BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0039%/8h= −4.3% APRnext payment −$0.05 per $10,000 · paid last 24h −0.063%

Price spread now: 01 Exchange against Deribit−0.012%7-day average −0.033% · 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−$13as in the Price arb table

costs, in and out, $10k−$150.153% of the position

Long on Deribit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now −0.012%, 7d avg −0.033%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. 01 Exchange is 0.021% dearer against Deribit than usual: you sell high and buy low (spread −0.012% now, against its 7-day average of −0.033%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 43 hours. At the pace of the last 4 days (−0.123% in total) that is about 15 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,300.9	0.0039	pay 0.0005% / 1h	12m 50s	$835.8M	$1.67B	50x
Short	01 Exchange BTCUSD	85,290.7	0	get 0.0000% / 1h	12m 50s	$343K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.012%Rate

Funding earned: −$8.15
Price spread: −0.012% → −0.033%: $2.07
Slippage, 4 orders: −$1.32
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$21.4
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; 01 Exchange: live order book, 1 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, 1 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	5.4 bp −$541	10.2 bp −$5,086
Sell 01 Exchange live order book, 1 min ago	0.01 bp	4.7 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	85,215	−0.101%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,263	−0.044%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,264.5	−0.043%	$421.4M	$686.8M	150x	as long as short
KuCoin XBTUSDTM	−0.0012%	8h	85,247.2	−0.063%	$927.5M	$777.9M	125x	as long as short
01 Exchange BTCUSDshort	0.0000%	1h	85,290.7	−0.012%	$343K	$2.3M	50x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,281.6	−0.023%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0006%	8h	85,257.2	−0.051%	$509.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0017%	1h	85,277.8	−0.027%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,279.7	−0.025%	$185.8M	$954.5M	100x	as long as short
Deribit BTC-PERPETUALlong	+0.0039%	1h	85,300.9	long leg	$835.8M	$1.67B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0064%	8h	85,254.6	−0.054%	—	$1.58B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,200	−0.118%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0081%	8h	85,258.2	−0.050%	$5.09B	$10.04B	150x	as long as short
Nado BTC-PERP	+0.0089%	1h	85,288.8	−0.014%	$24.3M	$221.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0091%	1h	85,192.8	−0.127%	$139.6M	$312.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,278.6	−0.026%	$168.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,278.2	−0.027%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,284	−0.020%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,270.8	−0.035%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0098%	8h	85,251	−0.058%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,258	−0.050%	$268K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,316.1	+0.018%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,343	+0.049%	$3.78B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,295.1	−0.007%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,252.9	−0.056%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,252.7	−0.056%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,280	−0.024%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,288.7	−0.014%	$4.7M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,255.5	−0.053%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,254.6	−0.054%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,252.7	−0.056%	$36.8M	$190.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,180.5	−0.141%	$155.7M	$548.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.136%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,188.8	−0.131%	$213.8M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,210.2	−0.106%	$30.0M	$212.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,349.4	+0.057%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,287	−0.016%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,287.7	−0.015%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,281.7	−0.022%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,309.3	+0.010%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,291.5	−0.011%	$28.9M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,182.1	−0.139%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,270	−0.036%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,270	−0.036%	$2.25B	$973.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,264.3	−0.043%	$158.8M	$516.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.071%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,231.9	−0.081%	$45.4M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,279	−0.026%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,303.3	+0.003%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,279.4	−0.025%	$6.6M	$142.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0171%	8h	85,310	+0.011%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,305.3	+0.005%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,196.3	−0.123%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,270.8	−0.035%	$694K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,252.9	−0.056%	$81K	$245K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,292.2	−0.010%	$465K	$18.3M	6.7x	as long as short