BTC

Alert

Funding spread now, next payment 17:00 UTC+0.0018%/8h

next payment, per $10,000+$0.02paid, last 24h−0.008%paid, last 7 days+0.070%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,057.6	0.0078	pay 0.0010% / 1h	4m 03s	$30.5M	$59.8M	15x
Short	Lighter BTC	86,057.8	0.0096	get 0.0012% / 1h	4m 03s	$171.5M	$942.4M	50x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee LighterbpOrdersRate

Funding earned: $3.81
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.19
Break-even: 11.0 days

Slippage unknown: Derive: no order-book sample; Lighter: live order book, 7 min ago. Net counts fees only.

Price risk

price view

Price gap now: 0.000%
Avg gap 7d: +0.020%

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 Lighter live order book, 7 min ago	0.01 bp	0.4 bp $0	0.6 bp −$6	1.8 bp −$177	4.2 bp −$2,117

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	−0.6915%	1h	$143K	$367K	40x	as long as short
Perpl BTC	−0.0335%	43m	$406K	$27.4M	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	−0.0104%	8h	$148.5M	$413.3M	150x	as long as short
BloFin BTC-USDT	−0.0082%	8h	$421.2M	$562.0M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	$294K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$188.8M	$810.4M	100x	as long as short
SoDEX BTC-USD	−0.0024%	1h	$60.9M	$284.0M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Extended BTC-USD	−0.0024%	1h	$48.7M	$202.3M	50x	as long as short
Reya BTCRUSDPERP	−0.0019%	1h	$6.8M	$138.1M	40x	as long as short
ApeX Omni BTCUSDT	−0.0016%	1h	$138.9M	$318.3M	100x	as long as short
Bulk BTC-USD	−0.0010%	1h	$560.4M	$140.4M	40x	as long as short
dYdX BTC-USD	−0.0010%	1h	$17.4M	$17.7M	50x	as long as short
Bitget BTCUSDT	−0.0003%	8h	$2.97B	$4.66B	150x	as long as short
BingX BTC-USDT	−0.0003%	8h	—	$1.37B	—	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	$794.4M	$609.3M	125x	as long as short
OKX BTC-USDT-SWAP	+0.0012%	8h	$2.66B	$11.54B	100x	as long as short
Aster BTCUSDT	+0.0026%	8h	$506.1M	$1.11B	200x	as long as short
Bybit BTCUSDT	+0.0027%	8h	$5.26B	$8.56B	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	$5.15B	$5.30B	500x	as long as short
Binance BTCUSDT	+0.0037%	8h	$9.50B	$21.86B	150x	as long as short
Aevo BTC-PERP	+0.0040%	1h	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0063%	8h	$6.07B	$9.56B	200x	as long as short
Derive BTC-PERPlong	+0.0078%	1h	$30.5M	$59.8M	15x
Variational Omni BTC	+0.0083%	8h	$172.4M	$507.5M	—	as long as short
Aftermath Perps BTCUSD	+0.0087%	1h	$87K	$150K	20x	as long as short
StandX BTC-USD	+0.0094%	1h	$30.6M	$228.5M	40x	as long as short
Paradex BTC-USD-PERP	+0.0094%	8h	$4.4M	$6.8M	50x	as long as short
Lighter BTCshort	+0.0096%	1h	$171.5M	$942.4M	50x
Lighter RH BTC	+0.0096%	1h	$24.7M	$136.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$46.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$202K	$5.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.4M	$227.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.7M	$384.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.0M	$16.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.6M	$84.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.5M	$122.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$279.0M	$887.3M	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	$11.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$231K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.3M	$7.3M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.9M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	$2.29B	$840.4M	200x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	$751K	$7.4M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$85.6M	500x	as long as short
Kalshi KXBTCPERP	+0.0105%	8h	$14.1M	$613.6M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$128.5M	$6.03B	50x	as long as short
RISEx BTC/USDC	+0.0132%	1h	$9.2M	$38.7M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0135%	1h	$912.0M	$1.11B	50x	as long as short
Hyperliquid BTC	+0.0137%	1h	$3.90B	$4.37B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0171% / S −0.0149%	1h	$12.5M	—	200x	as long as short