BTC

Alert

Funding spread now, next payment 17:00 UTC+0.0025%/8h

next payment, per $10,000+$0.03paid, last 24h+0.010%paid, last 7 days+0.103%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,919.3	0.0100	pay 0.0013% / 1h	31m 15s	$30.3M	$59.2M	15x
Short	Hyperliquid BTC	86,013	0.0125	get 0.0016% / 1h	31m 15s	$3.90B	$4.42B	40x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee HyperliquidbpOrdersRate

Funding earned: $5.27
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.73
Break-even: 19.9 days

Slippage unknown: Derive: no order-book sample; Hyperliquid: live order book, 4 min ago. Net counts fees only.

Price risk

price view

Price gap now: +0.109%
Avg gap 7d: +0.078%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Hyperliquid live order book, 4 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.3 bp −$2,637

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 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.8000%	1h	$142K	$408K	40x	as long as short
Perpl BTC	−0.0335%	43m	$402K	$28.4M	6.7x	as long as short
Injective BTC/USDC PERP	−0.0137%	1h	$308K	$27.0M	52x	as long as short
Phoenix BTC	−0.0116%	1h	$1.9M	$11.4M	40x	as long as short
Phemex BTCUSDT	−0.0096%	8h	$149.0M	$413.0M	150x	as long as short
ApeX Omni BTCUSDT	−0.0095%	1h	$138.6M	$317.8M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	$422.0M	$568.1M	150x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	$291K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$188.2M	$816.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
SoDEX BTC-USD	−0.0033%	1h	$60.9M	$283.7M	40x	as long as short
Reya BTCRUSDPERP	−0.0019%	1h	$6.7M	$138.0M	40x	as long as short
Bitget BTCUSDT	−0.0004%	8h	$2.98B	$4.68B	150x	as long as short
BingX BTC-USDT	−0.0004%	8h	—	$1.39B	—	as long as short
dYdX BTC-USD	0.0000%	1h	$17.3M	$17.6M	50x	as long as short
Bybit BTCUSDT	+0.0003%	8h	$5.23B	$8.61B	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	$791.6M	$616.2M	125x	as long as short
OKX BTC-USDT-SWAP	+0.0017%	8h	$2.66B	$11.64B	100x	as long as short
Aster BTCUSDT	+0.0027%	8h	$488.3M	$1.13B	200x	as long as short
Bulk BTC-USD	+0.0033%	1h	$558.3M	$154.4M	40x	as long as short
Aevo BTC-PERP	+0.0040%	1h	$2.4M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0042%	8h	$5.13B	$5.21B	500x	as long as short
Binance BTCUSDT	+0.0042%	8h	$9.49B	$22.05B	150x	as long as short
Aftermath Perps BTCUSD	+0.0044%	1h	$87K	$149K	20x	as long as short
Extended BTC-USD	+0.0064%	1h	$48.7M	$206.7M	50x	as long as short
StandX BTC-USD	+0.0077%	1h	$30.6M	$231.1M	40x	as long as short
Gate BTC_USDT	+0.0081%	8h	$6.09B	$9.42B	200x	as long as short
Bullet BTC-USD	+0.0083%	1h	$232K	$3.3M	20x	as long as short
Variational Omni BTC	+0.0086%	8h	$171.9M	$506.6M	—	as long as short
Paradex BTC-USD-PERP	+0.0093%	8h	$4.4M	$6.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	$171.4M	$923.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.4M	$134.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$46.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$198K	$5.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.4M	$227.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$372.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.5M	$84.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.5M	$117.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$278.0M	$890.3M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.7M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.3M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	$30.3M	$59.2M	15x
SunX BTC-USDT	+0.0100%	8h	$3.3M	$6.0M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	$2.29B	$843.1M	200x	as long as short
Kalshi KXBTCPERP	+0.0101%	8h	$14.3M	$604.4M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	$911.6M	$1.12B	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$87.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$129.0M	$6.17B	50x	as long as short
Hyperliquid BTCshort	+0.0125%	1h	$3.90B	$4.42B	40x
RISEx BTC/USDC	+0.0132%	1h	$8.8M	$38.1M	25x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	$732K	$7.4M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0171% / S −0.0148%	1h	$12.4M	—	200x	as long as short