BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0207%/8h= −22.7% APRnext payment −$0.26 per $10,000 · paid last 24h +0.019%

Price spread now: Deribit against Aftermath Perps−0.016%52s7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.260% of the position

Long on Aftermath Perps Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now −0.016%, 7d avg +0.026%

Together, before fees−0.199%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Deribit is 0.042% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.026%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.024% in total (about -2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	86,236.3	0.0413	pay 0.0052% / 1h	0m 24s	$82K	$252K	20x
Short	Deribit BTC-PERPETUAL	86,222.3	0.0206	get 0.0026% / 1h	0m 24s	$837.0M	$1.61B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aftermath Perps. 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 Aftermath PerpsbpFee DeribitbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$43.49
Price spread: −0.016% → +0.026%: −$4.2
Slippage, 4 orders: −$9.96
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$73.65
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Aftermath Perps: live order book, 39 min ago; Deribit: live order book, 4 min ago.

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 Aftermath Perps live order book, 39 min ago	1.00 bp	9.5 bp −$9	12.9 bp −$129	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.7 bp −$37	5.7 bp −$567	13.3 bp −$6,661

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
Bluefin BTC-PERP	−0.0187%	1h	86,215.9	−0.024%	$196K	$660K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,153	−0.097%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	86,159.1	−0.089%	$423.0M	$624.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,179.9	−0.065%	$356K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,086	−0.174%	$379K	$28.4M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,207.1	−0.034%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	86,197.2	−0.045%	$16.9M	$17.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	86,181.9	−0.063%	$938.0M	$666.6M	125x	as long as short
Bybit BTCUSDT	+0.0042%	8h	86,186.9	−0.057%	$5.12B	$9.03B	150x	as long as short
BingX BTC-USDC	+0.0045%	8h	86,169.9	−0.077%	—	$16.8M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0049%	8h	86,188.6	−0.055%	$504.4M	$972.0M	200x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,161.1	−0.087%	$167.9M	$498.0M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,180.1	−0.065%	$189.3M	$866.6M	100x	as long as short
Phoenix BTC	+0.0075%	1h	86,213	−0.027%	$2.3M	$10.4M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,175.1	−0.071%	$173.6M	$970.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,179.7	−0.066%	$23.4M	$138.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,182	−0.063%	$8.8M	$52.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,163.1	−0.085%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,157	−0.092%	$230K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,199.7	−0.042%	$6.1M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,176.5	−0.069%	$21.8M	$210.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,197.2	−0.045%	$40.3M	$585.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,190.6	−0.053%	$9.47B	$23.02B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,188	−0.056%	$2.62B	$10.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,165	−0.083%	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,202.9	−0.039%	$4.7M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,176.9	−0.069%	$711.8M	$175.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,193.2	−0.050%	$5.48B	$10.34B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,190.5	−0.053%	$5.10B	$5.92B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,174.8	−0.071%	$2.99B	$4.53B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,143.8	−0.107%	$37.6M	$187.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,123.1	−0.131%	$158.4M	$509.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,267.1	+0.036%	$289.9M	$986.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,243.6	+0.009%	$216.7M	$143.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,270.8	+0.040%	$137.3M	$302.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,200.9	−0.041%	$30.4M	$212.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,253.7	+0.020%	—	$10.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,190	−0.054%	$11.0M	$13.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,193.6	−0.049%	$206K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,195.1	−0.048%	$2.6M	$9.5M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,169.2	−0.078%	$3.2M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,167	−0.080%	$60.3M	$257.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,147.1	−0.103%	$2.28B	$911.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,128.7	−0.125%	$46.4M	$219.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,187.1	−0.057%	—	$93.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,207.1	−0.034%	$112.7M	$5.27B	50x	as long as short
Hyperliquid BTC	+0.0133%	1h	86,257	+0.024%	$3.87B	$4.75B	40x	as long as short
Reya BTCRUSDPERP	+0.0154%	1h	86,150.8	−0.099%	$6.6M	$132.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0186%	8h	86,214	−0.026%	$11.1M	$726.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,206.9	−0.034%	$8.9M	$40.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0185%	1h	86,193.4	−0.050%	$13.3M	—	200x	as long as short
Deribit BTC-PERPETUALshort	+0.0206%	1h	86,222.3	−0.016%	$837.0M	$1.61B	50x
Hibachi BTC/USDT-P	+0.0280%	1h	86,238.2	+0.002%	$697K	$7.4M	30x	as long as short
Aftermath Perps BTCUSDlong	+0.0413%	1h	86,236.3	long leg	$82K	$252K	20x
Perpl BTC	+0.0447%	43m	86,220.3	−0.019%	$493K	$16.5M	6.7x	as long as short