BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0079%/8h= −8.7% APRnext payment −$0.10 per $10,000 · paid last 24h −0.050%

Price spread now: Reya against Coinbase International−0.016%48s7-day average −0.059% · you buy dearer than you sell

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

Long on Coinbase International Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.016%, 7d avg −0.059%

Together, before fees−0.051%+ Points / potential airdropReya: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.043% dearer against Coinbase International than usual: you sell high and buy low (spread −0.016% now, against its 7-day average of −0.059%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 44 hours. At the pace of the last 3 days (−0.030% in total) that is about 4.7 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	86,321.9	0.0120	pay 0.0015% / 1h	51m 22s	$133.0M	$5.57B	50x
Short	Reya BTCRUSDPERP	86,308.4	0.0041	get 0.0005% / 1h	51m 22s	$6.7M	$145.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Coinbase International. 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 Coinbase InternationalbpFee ReyabpOrdersPrice spread, now −0.016%Rate

Funding earned: −$16.65
Price spread: −0.016% → −0.059%: $4.34
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$28.31
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 3 min ago; Reya: 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 Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$510	11.4 bp −$5,680
Sell Reya no order-book sample	—	—	—	—	—

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
Phoenix BTC	−0.0129%	1h	86,441	+0.138%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,297	−0.029%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,304.6	−0.020%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,324.8	+0.003%	$461K	$22.1M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,307.1	−0.017%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,351.4	+0.034%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0007%	1h	86,350.6	+0.033%	$140K	$663K	40x	as long as short
Deribit BTC-PERPETUAL	+0.0012%	1h	86,321.2	−0.001%	$903.4M	$1.51B	50x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,330.8	+0.010%	$500.6M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.341%	$333K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0029%	8h	86,288.4	−0.039%	$830.0M	$722.9M	125x	as long as short
Reya BTCRUSDPERPshort	+0.0041%	1h	86,308.4	−0.016%	$6.7M	$145.7M	40x
BingX BTC-USDT	+0.0047%	8h	86,335.5	+0.016%	—	$1.59B	—	as long as short
SoDEX BTC-USD	+0.0049%	1h	86,292	−0.035%	$60.3M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,299.4	−0.026%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0059%	8h	86,316.9	−0.006%	$2.96B	$5.10B	150x	as long as short
ApeX Omni BTCUSDT	+0.0069%	1h	86,448.9	+0.147%	$141.6M	$323.3M	100x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,488.1	+0.193%	$2.5M	$1.4M	20x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,329.1	+0.008%	$9.41B	$24.52B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,311.3	−0.012%	$5.13B	$5.66B	500x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,340.3	+0.021%	$5.83B	$10.47B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,308.4	−0.016%	$170.0M	$981.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,312.1	−0.011%	$23.7M	$148.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.127%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,293	−0.033%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,269	−0.061%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,331.6	+0.011%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,278.9	−0.050%	$22.1M	$232.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,371	+0.057%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,326.6	+0.005%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,343	+0.024%	$5.26B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,326.8	+0.006%	$2.56B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,294	−0.032%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,320.9	−0.001%	$7.3M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.234%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,271.6	−0.058%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.014%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.113%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,338	+0.019%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	+0.033%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,299	−0.027%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,322	0.000%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,308.9	−0.015%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,345.8	+0.028%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,284.4	−0.043%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,294.2	−0.032%	$2.29B	$967.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,294.1	−0.032%	$152.8M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,268.7	−0.062%	$45.9M	$224.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,310.5	−0.013%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	86,321.9	long leg	$133.0M	$5.57B	50x
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,312.6	−0.011%	$192.3M	$951.0M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,442	+0.139%	$76K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,388.4	+0.077%	$714K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,393.3	+0.083%	$415.5M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,341.2	+0.022%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,364	+0.049%	$9.5M	$759.6M	6.4x	as long as short