BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0040%/8h= −4.4% APRnext payment −$0.05 per $10,000 · paid last 24h −0.060%

Price spread now: dYdX against Deribit−0.002%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Deribit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now −0.002%, 7d avg −0.037%

Together, before fees−0.165%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.035% dearer against Deribit than usual: you sell high and buy low (spread −0.002% now, against its 7-day average of −0.037%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,297.5	0.0040	pay 0.0005% / 1h	46m 38s	$864.2M	$1.63B	50x
Short	dYdX BTC-USD	85,295.6	0	get 0.0000% / 1h	46m 38s	$16.7M	$21.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Deribit. 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 DeribitbpFee dYdXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$8.43
Price spread: −0.002% → −0.037%: $3.53
Slippage, 4 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$36.9
Costs to cover: 0.320%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; dYdX: live order book, 3 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, 3 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.7 bp −$565	10.5 bp −$5,252
Sell dYdX live order book, 3 min ago	0.53 bp	19.4 bp −$19	19.5 bp −$195	38.3 bp −$3,832	68.8 bp −$34.4K

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	−0.0082%	1h	85,370	+0.085%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,282	−0.018%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,242.4	−0.065%	$926.2M	$772.4M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,251.2	−0.054%	$421.3M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,250	−0.056%	$512.4M	$1.09B	200x	as long as short
dYdX BTC-USDshort	0.0000%	1h	85,295.6	−0.002%	$16.7M	$21.5M	50x
01 Exchange BTCUSD	0.0000%	1h	85,279.2	−0.021%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,274.8	−0.027%	$524K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,270.8	−0.031%	$36.4M	—	200x	as long as short
Deribit BTC-PERPETUALlong	+0.0040%	1h	85,297.5	long leg	$864.2M	$1.63B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0043%	1h	85,282.1	−0.018%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.126%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0064%	1h	85,295.8	−0.002%	$139.4M	$314.6M	100x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,243.1	−0.064%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,244.7	−0.062%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,270.3	−0.032%	$186.7M	$956.3M	100x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,249.1	−0.057%	$5.01B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,248.9	−0.057%	$9.42B	$24.99B	150x	as long as short
Phemex BTCUSDT	+0.0095%	8h	85,267.5	−0.035%	$150.1M	$508.7M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,259.3	−0.045%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,266.6	−0.036%	$23.6M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,269	−0.033%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,250.8	−0.055%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,242	−0.065%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,311.3	+0.016%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,327	+0.035%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	−0.013%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,245.2	−0.061%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,258.3	−0.046%	$2.60B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,240	−0.067%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,253.2	−0.052%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,257	−0.048%	$5.49B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,245.4	−0.061%	$36.7M	$178.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	+0.003%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,293.8	−0.004%	$279.5M	$952.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,305.3	+0.009%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,333.2	+0.042%	$30.1M	$205.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,331.4	+0.040%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,264	−0.039%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	−0.045%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,262.1	−0.042%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,289.5	−0.009%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,236.1	−0.072%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,248.3	−0.058%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,259	−0.045%	$59.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,251.7	−0.054%	$2.25B	$968.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.003%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,210.9	−0.102%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,274.7	−0.027%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,297.4	0.000%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0124%	1h	85,253.1	−0.052%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,269.4	−0.033%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,257.1	−0.047%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,295	−0.003%	$11.5M	$742.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.035%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0254%	1h	85,336.1	+0.045%	$79K	$229K	20x	as long as short