BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0074%/8h= −8.1% APRnext payment −$0.09 per $10,000 · paid last 24h +0.020%

Price spread now: Deribit against Derive+0.003%7-day average +0.051% · you sell dearer than you buy

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

Long on Derive Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now +0.003%, 7d avg +0.051%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.048% cheaper against Derive than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,420	0.0100	pay 0.0013% / 1h	25m 24s	$30.5M	$62.6M	15x
Short	Deribit BTC-PERPETUAL	86,422.6	0.0026	get 0.0003% / 1h	25m 24s	$914.5M	$1.48B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Derive. 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 DerivebpFee DeribitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$15.55
Price spread: +0.003% → +0.051%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$33.33
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Deribit: live order book, 4 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 Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.8 bp −$38	5.8 bp −$575	11.4 bp −$5,685

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	−0.0118%	1h	86,430	+0.012%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,384	−0.042%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.171%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,392.7	−0.032%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,396.8	−0.027%	$359K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,391.2	−0.033%	$501.2M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,390.9	−0.034%	$415K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,406.9	−0.015%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,385.6	−0.040%	$849.6M	$715.7M	125x	as long as short
Deribit BTC-PERPETUALshort	+0.0026%	1h	86,422.6	+0.003%	$914.5M	$1.48B	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0032%	1h	86,387.9	−0.037%	$6.7M	$145.5M	40x	as long as short
BingX BTC-USDC	+0.0042%	8h	86,379.6	−0.047%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,384	−0.042%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0053%	8h	86,396.4	−0.027%	$150.5M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,399.5	−0.024%	$16.9M	$21.2M	50x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,384.3	−0.041%	$5.16B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,384.3	−0.041%	$9.42B	$24.58B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,409.5	−0.012%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,390	−0.035%	$5.85B	$10.77B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,382	−0.044%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,385.9	−0.039%	$170.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,402.8	−0.020%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,378	−0.049%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,410.5	−0.011%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,356	−0.074%	$200K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,425.2	+0.006%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,391.8	−0.033%	$22.0M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,453	+0.038%	$3.79B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,417	−0.003%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,429.1	+0.011%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,392	−0.032%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,422.4	+0.003%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,381.6	−0.044%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	−0.016%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,448.6	+0.033%	$279.2M	$945.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	−0.002%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,461.9	+0.048%	$141.4M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,411	−0.010%	$30.6M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	+0.016%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,385	−0.041%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,386.7	−0.039%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,411.7	−0.010%	$2.4M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,422.3	+0.003%	$140K	$664K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,420	long leg	$30.5M	$62.6M	15x
SunX BTC-USDT	+0.0100%	8h	86,410.3	−0.011%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,375.1	−0.052%	$2.29B	$969.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.052%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,357.5	−0.072%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,408	−0.014%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,410.8	−0.011%	$192.1M	$954.6M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,431.1	+0.013%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0150%	1h	86,473.3	+0.062%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,443.5	+0.027%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,446	+0.030%	$416.9M	$658.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,401.8	−0.021%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0207%	8h	86,452	+0.037%	$9.7M	$747.5M	6.4x	as long as short