BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0218%/8h= +23.9% APRnext payment +$0.27 per $10,000 · paid last 24h +0.026%

Price spread now: Reya against Hotstuff+0.035%54s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Reya is 0.035% dearer against Hotstuff than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 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	85,262	−0.0080	get 0.0010% / 1h	37m 41s	$8K	$3K	50x
Short	Reya BTCRUSDPERP	85,292.2	0.0138	get 0.0017% / 1h	37m 41s	$6.6M	$145.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hotstuff. 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 HotstuffbpFee ReyabpOrdersPrice spread, now +0.035%Rate

Funding earned: $45.85
Price spread: +0.035% → 0.000%: $3.55
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Reya: 3 bp × 2 orders: −$6
Net: $38.39
Costs to cover: 0.110%
Break-even: 1.1 days

Slippage unknown: Hotstuff: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Hotstuff and Reya: 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	85,262	long leg	$8K	$3K	50x
Phoenix BTC	−0.0034%	1h	85,392	+0.152%	$2.3M	$10.8M	40x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,217.8	−0.052%	$928.4M	$775.6M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,311.6	+0.058%	$420.7M	$681.9M	150x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,231.4	−0.036%	$509.6M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,224.3	−0.044%	$346K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,321.8	+0.070%	$464K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,225.3	−0.043%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,309.4	+0.056%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,294.8	+0.039%	$186.1M	$953.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0063%	1h	85,387.6	+0.147%	$139.8M	$312.7M	100x	as long as short
BingX BTC-USDT	+0.0066%	8h	85,248.3	−0.016%	—	$1.57B	—	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,342	+0.094%	$338K	$24.7M	52x	as long as short
Bybit BTCUSDT	+0.0082%	8h	85,239.2	−0.027%	$5.12B	$9.99B	150x	as long as short
Nado BTC-PERP	+0.0083%	1h	85,305.3	+0.051%	$24.1M	$220.3M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,327.1	+0.076%	$840.9M	$1.66B	50x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,248.4	−0.016%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,249.1	−0.015%	$168.5M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,248.6	−0.016%	$23.6M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,235	−0.032%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,297.3	+0.041%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,236	−0.030%	$9.39B	$25.06B	150x	as long as short
MEXC BTC_USDT	+0.0098%	8h	85,249.2	−0.015%	$5.04B	$5.73B	500x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,208	−0.063%	$270K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,300.9	+0.046%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,303	+0.048%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,265	+0.004%	$39.9M	$606.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,254.2	−0.009%	$2.60B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,238	−0.028%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,249.8	−0.014%	$4.7M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,254.8	−0.008%	$5.50B	$11.05B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,266.2	+0.005%	$37.2M	$186.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,361.8	+0.117%	$156.0M	$553.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384	+0.143%	$283.1M	$956.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,395.4	+0.156%	$214.4M	$158.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,331	+0.081%	$30.1M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,371.6	+0.129%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,304	+0.049%	$11.0M	$14.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,305	+0.050%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,297.7	+0.042%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,334	+0.084%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,281.1	+0.022%	$29.9M	$45.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,309.9	+0.056%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,293	+0.036%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,300	+0.045%	$2.25B	$967.8M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,292.9	+0.036%	$158.9M	$514.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,299.3	+0.044%	$693.1M	$258.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,226	−0.042%	$45.5M	$241.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,314.2	+0.061%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,326.6	+0.076%	$112.2M	$5.48B	50x	as long as short
Reya BTCRUSDPERPshort	+0.0138%	1h	85,292.2	+0.035%	$6.6M	$145.8M	40x
Kalshi KXBTCPERP	+0.0172%	8h	85,328	+0.077%	$12.0M	$736.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,251.1	−0.013%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,308.1	+0.054%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,366.7	+0.123%	$683K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0297%	1h	85,383.8	+0.143%	$79K	$252K	20x	as long as short