BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0007%/8h= −0.8% APRnext payment −$0.07 per $10,000 · paid last 24h −0.002%

Price spread now: Bybit against Orderly−0.019%7-day average +0.001% · you buy dearer than you sell

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

Long on Orderly Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.019%, 7d avg +0.001%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.020% cheaper against Orderly than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BTC_USDC	85,431.5	0.0100	pay 0.0100% / 8h	1h 05m	$2.6M	$9.8M	100x
Short	Bybit BTCUSDT	85,415	0.0093	get 0.0093% / 8h	1h 05m	$5.14B	$9.96B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Orderly. 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 OrderlybpFee BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$1.49
Price spread: −0.019% → +0.001%: −$2
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$20.49
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bybit: live order book, 4 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	5.5 bp −$55	5.8 bp −$582	7.0 bp −$3,495

Orderly: 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
Phoenix BTC	−0.0082%	1h	85,520	+0.104%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,456	+0.029%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,429.4	−0.003%	$929.0M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,455	+0.028%	$421.8M	$681.5M	150x	as long as short
Aster BTCUSDT	−0.0003%	8h	85,421.2	−0.012%	$512.8M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,444.2	+0.015%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	+0.009%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,475.9	+0.052%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,445.5	+0.016%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0034%	1h	85,467	+0.042%	$853.6M	$1.64B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0045%	1h	85,459.2	+0.032%	$24.1M	$219.8M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,486	+0.064%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0074%	8h	85,429.8	−0.002%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,439.7	+0.010%	$186.0M	$951.1M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,416.9	−0.017%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDTshort	+0.0093%	8h	85,415	−0.019%	$5.14B	$9.96B	150x
SoDEX BTC-USD	+0.0095%	1h	85,425	−0.008%	$59.8M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,439.9	+0.010%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,439.6	+0.009%	$23.6M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,460	+0.033%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,447.2	+0.018%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,425.1	−0.007%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,418.4	−0.015%	$9.42B	$24.86B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,425	−0.008%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,509	+0.091%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,506	+0.087%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,484.2	+0.062%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,424.4	−0.008%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,442	+0.012%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,435.8	+0.005%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,433.3	+0.002%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,418.8	−0.015%	$37.4M	$182.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.002%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,406.3	−0.030%	$279.8M	$952.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.5	+0.009%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.8	+0.010%	$139.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,428.5	−0.003%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,497.2	+0.077%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,440	+0.010%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,439	+0.009%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDClong	+0.0100%	8h	85,431.5	long leg	$2.6M	$9.8M	100x
Bluefin BTC-PERP	+0.0100%	1h	85,468.7	+0.044%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,451.8	+0.024%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,464.8	+0.039%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,431.8	0.000%	$2.26B	$962.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,442.4	+0.013%	$157.1M	$512.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.022%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,393.4	−0.045%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,470.9	+0.046%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,459.8	+0.033%	$113.0M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,429.2	−0.003%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,446.9	+0.018%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,483	+0.060%	$12.0M	$739.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,463.5	+0.037%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,495.5	+0.075%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0264%	1h	85,484.9	+0.062%	$79K	$242K	20x	as long as short