Funding you earn now, next payment 09:00 UTC+0.0320%/8h= +35.0% APRnext payment +$0.40 per $10,000 · paid last 24h +0.054%
Price spread now: Derive against Hotstuff+0.090%225s7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 4 days (all we have)—no history yet
+Price spread, last 7 days—no price history on both exchanges yet
=Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Derive is 0.090% dearer against Hotstuff than usual: you sell high and buy low: +$9 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 225 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 | Hotstuff BTC-PERP | 85,478 | −0.0080 | get 0.0010% / 1h | 44m 55s | $8K | $2K | 50x |
| Short | Derive BTC-PERP | 85,554.9 | 0.0240 | get 0.0030% / 1h | 44m 55s | $28.9M | $49.3M | 15x |
Hotstuff BTC-PERP
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive against Hotstuff. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $67.12
- Price spread: +0.090% → 0.000%
- $8.99
- Slippage, 4 orders
- no order book: not counted
- Fee Hotstuff: 2.5 bp × 2 orders
- −$5
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- $65.11
- Costs to cover
- 0.110%
- Break-even
- 0.2 days
Slippage unknown: Hotstuff: no order-book sample; Derive: no order-book sample. Net counts fees only.
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 Hotstuff no order-book sample | — | — | — | — | — |
| Sell Derive no order-book sample | — | — | — | — | — |
Hotstuff and 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 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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERPlong | −0.0080% | 1h | 85,478 | long leg | $8K | $2K | 50x | |
| BloFin BTC-USDT | −0.0020% | 8h | 85,475.8 | −0.003% | $422.6M | $682.3M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,493 | +0.018% | $307K | $23.6M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,496 | +0.021% | $346K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,483.5 | +0.006% | $36.6M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0010% | 8h | 85,472.7 | −0.006% | $932.3M | $776.0M | 125x | as long as short |
| Aster BTCUSDT | +0.0030% | 8h | 85,461.2 | −0.020% | $502.5M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0052% | 1h | 85,475.8 | −0.003% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,487.4 | +0.011% | $186.3M | $947.3M | 100x | as long as short |
| Phoenix BTC | +0.0075% | 1h | 85,525 | +0.055% | $2.3M | $10.4M | 40x | as long as short |
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSD
Phoenix BTCShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0080% | 8h | 85,448.6 | −0.034% | — | $17.4M | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,493.9 | +0.019% | $170.4M | $942.0M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,494.8 | +0.020% | $23.6M | $133.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,480 | +0.002% | $8.7M | $58.4M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,468.6 | −0.011% | $2.4M | $6.7M | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0099% | 1h | 85,513.7 | +0.042% | $831.6M | $1.66B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,455 | −0.027% | $266K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,516.7 | +0.045% | $5.7M | $9.6M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,474.3 | −0.004% | $24.1M | $217.6M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,512.9 | +0.041% | $40.1M | $605.5M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,465 | −0.015% | $9.41B | $25.11B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,462.3 | −0.018% | $5.09B | $10.00B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,463.5 | −0.017% | $2.61B | $12.22B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,478 | 0.000% | $3.9M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,488 | +0.012% | $4.7M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,453 | −0.029% | $700.3M | $171.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,469.8 | −0.010% | $5.51B | $9.87B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,473 | −0.006% | $5.06B | $5.73B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,475.9 | −0.002% | $2.98B | $5.17B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,473 | −0.006% | $37.8M | $193.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,465.7 | −0.014% | $156.0M | $544.2M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,452.5 | −0.030% | $283.3M | $961.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,471.5 | −0.008% | $214.7M | $156.3M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,488.2 | +0.012% | $136.6M | $312.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,487.1 | +0.011% | $30.1M | $218.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,555.8 | +0.091% | — | $9.7M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,240 | −0.278% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,483.8 | +0.007% | $200K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,478.4 | 0.000% | $2.7M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 84,629.4 | −0.993% | $192K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,480.9 | +0.003% | $2.9M | $6.7M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,475 | −0.004% | $59.8M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,477 | −0.001% | $2.26B | $974.2M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,482 | +0.005% | $160.9M | $517.5M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,447 | −0.036% | $45.7M | $241.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,501.6 | +0.028% | — | $107.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,515.4 | +0.044% | $112.0M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0147% | 1h | 85,469.1 | −0.010% | $6.6M | $139.1M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0148% | 1h | 85,484 | +0.007% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0190% | 8h | 85,516 | +0.044% | $10.6M | $739.1M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,506.1 | +0.033% | $8.9M | $42.7M | 25x | as long as short |
| Hyperliquid BTC | +0.0199% | 1h | 85,549 | +0.083% | $3.79B | $5.16B | 40x | as long as short |
| Derive BTC-PERPshort | +0.0240% | 1h | 85,554.9 | +0.090% | $28.9M | $49.3M | 15x | |
| Aftermath Perps BTCUSD | +0.0290% | 1h | 85,487.7 | +0.011% | $81K | $248K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0344% | 1h | 85,539.2 | +0.072% | $688K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,503.1 | +0.029% | $468K | $18.4M | 6.7x | as long as short |
BingX BTC-USDC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Deribit BTC-PERPETUAL
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hyperliquid BTC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC