BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0120%/8h= −13.2% APRnext payment −$0.15 per $10,000 · paid last 24h −0.040%

Price spread now: Arcus against Deribit−0.083%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$130.132% of the position

Long on Deribit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.026%−$3 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now −0.083%, 7d avg −0.032%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Arcus is 0.051% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,561.6	0.0141	pay 0.0018% / 1h	23m 02s	$884.7M	$1.57B	50x
Short	Arcus BTC-USD	85,490.5	0.0021	get 0.0003% / 1h	23m 02s	$4.4M	$98.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Deribit. 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 DeribitbpFee ArcusbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$25.25
Price spread: −0.083% → −0.032%: −$5.12
Slippage, 4 orders: −$1.73
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$43.6
Costs to cover: 0.132%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Arcus: live order book, 1 min ago.

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 Deribit live order book, 1 min ago	0.03 bp	3.5 bp −$4	3.7 bp −$37	6.1 bp −$606	9.5 bp −$4,728
Sell Arcus live order book, 1 min ago	0.01 bp	2.3 bp −$2	2.3 bp −$23	2.6 bp −$262	doesn't fit

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	−0.0179%	1h	85,485	−0.090%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	−0.032%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.4	−0.060%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	−0.049%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0020%	8h	85,499.8	−0.072%	$920.2M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,522.4	−0.046%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,510.5	−0.060%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	−0.075%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USDshort	+0.0021%	1h	85,490.5	−0.083%	$4.4M	$98.4M	40x
Nado BTC-PERP	+0.0022%	1h	85,520	−0.049%	$25.5M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,526.5	−0.041%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,515.1	−0.054%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,520	−0.049%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,505.1	−0.066%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,535.6	−0.030%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,535.3	−0.031%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,510	−0.060%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,527.6	−0.040%	$5.06B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,511.2	−0.059%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,527.6	−0.040%	$9.37B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,486	−0.088%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,575.2	+0.016%	$4.9M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,596	+0.040%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,546	−0.018%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,523.3	−0.045%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,530	−0.037%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,499	−0.073%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.053%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,526.5	−0.041%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,513.9	−0.056%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.124%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,482.9	−0.092%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.133%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	−0.047%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	−0.064%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,566.3	+0.005%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	−0.060%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,515	−0.055%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,514.4	−0.055%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,555.4	−0.007%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,510.6	−0.060%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,496.2	−0.076%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,520	−0.049%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511.5	−0.059%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,501.4	−0.070%	$44.6M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.2	−0.041%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,560.8	−0.001%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0141%	1h	85,561.6	long leg	$884.7M	$1.57B	50x
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.101%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,543.2	−0.022%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.9	−0.034%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,518.6	−0.050%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,521.6	−0.047%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	−0.028%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,546	−0.018%	$10.4M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,538.3	−0.027%	$500K	$18.8M	6.7x	as long as short