BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0352%/8h= −38.6% APRnext payment −$0.44 per $10,000 · paid last 24h −0.202%

Price spread now: Bluefin against Deribit−0.009%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Deribit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.275%−$27 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now −0.009%, 7d avg −0.070%

Together, before fees−0.319%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.061% dearer against Deribit than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.070%): +$6 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 7 days (−0.275% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	86,522.8	0.0067	pay 0.0008% / 1h	25m 28s	$902.3M	$1.51B	50x
Short	Bluefin BTC-PERP	86,515	−0.0285	pay 0.0036% / 1h	25m 28s	$144K	$666K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$73.97
Price spread: −0.009% → −0.070%: $6.11
Slippage, 4 orders: −$5.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$87.34
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bluefin: live order book, 49 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, 4 min ago	0.03 bp	3.5 bp −$4	4.0 bp −$40	7.2 bp −$716	10.2 bp −$5,107
Sell Bluefin live order book, 49 min ago	1.72 bp	5.7 bp −$6	10.5 bp −$105	doesn't fit	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
Bluefin BTC-PERPshort	−0.0285%	1h	86,515	−0.009%	$144K	$666K	40x
Phoenix BTC	−0.0129%	1h	86,403	−0.138%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,454	−0.079%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,433.6	−0.103%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,449.9	−0.084%	$481K	$21.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,481.3	−0.048%	$37.0M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	−0.190%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,482.9	−0.046%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0027%	8h	86,449.4	−0.085%	$501.3M	$1.13B	200x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,475.4	−0.055%	$154.8M	$473.6M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0042%	8h	86,449.1	−0.085%	$832.6M	$719.1M	125x	as long as short
Reya BTCRUSDPERP	+0.0046%	1h	86,427.7	−0.110%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0050%	8h	86,424.3	−0.114%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,436.8	−0.099%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0063%	8h	86,431.6	−0.105%	$2.97B	$5.02B	150x	as long as short
Deribit BTC-PERPETUALlong	+0.0067%	1h	86,522.8	long leg	$902.3M	$1.51B	50x
MEXC BTC_USDT	+0.0080%	8h	86,429.6	−0.108%	$5.13B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,471.4	−0.059%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	86,428	−0.109%	$9.42B	$24.25B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,465.2	−0.067%	$170.8M	$986.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,471.1	−0.060%	$23.7M	$150.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,425	−0.113%	$8.4M	$52.0M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,483	−0.046%	$60.5M	$338.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,400	−0.142%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,464.9	−0.067%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,468.1	−0.063%	$22.0M	$227.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,502	−0.024%	$3.80B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,472.9	−0.058%	$41.1M	$552.2M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,438.4	−0.098%	$5.26B	$9.66B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,448	−0.086%	$2.56B	$12.47B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,456	−0.077%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,456.1	−0.077%	$7.2M	$94.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,436.9	−0.099%	$5.80B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.5	−0.070%	$37.4M	$158.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,462.4	−0.070%	$158.2M	$558.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,404.7	−0.136%	$279.1M	$949.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,448.9	−0.085%	$217.1M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442.1	−0.093%	$141.6M	$320.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,430	−0.107%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,479.4	−0.050%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,432	−0.105%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,452.2	−0.082%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,476.1	−0.054%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,505.3	−0.020%	$30.5M	$57.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.1	−0.148%	$3.4M	$5.2M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,448	−0.086%	$2.29B	$961.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,411.1	−0.129%	$576.0M	$32.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,406.2	−0.135%	$45.9M	$221.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,481.7	−0.047%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,521	−0.002%	$132.4M	$5.38B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,516.3	−0.007%	$192.5M	$941.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,502.2	−0.024%	$711K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,438.6	−0.097%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0200%	8h	86,423.1	−0.115%	$416.2M	$645.5M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0205% / S −0.0220%	1h	86,476.3	−0.054%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,483	−0.046%	$10.4M	$763.7M	6.4x	as long as short