BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0067%/8h= +7.3% APRnext payment +$0.08 per $10,000 · paid last 24h +0.057%

Price spread now: Deribit against gTrade (Gains Network)+0.128%67s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.157% of the position

Long on gTrade (Gains Network)Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.118%+$12 on $10k

Price spread, last 4 days (all we have)−0.123%−$12 · spread now +0.128%, 7d avg +0.037%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Deribit is 0.091% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.037%. The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,348.2	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	27m 19s	$36.5M	—	200x
Short	Deribit BTC-PERPETUAL	85,457.7	0.0071	get 0.0009% / 1h	27m 19s	$862.1M	$1.64B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee DeribitbpOrdersPrice spread, now +0.128%Rate

Funding earned: $14.04
Price spread: +0.128% → +0.037%: $9.11
Slippage, 4 orders: −$1.71
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $7.43
Costs to cover: 0.157%
Break-even: 3.3 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 2 min ago; Deribit: live order book, 2 min ago.

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 gTrade (Gains Network) virtual book (oracle venue), 2 min ago	0.50 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181
Sell Deribit live order book, 2 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	6.1 bp −$613	13.2 bp −$6,583

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	−0.0082%	1h	85,329	−0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,391	+0.050%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,420.1	+0.084%	$928.9M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.042%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,426	+0.091%	$513.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,440.2	+0.108%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,448.2	+0.117%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,424.2	+0.089%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,348.2	long leg	$36.5M	—	200x
Nado BTC-PERP	+0.0040%	1h	85,397.2	+0.057%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.119%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,411.4	+0.074%	—	$17.5M	—	as long as short
Deribit BTC-PERPETUALshort	+0.0071%	1h	85,457.7	+0.128%	$862.1M	$1.64B	50x
Aevo BTC-PERP	+0.0088%	1h	85,420.1	+0.084%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	85,342.3	−0.007%	$139.5M	$314.2M	100x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,431.3	+0.097%	$185.4M	$958.9M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,423.4	+0.088%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,426.1	+0.091%	$5.02B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,431.4	+0.097%	$9.43B	$24.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,442	+0.110%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,446.3	+0.115%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,429	+0.095%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,403	+0.064%	$237K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,427	+0.092%	$5.15B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,462.1	+0.134%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,506	+0.185%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,464.8	+0.137%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,432.1	+0.098%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,409	+0.071%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,407.7	+0.070%	$5.2M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,435.6	+0.102%	$5.55B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,354.9	+0.008%	$37.1M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.085%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,313.9	−0.040%	$279.5M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.064%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,315.1	−0.039%	$30.1M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.6	+0.140%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,428	+0.093%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,430.6	+0.097%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,431.1	+0.097%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,469.5	+0.142%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.157%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,411.2	+0.074%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	+0.081%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,326.2	−0.026%	$2.26B	$967.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,353.2	+0.006%	$152.2M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.092%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,401.9	+0.063%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.1	+0.073%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.6	+0.123%	$115.9M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.048%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,358	+0.011%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,448.4	+0.117%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,357.3	+0.011%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,354.3	+0.007%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0259%	1h	85,328.6	−0.023%	$79K	$230K	20x	as long as short