BTC

Alert

Funding spread now, next payment 17:00 UTC+0.0009%/8h

paid, last 24h−0.018%paid, last 7 days−0.001%to open and closeno order book

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,893	0.0091	pay 0.0011% / 1h	57m 05s	$30.3M	$59.2M	15x
Short	Phemex BTCUSDT	85,830.2	0.0100	get 0.0100% / 8h	7h 57m	$152.7M	$410.2M	150x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee PhemexbpOrdersRate

Funding earned: $1.88
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$16.12
Break-even: 66.9 days

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

Price risk

price view

Price gap now: −0.073%
Avg gap 7d: +0.002%

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 Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	8.6 bp −$857	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 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.0137%	1h	$308K	$27.0M	52x	as long as short
Phoenix BTC	−0.0116%	1h	$1.8M	$10.7M	40x	as long as short
ApeX Omni BTCUSDT	−0.0113%	1h	$139.4M	$318.1M	100x	as long as short
Perpl BTC	−0.0112%	43m	$405K	$29.3M	6.7x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
SoDEX BTC-USD	−0.0075%	1h	$60.9M	$283.6M	40x	as long as short
BloFin BTC-USDT	−0.0066%	8h	$422.1M	$568.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	$288K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$187.7M	$824.2M	100x	as long as short
Reya BTCRUSDPERP	−0.0020%	1h	$6.7M	$137.9M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.70B	150x	as long as short
BingX BTC-USDT	−0.0004%	8h	—	$1.40B	—	as long as short
dYdX BTC-USD	0.0000%	1h	$17.3M	$17.5M	50x	as long as short
Popdex BTCUSDT	0.0000%	1h	$8.5M	$45.8M	100x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	$12.8M	$585.6M	6.4x	as long as short
Gate BTC_USDT	+0.0004%	8h	$6.12B	$9.26B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
OKX BTC-USDT-SWAP	+0.0020%	8h	$2.66B	$11.69B	100x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	$789.6M	$617.3M	125x	as long as short
Aftermath Perps BTCUSD	+0.0026%	1h	$86K	$154K	20x	as long as short
Aster BTCUSDT	+0.0037%	8h	$487.5M	$1.13B	200x	as long as short
HTX BTC-USDT	+0.0041%	8h	$2.29B	$853.8M	200x	as long as short
MEXC BTC_USDT	+0.0053%	8h	$5.09B	$5.12B	500x	as long as short
Binance BTCUSDT	+0.0054%	8h	$9.50B	$22.05B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	$2.4M	$1.5M	20x	as long as short
Bybit BTCUSDT	+0.0058%	8h	$5.21B	$8.60B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0060%	1h	$910.8M	$1.12B	50x	as long as short
Derive BTC-PERPlong	+0.0091%	1h	$30.3M	$59.2M	15x
Paradex BTC-USD-PERP	+0.0091%	8h	$4.4M	$6.7M	50x	as long as short
Nado BTC-PERP	+0.0094%	1h	$23.8M	$230.3M	50x	as long as short
Lighter BTC	+0.0096%	1h	$172.8M	$898.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.8M	$132.5M	50x	as long as short
Extended BTC-USD	+0.0096%	1h	$48.9M	$209.5M	50x	as long as short
Variational Omni BTC	+0.0098%	8h	$172.1M	$512.2M	—	as long as short
StandX BTC-USD	+0.0099%	1h	$30.6M	$230.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$197K	$5.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$37.0M	$362.8M	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	$6.4M	$84.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	$558.9M	$144.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$38.6M	$110.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$278.4M	$884.5M	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
Bullet BTC-USD	+0.0100%	1h	$243K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.3M	$7.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$143K	$408K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$6.2M	100x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	$152.7M	$410.2M	150x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$89.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$151.6M	$6.23B	50x	as long as short
RISEx BTC/USDC	+0.0132%	1h	$8.8M	$38.7M	25x	as long as short
Hyperliquid BTC	+0.0144%	1h	$3.91B	$4.51B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	$12.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	$705K	$7.4M	30x	as long as short