.052%	$38.2M	$154.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.050%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,500.3	+0.125%	$279.4M	$945.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,437.8	+0.053%	$216.9M	$174.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,518.6	+0.146%	$141.4M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432	+0.046%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,429.9	+0.044%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,395	+0.003%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,407	+0.017%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,371	−0.025%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,364.3	−0.032%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.035%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,348	−0.051%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,390.7	−0.002%	$45.8M	$226.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,357.1	−0.041%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,414.3	+0.025%	$131.8M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,396.6	+0.005%	$191.5M	$942.5M	100x	as long as short
BloFin BTC-USDT	+0.0180%	8h	86,337.5	−0.063%	$413.9M	$651.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0182% / S −0.0213%	1h	86,377.9	−0.017%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,379	−0.015%	$9.7M	$730.3M	6.4x	as long as short