Funding you earn now, next payment 11:00 UTC−0.0116%/8h= −12.7% APRnext payment −$0.14 per $10,000 · paid last 24h −0.022%
Price spread now: Bullet against Deribit−0.071%7-day average −0.046% · 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−$22as in the Price arb table
costs, in and out, $10k−$190.193% of the position
Funding, last 4 days (all we have)−0.030%−$3 on $10k
+Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.071%, 7d avg −0.046%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bullet is 0.025% cheaper against Deribit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.046%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit BTC-PERPETUAL | 86,205.3 | 0.0216 | pay 0.0027% / 1h | 55m 36s | $822.6M | $1.51B | 50x |
| Short | Bullet BTC-USD | 86,143.7 | 0.0100 | get 0.0013% / 1h | 55m 36s | $206K | $3.2M | 20x |
Deribit BTC-PERPETUAL
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Deribit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$24.3
- Price spread: −0.071% → −0.046%
- −$2.53
- Slippage, 4 orders
- −$4.31
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- −$46.14
- Costs to cover
- 0.193%
- Break-even
- never at this rate
Slippage from Deribit: live order book, 2 min ago; Bullet: live order book, 2 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, 2 min ago | 0.75 bp | 5.1 bp −$5 | 5.3 bp −$53 | 7.6 bp −$759 | 12.8 bp −$6,424 |
| Sell Bullet live order book, 2 min ago | 0.29 bp | 5.1 bp −$5 | 8.2 bp −$82 | doesn't fit | doesn't fit |
BTC on 55 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,197 | −0.010% | $8K | $2K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0024% | 1h | 86,154.5 | −0.059% | $363K | $2.0M | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 86,159.8 | −0.053% | $421.0M | $566.8M | 150x | as long as short |
| SoDEX BTC-USD | −0.0015% | 1h | 86,146 | −0.069% | $66.0M | $188.1M | 40x | as long as short |
| ApeX Omni BTCUSDT | −0.0004% | 1h | 86,185.3 | −0.023% | $138.2M | $295.1M | 100x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 86,162.9 | −0.049% | $16.9M | $14.5M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,228.2 | +0.027% | $483K | $13.8M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,178.5 | −0.031% | $36.8M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0009% | 1h | 86,214 | +0.010% | $301K | $26.1M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0029% | 1h | 86,163.5 | −0.048% | $191.8M | $774.0M | 100x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
SoDEX BTC-USD
ApeX Omni BTCUSDT
dYdX BTC-USD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSDShow all 55 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0030% | 8h | 86,128.1 | −0.090% | — | $16.3M | — | as long as short |
| Aster BTCUSDT | +0.0031% | 8h | 86,143.1 | −0.072% | $513.4M | $877.6M | 200x | as long as short |
| Bybit BTCUSDT | +0.0037% | 8h | 86,155.1 | −0.058% | $5.15B | $8.15B | 150x | as long as short |
| Phoenix BTC | +0.0053% | 1h | 86,185 | −0.024% | $2.0M | $7.8M | 40x | as long as short |
| KuCoin XBTUSDTM | +0.0053% | 8h | 86,154.1 | −0.059% | $943.3M | $636.4M | 125x | as long as short |
| Gate BTC_USDT | +0.0069% | 8h | 86,151.6 | −0.062% | $5.52B | $8.87B | 200x | as long as short |
| Popdex BTCUSDT | +0.0072% | 1h | 86,151 | −0.063% | $8.8M | $45.5M | 100x | as long as short |
| Phemex BTCUSDT | +0.0078% | 8h | 86,145.8 | −0.069% | $170.8M | $480.2M | 150x | as long as short |
| Bitget BTCUSDT | +0.0095% | 8h | 86,151.7 | −0.062% | $2.99B | $3.98B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,162 | −0.050% | $173.8M | $850.8M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,166.5 | −0.045% | $23.5M | $118.5M | 50x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 86,128.6 | −0.089% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,126 | −0.092% | $220K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,191.2 | −0.016% | $6.0M | $7.7M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,178.4 | −0.031% | $23.7M | $196.8M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,190.1 | −0.018% | $40.4M | $570.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 86,144.8 | −0.070% | $9.46B | $20.68B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,155.2 | −0.058% | $2.62B | $9.53B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,139 | −0.077% | $4.0M | $15.2M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,177.2 | −0.033% | $4.2M | $90.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,169.3 | −0.042% | $716.4M | $134.3M | 40x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 86,146.1 | −0.069% | $5.19B | $4.81B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,137.8 | −0.078% | $38.7M | $196.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,125.5 | −0.093% | $158.0M | $474.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,136.3 | −0.080% | $290.0M | $813.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,177.2 | −0.033% | $216.5M | $133.7M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,183.5 | −0.025% | $30.3M | $222.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,204.5 | −0.001% | — | $9.3M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,149 | −0.065% | $11.1M | $12.0M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 86,143.7 | −0.071% | $206K | $3.2M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,130.7 | −0.087% | $2.7M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,178.4 | −0.031% | $195K | $564K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,137.6 | −0.078% | $3.2M | $6.7M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,142.7 | −0.073% | $2.28B | $806.1M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,127.3 | −0.090% | $47.0M | $203.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 86,150.4 | −0.064% | — | $81.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,194.7 | −0.012% | $112.3M | $4.99B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0160% | 8h | 86,187 | −0.021% | $11.8M | $732.3M | 6.4x | as long as short |
| Reya BTCRUSDPERP | +0.0162% | 1h | 86,135.6 | −0.081% | $6.6M | $131.1M | 40x | as long as short |
| Hyperliquid BTC | +0.0174% | 1h | 86,247 | +0.048% | $3.97B | $4.41B | 40x | as long as short |
| RISEx BTC/USDC | +0.0187% | 1h | 86,175.9 | −0.034% | $9.0M | $37.3M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0210% / S −0.0249% | 1h | 86,157.2 | −0.056% | $15.6M | — | 200x | as long as short |
| Deribit BTC-PERPETUALlong | +0.0216% | 1h | 86,205.3 | long leg | $822.6M | $1.51B | 50x | |
| Hibachi BTC/USDT-P | +0.0344% | 1h | 86,238.4 | +0.038% | $718K | $7.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0442% | 1h | 86,205.9 | +0.001% | $82K | $242K | 20x | as long as short |
BingX BTC-USDC
Aster BTCUSDT
Bybit BTCUSDT
Phoenix BTC
KuCoin XBTUSDTM
Gate BTC_USDT
Popdex BTCUSDT
Phemex BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kalshi KXBTCPERP
Reya BTCRUSDPERP
Hyperliquid BTC
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD