BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0122%/8h= −13.4% APRnext payment −$0.15 per $10,000 · paid last 24h +0.001%

Price spread now: Derive against Aftermath Perps+0.041%7-day average −0.027% · you sell dearer than you buy

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

Long on Aftermath Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 4 days (all we have)−0.113%−$11 · spread now +0.041%, 7d avg −0.027%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Derive is 0.068% dearer against Aftermath Perps than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.027%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BTCUSD	85,329.9	0.0222	pay 0.0028% / 1h	14m 29s	$79K	$227K	20x
Short	Derive BTC-PERP	85,365.1	0.0100	get 0.0013% / 1h	14m 29s	$30.0M	$48.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Aftermath Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Aftermath PerpsbpFee DerivebpOrdersPrice spread, now +0.041%Rate

Funding earned: −$25.64
Price spread: +0.041% → −0.027%: $6.78
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Derive: 3 bp × 2 orders: −$6
Net: −$33.85
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: live order book, 35 min ago; 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 Aftermath Perps live order book, 35 min ago	0.58 bp	9.5 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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
Perpl BTC	−0.0112%	43m	85,452	+0.143%	$526K	$18.3M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,391	+0.072%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,411	+0.095%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,384.6	+0.064%	$922.8M	$765.1M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,388.6	+0.069%	$419.8M	$682.0M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,427.4	+0.114%	$513.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,454.4	+0.146%	$355K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,386.9	+0.067%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,395.8	+0.077%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	+0.022%	$339K	$26.8M	52x	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	+0.0041%	1h	85,393.5	+0.075%	$24.8M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,408.3	+0.092%	$187.4M	$955.1M	100x	as long as short
BingX BTC-USDT	+0.0069%	8h	85,426.9	+0.114%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,384.4	+0.064%	$147.9M	$505.6M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,434.6	+0.123%	$2.96B	$5.16B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,383.6	+0.063%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,413.1	+0.098%	$5.05B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,441.4	+0.131%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,410.8	+0.095%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,419.5	+0.105%	$23.7M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,440	+0.129%	$8.4M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,425.8	+0.112%	$117.1M	$5.42B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,407	+0.090%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,471.4	+0.166%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,517	+0.219%	$3.76B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,429.6	+0.117%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,434.2	+0.122%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,440	+0.129%	$2.59B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,407	+0.090%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,433.1	+0.121%	$4.6M	$98.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.195%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,425	+0.111%	$5.51B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,386.3	+0.066%	$36.3M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,365.9	+0.042%	$154.5M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,351.5	+0.025%	$279.6M	$950.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	+0.019%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,371.5	+0.049%	$139.6M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,379.9	+0.059%	$30.1M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,491.1	+0.189%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	+0.120%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,388.5	+0.069%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,392.7	+0.074%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,434.4	+0.122%	$228K	$760K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,365.1	+0.041%	$30.0M	$48.0M	15x
SunX BTC-USDT	+0.0100%	8h	85,375.3	+0.053%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,390	+0.070%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,382.4	+0.062%	$2.26B	$941.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,405.9	+0.089%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.9	+0.077%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0118%	1h	85,431.2	+0.119%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0164%	1h	85,431.2	+0.119%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,390.7	+0.071%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,413	+0.097%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSDlong	+0.0222%	1h	85,329.9	long leg	$79K	$227K	20x
Hibachi BTC/USDT-P	+0.0232%	1h	85,419.4	+0.105%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,449	+0.140%	$8.7M	$43.3M	25x	as long as short