Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%
Price spread now: Bullet against Derive+0.014%7-day average +0.004% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)+0.018%+$2 on $10k
+Price spread, last 4 days (all we have)+0.041%+$4 · spread now +0.014%, 7d avg +0.004%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 85,477.4 | 0.0100 | pay 0.0013% / 1h | 26m 26s | $30.0M | $50.0M | 15x |
| Short | Bullet BTC-USD | 85,489.2 | 0.0100 | get 0.0013% / 1h | 26m 26s | $198K | $3.3M | 20x |
Derive BTC-PERP
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Derive. 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
- $0
- Price spread: +0.014% → +0.004%
- $1.02
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$12.98
- Costs to cover
- 0.140%
- Break-even
- never at this rate
Slippage unknown: Derive: no order-book sample; Bullet: live order book, 3 min ago. 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 Derive no order-book sample | — | — | — | — | — |
| Sell Bullet live order book, 3 min ago | 0.06 bp | 4.1 bp −$4 | 7.1 bp −$71 | doesn't fit | doesn't fit |
Derive: 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 | −0.0140% | 1h | 85,526 | +0.057% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,500 | +0.026% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0041% | 8h | 85,470.9 | −0.008% | $918.4M | $757.4M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,495.6 | +0.021% | $419.0M | $675.7M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,491.5 | +0.016% | $365K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | 0.0000% | 8h | 85,471.5 | −0.007% | $514.7M | $1.10B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,489.6 | +0.014% | $502K | $18.7M | 6.7x | as long as short |
| Nado BTC-PERP | +0.0004% | 1h | 85,483 | +0.006% | $24.6M | $223.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,503.3 | +0.030% | $36.5M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0039% | 1h | 85,528.6 | +0.060% | $16.8M | $21.2M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
dYdX BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,514 | +0.043% | $339K | $26.9M | 52x | as long as short |
| Deribit BTC-PERPETUAL | +0.0054% | 1h | 85,530.2 | +0.062% | $884.6M | $1.59B | 50x | as long as short |
| BingX BTC-USDC | +0.0065% | 8h | 85,467.9 | −0.011% | — | $17.1M | — | as long as short |
| SoDEX BTC-USD | +0.0068% | 1h | 85,481 | +0.004% | $59.9M | $335.9M | 40x | as long as short |
| Phemex BTCUSDT | +0.0072% | 8h | 85,482.7 | +0.006% | $148.3M | $495.5M | 150x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,479.3 | +0.002% | $2.95B | $5.11B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,499 | +0.025% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,500.8 | +0.027% | $24.0M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,479 | +0.002% | $8.4M | $55.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,471.5 | −0.007% | $2.7M | $2.0M | 20x | as long as short |
| Binance BTCUSDT | +0.0099% | 8h | 85,477.9 | +0.001% | $9.44B | $24.41B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,472 | −0.006% | $209K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,539.4 | +0.073% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,569.5 | +0.108% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,521.5 | +0.052% | $40.1M | $588.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,479.7 | +0.003% | $5.18B | $9.86B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,489.8 | +0.014% | $2.59B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,474 | −0.004% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,481.7 | +0.005% | $4.7M | $100.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,517.4 | +0.047% | $680.3M | $725.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,481.2 | +0.004% | $5.53B | $10.81B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,483 | +0.007% | $5.07B | $5.66B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,471 | −0.008% | $36.2M | $179.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,584.9 | +0.126% | $154.4M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,513.5 | +0.042% | $279.3M | $928.2M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,538.4 | +0.071% | $215.0M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,591 | +0.133% | $139.9M | $315.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,549 | +0.084% | $30.2M | $207.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,544.4 | +0.078% | — | $11.2M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,486 | +0.010% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 85,489.2 | +0.014% | $198K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,482.7 | +0.006% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,525.5 | +0.056% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERPlong | +0.0100% | 1h | 85,477.4 | long leg | $30.0M | $50.0M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,477.1 | 0.000% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,476.1 | −0.002% | $2.26B | $948.6M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0100% | 1h | 85,479.3 | +0.002% | $6.6M | $147.1M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,453.8 | −0.028% | $45.0M | $233.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,521.2 | +0.051% | — | $107.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,519 | +0.049% | $117.4M | $5.25B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,506 | +0.033% | $187.6M | $954.6M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,520.1 | +0.050% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0149% | 1h | 85,504.4 | +0.032% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0197% | 8h | 85,527 | +0.058% | $11.7M | $754.4M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0247% | 1h | 85,544.6 | +0.079% | $78K | $221K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,531.5 | +0.063% | $697K | $7.9M | 30x | as long as short |
Injective BTC/USDC PERP
Deribit BTC-PERPETUAL
BingX BTC-USDC
SoDEX BTC-USD
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC 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
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Reya BTCRUSDPERP
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P