Funding you earn now, next payment 01:00 UTC+0.0048%/8h= +5.3% APRnext payment +$0.06 per $10,000 · paid last 24h −0.031%
Price spread now: Bulk against Deribit−0.032%7-day average −0.048% · 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−$12as in the Price arb table
costs, in and out, $10k−$140.141% of the position
Funding, last 3 days (all we have)−0.016%−$2 on $10k
+Price spread, last 3 days (all we have)−0.013%−$1 · spread now −0.032%, 7d avg −0.048%
=The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 86,375.9 | 0.0052 | pay 0.0006% / 1h | 34m 23s | $903.2M | $1.51B | 50x |
| Short | Bulk BTC-USD | 86,348 | 0.0100 | get 0.0013% / 1h | 34m 23s | $573.1M | $19.8M | 40x |
Deribit BTC-PERPETUAL
Bulk BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bulk against Deribit. 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
- $10.15
- Price spread: −0.032% → −0.048%
- $1.59
- Slippage, 4 orders
- −$0.09
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Net
- −$2.35
- Costs to cover
- 0.141%
- Break-even
- 8.6 days
Slippage from Deribit: live order book, 5 min ago; Bulk: live order book, 5 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 Deribit live order book, 5 min ago | 0.03 bp | 3.5 bp −$4 | 3.5 bp −$35 | 6.5 bp −$645 | 11.1 bp −$5,547 |
| Sell Bulk live order book, 5 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.6 bp −$364 | 5.1 bp −$2,541 |
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 | −0.0645% | 1h | 86,350.4 | −0.030% | $144K | $666K | 40x | as long as short |
| Phoenix BTC | −0.0129% | 1h | 86,435 | +0.068% | $2.2M | $11.2M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,372 | −0.005% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0032% | 1h | 86,366.3 | −0.011% | $361K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,349.8 | −0.030% | $497K | $21.6M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,378.8 | +0.003% | $36.9M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0020% | 8h | 86,361.5 | −0.017% | $500.8M | $1.14B | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,430 | +0.063% | $333K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0025% | 1h | 86,393.1 | +0.020% | $16.9M | $20.5M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0039% | 8h | 86,360.5 | −0.018% | $830.4M | $721.5M | 125x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Injective BTC/USDC PERP
dYdX BTC-USD
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0044% | 1h | 86,359.1 | −0.019% | $6.7M | $145.7M | 40x | as long as short |
| BingX BTC-USDT | +0.0050% | 8h | 86,352 | −0.028% | — | $1.58B | — | as long as short |
| Deribit BTC-PERPETUALlong | +0.0052% | 1h | 86,375.9 | long leg | $903.2M | $1.51B | 50x | |
| RISEx BTC/USDC | +0.0052% | 1h | 86,364.7 | −0.013% | $8.3M | $42.5M | 25x | as long as short |
| Bitget BTCUSDT | +0.0062% | 8h | 86,357.1 | −0.022% | $2.97B | $5.04B | 150x | as long as short |
| Phemex BTCUSDT | +0.0067% | 8h | 86,327.8 | −0.056% | $153.7M | $473.9M | 150x | as long as short |
| MEXC BTC_USDT | +0.0077% | 8h | 86,359.7 | −0.019% | $5.13B | $5.69B | 500x | as long as short |
| Binance BTCUSDT | +0.0077% | 8h | 86,359.8 | −0.019% | $9.40B | $24.30B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,327.5 | −0.056% | $2.5M | $1.7M | 20x | as long as short |
| HTX BTC-USDT | +0.0090% | 8h | 86,325 | −0.059% | $2.29B | $964.7M | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,358.7 | −0.020% | $170.4M | $985.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,367.9 | −0.009% | $23.7M | $149.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,360 | −0.018% | $8.4M | $52.0M | 100x | as long as short |
| SoDEX BTC-USD | +0.0096% | 1h | 86,336 | −0.046% | $60.4M | $338.2M | 40x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,335 | −0.047% | $202K | $7.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,374.8 | −0.001% | $4.3M | $8.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,343.7 | −0.037% | $22.0M | $228.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,429.7 | +0.062% | $3.79B | $4.99B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,384.2 | +0.010% | $40.7M | $551.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,368.9 | −0.008% | $5.25B | $9.67B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,374.6 | −0.001% | $2.56B | $12.49B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,362 | −0.016% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,386.1 | +0.012% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USDshort | +0.0100% | 1h | 86,348 | −0.032% | $573.1M | $19.8M | 40x | |
| Gate BTC_USDT | +0.0100% | 8h | 86,354 | −0.025% | $5.81B | $10.53B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,328.8 | −0.055% | $37.6M | $156.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,400.1 | +0.028% | $158.2M | $561.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,397.1 | +0.025% | $279.1M | $950.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,397.9 | +0.025% | $217.0M | $165.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,397.4 | +0.025% | $141.7M | $321.3M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,338 | −0.044% | $30.6M | $209.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,400.2 | +0.028% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,360 | −0.018% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,360.7 | −0.018% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,330.1 | −0.053% | $2.4M | $8.9M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,365.3 | −0.012% | $30.5M | $58.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,429 | +0.061% | $3.4M | $5.2M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,332.6 | −0.050% | $45.9M | $222.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,351.4 | −0.028% | — | $98.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,378 | +0.002% | $132.0M | $5.42B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,367.6 | −0.010% | $192.1M | $941.6M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0160% | 1h | 86,449.8 | +0.086% | $711K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0165% | 1h | 86,403.2 | +0.032% | $77K | $217K | 20x | as long as short |
| BloFin BTC-USDT | +0.0198% | 8h | 86,325.6 | −0.058% | $415.6M | $646.3M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0204% / S −0.0218% | 1h | 86,346.6 | −0.034% | $14.5M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0210% | 8h | 86,381 | +0.006% | $9.9M | $762.0M | 6.4x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDT
RISEx BTC/USDC
Bitget BTCUSDT
Phemex BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
HTX BTC-USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP