Funding you earn now, next payment 22:00 UTC+0.0092%/8h= +10.1% APRnext payment +$0.12 per $10,000 · paid last 24h +0.040%
Price spread now: Derive against 01 Exchange−0.112%7-day average −0.019% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.047%+$5 on $10k
+Price spread, last 3 days (all we have)−0.065%−$7 · spread now −0.112%, 7d avg −0.019%
=Funding pays, the price is against you. Derive is 0.093% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of −0.019%). If the spread goes back, that is −$9 on $10k: about 3.4 days of funding at the current rate (+$3 a day).
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | 01 Exchange BTCUSD | 86,886.4 | 0.0008 | pay 0.0001% / 1h | 57m 39s | $367K | $2.5M | 50x |
| Short | Derive BTC-PERP | 86,789.2 | 0.0100 | get 0.0013% / 1h | 57m 39s | $30.1M | $61.5M | 15x |
01 Exchange BTCUSD
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive against 01 Exchange. 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
- $19.32
- Price spread: −0.112% → −0.019%
- −$9.31
- Slippage, 4 orders
- no order book: not counted
- Fee 01 Exchange: 3.5 bp × 2 orders
- −$7
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$2.99
- Costs to cover
- 0.130%
- Break-even
- 8.1 days
Slippage unknown: 01 Exchange: live order book, 2 min ago; Derive: 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 01 Exchange live order book, 2 min ago | 0.01 bp | 4.0 bp −$4 | 9.3 bp −$93 | doesn't fit | doesn't fit |
| Sell Derive no order-book sample | — | — | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0335% | 43m | 86,902.3 | +0.018% | $419K | $25.5M | 6.7x | as long as short |
| Aftermath Perps BTCUSD | −0.0178% | 1h | 86,926.8 | +0.047% | $85K | $188K | 20x | as long as short |
| Phoenix BTC | −0.0123% | 1h | 86,928 | +0.048% | $2.2M | $11.7M | 40x | as long as short |
| dYdX BTC-USD | −0.0096% | 1h | 86,803.3 | −0.096% | $18.1M | $20.0M | 50x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,889 | +0.003% | $9K | $3K | 50x | as long as short |
| Bluefin BTC-PERP | −0.0001% | 1h | 86,773.7 | −0.130% | $160K | $575K | 40x | as long as short |
| KuCoin XBTUSDTM | −0.0001% | 8h | 86,793.6 | −0.107% | $838.7M | $709.1M | 125x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,822.5 | −0.074% | $924.2M | $1.38B | 50x | as long as short |
| SoDEX BTC-USD | +0.0002% | 1h | 86,776 | −0.127% | $60.6M | $336.5M | 40x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,841.5 | −0.052% | $36.7M | — | 200x | as long as short |
Perpl BTC
Aftermath Perps BTCUSD
Phoenix BTC
dYdX BTC-USD
Hotstuff BTC-PERP
Bluefin BTC-PERP
KuCoin XBTUSDTM
Deribit BTC-PERPETUAL
SoDEX BTC-USD
gTrade (Gains Network) BTC/USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange BTCUSDlong | +0.0008% | 1h | 86,886.4 | long leg | $367K | $2.5M | 50x | |
| Phemex BTCUSDT | +0.0015% | 8h | 86,773.5 | −0.130% | $149.0M | $468.5M | 150x | as long as short |
| BingX BTC-USDC | +0.0018% | 8h | 86,806.1 | −0.092% | — | $15.3M | — | as long as short |
| Aster BTCUSDT | +0.0020% | 8h | 86,783.2 | −0.119% | $506.5M | $1.17B | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,839.8 | −0.054% | $6.8M | $143.6M | 40x | as long as short |
| Bitget BTCUSDT | +0.0024% | 8h | 86,823.8 | −0.072% | $2.96B | $5.12B | 150x | as long as short |
| ApeX Omni BTCUSDT | +0.0043% | 1h | 86,961.7 | +0.087% | $142.1M | $322.3M | 100x | as long as short |
| MEXC BTC_USDT | +0.0046% | 8h | 86,797.5 | −0.102% | $5.20B | $5.60B | 500x | as long as short |
| Binance BTCUSDT | +0.0047% | 8h | 86,790.1 | −0.111% | $9.46B | $24.42B | 150x | as long as short |
| Aevo BTC-PERP | +0.0048% | 1h | 86,789.6 | −0.111% | $2.4M | $1.3M | 20x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,984 | +0.112% | $316K | $26.8M | 52x | as long as short |
| OKX BTC-USDT-SWAP | +0.0053% | 8h | 86,800 | −0.099% | $2.59B | $12.75B | 100x | as long as short |
| Gate BTC_USDT | +0.0061% | 8h | 86,815.2 | −0.082% | $5.86B | $10.51B | 200x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,887.5 | +0.001% | $9.3M | $42.2M | 25x | as long as short |
| Bybit BTCUSDT | +0.0078% | 8h | 86,794 | −0.106% | $5.31B | $9.75B | 150x | as long as short |
| Variational Omni BTC | +0.0087% | 8h | 87,051.5 | +0.190% | $161.3M | $562.4M | — | as long as short |
| Popdex BTCUSDT | +0.0088% | 1h | 86,864 | −0.026% | $8.5M | $52.2M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,826.2 | −0.069% | $172.6M | $999.1M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,837.7 | −0.056% | $24.2M | $152.3M | 50x | as long as short |
| GRVT BTC_USDT_Perp | +0.0096% | 8h | 86,958.8 | +0.083% | $218.3M | $188.5M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0096% | 8h | 86,810.6 | −0.087% | $2.5M | $8.4M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,845.9 | −0.047% | $4.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,865 | −0.025% | $190K | $6.8M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,880.7 | −0.007% | $23.2M | $238.2M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,883 | −0.004% | $3.86B | $5.14B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,839.2 | −0.054% | $41.6M | $484.5M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,805 | −0.094% | $4.0M | $18.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,959.9 | +0.085% | $7.6M | $95.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,919.5 | +0.038% | $573.8M | $23.8M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,771.7 | −0.132% | $38.4M | $147.9M | 75x | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,942.3 | +0.064% | $280.8M | $944.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,944 | +0.066% | $30.9M | $205.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,932.6 | +0.053% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,862 | −0.028% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,821.2 | −0.075% | $202K | $3.4M | 20x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 86,789.2 | −0.112% | $30.1M | $61.5M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 86,836.6 | −0.057% | $3.4M | $5.6M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,776.1 | −0.127% | $2.31B | $955.8M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,780.6 | −0.122% | $46.3M | $230.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,912.5 | +0.030% | — | $98.1M | 500x | as long as short |
| Kalshi KXBTCPERP | +0.0105% | 8h | 86,879 | −0.009% | $8.8M | $728.8M | 6.4x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0116% | 1h | 86,810.7 | −0.087% | $195.0M | $928.0M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,831.4 | −0.063% | $132.3M | $5.98B | 50x | as long as short |
| BloFin BTC-USDT | +0.0167% | 8h | 86,893.9 | +0.009% | $420.5M | $644.3M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0181% / S −0.0200% | 1h | 86,837.3 | −0.056% | $15.5M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 86,974 | +0.101% | $753K | $7.0M | 30x | as long as short |
Phemex BTCUSDT
BingX BTC-USDC
Aster BTCUSDT
Reya BTCRUSDPERP
Bitget BTCUSDT
ApeX Omni BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Injective BTC/USDC PERP
OKX BTC-USDT-SWAP
Gate BTC_USDT
RISEx BTC/USDC
Bybit BTCUSDT
Variational Omni BTC
Popdex BTCUSDT
Lighter BTC
Lighter RH BTC
GRVT BTC_USDT_Perp
Orderly PERP_BTC_USDC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
edgeX BTCUSDC
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kalshi KXBTCPERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P