BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0082%/8h= +9.0% APRnext payment +$0.10 per $10,000 · paid last 24h +0.014%

Price spread now: Deribit against Coinbase International+0.002%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Coinbase International Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now +0.002%, 7d avg +0.006%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,496.9	0.0112	pay 0.0014% / 1h	32m 25s	$112.2M	$5.42B	50x
Short	Deribit BTC-PERPETUAL	85,498.3	0.0194	get 0.0024% / 1h	32m 25s	$828.3M	$1.65B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Coinbase International. 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 Coinbase InternationalbpFee DeribitbpOrdersPrice spread, now +0.002%Rate

Funding earned: $17.26
Price spread: +0.002% → +0.006%: −$0.45
Slippage, 4 orders: −$0.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$0.39
Costs to cover: 0.172%
Break-even: 7.2 days

Slippage from Coinbase International: live order book, 2 min ago; Deribit: live order book, 2 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 Coinbase International live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$505	9.6 bp −$4,796
Sell Deribit live order book, 2 min ago	0.03 bp	3.7 bp −$4	4.9 bp −$49	7.5 bp −$750	14.3 bp −$7,155

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	−0.1383%	1h	85,465.6	−0.037%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	−0.070%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,441.3	−0.065%	$422.6M	$676.5M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,438	−0.069%	$307K	$25.0M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,447.3	−0.058%	$352K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,460	−0.043%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0015%	8h	85,427.9	−0.081%	$936.8M	$770.9M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,416.1	−0.095%	$502.5M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0050%	1h	85,470	−0.031%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,464.9	−0.037%	$185.7M	$937.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,542	+0.053%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,405.8	−0.107%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,470.4	−0.031%	$170.8M	$945.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,474.1	−0.027%	$23.5M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,419	−0.091%	$8.7M	$58.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,423.4	−0.086%	$2.4M	$6.7M	20x	as long as short
Nado BTC-PERP	+0.0096%	1h	85,438	−0.069%	$24.0M	$215.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,411	−0.100%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,500.9	+0.005%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,491.4	−0.006%	$40.5M	$604.9M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,410.1	−0.102%	$9.39B	$24.92B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,411.5	−0.100%	$5.09B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,431.7	−0.076%	$2.61B	$12.07B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,447	−0.058%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,444.6	−0.061%	$4.7M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.9	+0.003%	$701.6M	$160.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,419.6	−0.090%	$5.50B	$9.91B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,412.9	−0.098%	$5.05B	$5.75B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,410	−0.102%	$2.97B	$5.11B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,439.8	−0.067%	$37.6M	$193.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,485.8	−0.013%	$155.9M	$543.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,484.1	−0.015%	$283.5M	$961.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,507.3	+0.012%	$214.8M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522	+0.029%	$136.9M	$312.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,440	−0.067%	$30.1M	$218.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,507.2	+0.012%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,270	−0.265%	$10.9M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,425	−0.084%	$227K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,428.4	−0.080%	$2.7M	$9.8M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450.5	−0.054%	$3.0M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,446	−0.060%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,440.5	−0.066%	$2.26B	$971.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,466.4	−0.036%	$162.8M	$513.5M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,414	−0.097%	$45.8M	$239.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,476.3	−0.024%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0112%	1h	85,496.9	long leg	$112.2M	$5.42B	50x
Derive BTC-PERP	+0.0123%	1h	85,569.1	+0.084%	$28.9M	$52.4M	15x	as long as short
Reya BTCRUSDPERP	+0.0149%	1h	85,403.2	−0.110%	$6.6M	$137.6M	40x	as long as short
Hyperliquid BTC	+0.0163%	1h	85,500	+0.004%	$3.84B	$5.14B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,425.1	−0.084%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,459.3	−0.044%	$9.0M	$42.2M	25x	as long as short
Deribit BTC-PERPETUALshort	+0.0194%	1h	85,498.3	+0.002%	$828.3M	$1.65B	50x
Kalshi KXBTCPERP	+0.0195%	8h	85,494	−0.003%	$10.7M	$736.7M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0324%	1h	85,486	−0.013%	$79K	$258K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,520	+0.027%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.6	−0.028%	$460K	$18.1M	6.7x	as long as short