BTC

Alert

Funding spread now, next payment 18:00 UTC0.0000%/8h

paid, last 24h−0.007%paid, last 3 days−0.013%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,808.7	0.0100	pay 0.0013% / 1h	13m 12s	$30.4M	$59.0M	15x
Short	Katana Perps BTC-USD	85,796	0.0100	get 0.0100% / 8h	6h 13m	$189K	$5.8M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee Katana PerpsbpOrdersRate

Funding earned: −$0.04
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$9.84
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Katana Perps: no order-book sample. Net counts fees only.

Price risk

price view

Price gap now: −0.015%
Avg gap 7d: −0.013%

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 Katana Perps no order-book sample	—	—	—	—	—

Derive and Katana Perps: 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	−0.1182%	1h	$143K	$410K	40x	as long as short
Perpl BTC	−0.0447%	43m	$392K	$26.5M	6.7x	as long as short
Arcus BTC-USD	−0.0377%	1h	$6.9M	$85.3M	40x	as long as short
BloFin BTC-USDT	−0.0097%	8h	$422.9M	$566.2M	150x	as long as short
Phoenix BTC	−0.0096%	1h	$1.9M	$11.0M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
ApeX Omni BTCUSDT	−0.0079%	1h	$139.2M	$319.5M	100x	as long as short
Kraken Futures PF_XBTUSD	−0.0073%	1h	$190.2M	$810.5M	100x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	$309K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0020%	1h	$17.1M	$18.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.0019%	1h	$308K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	−0.0017%	1h	$6.7M	$138.2M	40x	as long as short
Bulk BTC-USD	−0.0012%	1h	$561.5M	$139.4M	40x	as long as short
KuCoin XBTUSDTM	−0.0004%	8h	$805.4M	$618.0M	125x	as long as short
Bitget BTCUSDT	−0.0004%	8h	$2.95B	$4.68B	150x	as long as short
BingX BTC-USDT	−0.0004%	8h	—	$1.37B	—	as long as short
SoDEX BTC-USD	−0.0002%	1h	$60.8M	$284.3M	40x	as long as short
Gate BTC_USDT	−0.0001%	8h	$6.06B	$9.59B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	$504.2M	$1.10B	200x	as long as short
Bybit BTCUSDT	+0.0014%	8h	$5.25B	$8.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0016%	8h	$2.66B	$11.54B	100x	as long as short
Phemex BTCUSDT	+0.0019%	8h	$147.7M	$418.0M	150x	as long as short
MEXC BTC_USDT	+0.0023%	8h	$5.17B	$5.16B	500x	as long as short
Binance BTCUSDT	+0.0023%	8h	$9.46B	$22.06B	150x	as long as short
Aevo BTC-PERP	+0.0024%	1h	$2.4M	$1.3M	20x	as long as short
Extended BTC-USD	+0.0040%	1h	$48.8M	$199.8M	50x	as long as short
RISEx BTC/USDC	+0.0040%	1h	$9.1M	$38.6M	25x	as long as short
Popdex BTCUSDT	+0.0048%	1h	$8.5M	$46.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0056%	1h	$86K	$153K	20x	as long as short
Variational Omni BTC	+0.0063%	8h	$171.7M	$506.9M	—	as long as short
StandX BTC-USD	+0.0069%	1h	$30.7M	$220.1M	40x	as long as short
HTX BTC-USDT	+0.0088%	8h	$2.28B	$835.5M	200x	as long as short
Lighter BTC	+0.0096%	1h	$171.9M	$946.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.5M	$137.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0097%	8h	$4.4M	$6.8M	50x	as long as short
Katana Perps BTC-USDshort	+0.0100%	8h	$189K	$5.8M	50x
Nado BTC-PERP	+0.0100%	1h	$23.4M	$227.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.8M	$400.4M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.8M	25x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.1M	$127.3M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$280.3M	$881.5M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$238K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.4M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	$30.4M	$59.0M	15x
SunX BTC-USDT	+0.0100%	8h	$3.4M	$5.8M	100x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$84.8M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	$13.2M	$640.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0120%	1h	$754K	$6.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	$914.6M	$1.10B	50x	as long as short
Hyperliquid BTC	+0.0156%	1h	$3.92B	$4.40B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
Coinbase International BTC-PERP-INTX	+0.0184%	1h	$128.8M	$5.88B	50x	as long as short