BTC

Alert

Funding spread now, next payment 15:00 UTC+0.0408%/8h

paid, last 24h+0.026%paid, last 7 days+0.034%to open and close $10k−$23

The current rate is far above what this pair has been paying: over the last 7 days it paid 0.034% in total (about 1.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,723.7	−0.0013	get 0.0013% / 8h	1h 31m	$158.4M	$377.3M	150x
Short	Deribit BTC-PERPETUAL	85,785	0.0395	get 0.0049% / 1h	31m 41s	$854.0M	$952.0M	50x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee DeribitbpOrdersRate

Funding earned: $85.74
Slippage, 4 orders: −$3.76
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $62.98
Break-even: 1.9 days

Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 4 min ago.

Price risk

price view

Price gap now: +0.072%
Avg gap 7d: +0.048%

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 Phemex live order book, 4 min ago	0.01 bp	9.7 bp −$10	10.4 bp −$104	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	3.9 bp −$390	7.6 bp −$3,821

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.0617%	1h	$143K	$401K	40x	as long as short
Perpl BTC	−0.0447%	43m	$397K	$31.0M	6.7x	as long as short
01 Exchange BTCUSD	−0.0096%	1h	$280K	$2.3M	50x	as long as short
edgeX BTCUSDC	−0.0095%	4h	$285.1M	$806.4M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$8K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0072%	1h	$85K	$142K	20x	as long as short
ApeX Omni BTCUSDT	−0.0056%	1h	$138.5M	$316.6M	100x	as long as short
Reya BTCRUSDPERP	−0.0031%	1h	$6.8M	$137.1M	40x	as long as short
Phemex BTCUSDTlong	−0.0013%	8h	$158.4M	$377.3M	150x
Gate BTC_USDT	−0.0012%	8h	$6.09B	$8.66B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
BingX BTC-USDT	−0.0010%	8h	—	$1.31B	—	as long as short
Bitget BTCUSDT	−0.0009%	8h	$2.98B	$4.32B	150x	as long as short
dYdX BTC-USD	0.0000%	1h	$16.7M	$14.7M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	$8.6M	$511.1M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	$36.6M	—	200x	as long as short
Phoenix BTC	+0.0015%	1h	$1.6M	$10.8M	40x	as long as short
SoDEX BTC-USD	+0.0023%	1h	$61.4M	$234.7M	40x	as long as short
HTX BTC-USDT	+0.0037%	8h	$2.29B	$785.3M	200x	as long as short
Aster BTCUSDT	+0.0040%	8h	$489.6M	$1.03B	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0042%	1h	$187.0M	$759.7M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0050%	8h	$2.58B	$10.83B	100x	as long as short
KuCoin XBTUSDTM	+0.0064%	8h	$806.7M	$581.5M	125x	as long as short
Nado BTC-PERP	+0.0067%	1h	$24.1M	$222.9M	50x	as long as short
Bullet BTC-USD	+0.0069%	1h	$247K	$3.3M	20x	as long as short
Paradex BTC-USD-PERP	+0.0082%	8h	$4.3M	$6.5M	50x	as long as short
Hibachi BTC/USDT-P	+0.0088%	1h	$592K	$7.2M	30x	as long as short
Aevo BTC-PERP	+0.0088%	1h	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	$9.61B	$19.87B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	$4.98B	$4.73B	500x	as long as short
Lighter BTC	+0.0096%	1h	$179.6M	$868.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$25.5M	$133.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.4M	$41.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$197K	$5.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$317.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	$5.10B	$7.92B	150x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$15.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.1M	$77.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$39.5M	$100.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	$173.7M	$466.2M	—	as long as short
StandX BTC-USD	+0.0100%	1h	$30.6M	$245.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$13.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$10.8M	$10.7M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$6.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	$28.6M	$55.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	$535.4M	$59.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	$47.4M	$201.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$86.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$143.8M	$6.17B	50x	as long as short
Hyperliquid BTC	+0.0132%	1h	$3.87B	$4.11B	40x	as long as short
RISEx BTC/USDC	+0.0178%	1h	$8.5M	$36.9M	25x	as long as short
Injective BTC/USDC PERP	+0.0180%	1h	$308K	$27.0M	52x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0199% / S −0.0201%	1h	$13.2M	—	200x	as long as short
BloFin BTC-USDT	+0.0210%	8h	$420.6M	$486.4M	150x	as long as short
Deribit BTC-PERPETUALshort	+0.0395%	1h	$854.0M	$952.0M	50x