BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0041%/8h= −4.5% APRnext payment −$0.05 per $10,000 · paid last 24h −0.016%

Price spread now: Coinbase International against Deribit−0.005%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$180.179% of the position

Long on Deribit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now −0.005%, 7d avg −0.007%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,829	0.0153	pay 0.0019% / 1h	46m 31s	$895.4M	$1.54B	50x
Short	Coinbase International BTC-PERP-INTX	85,824.5	0.0112	get 0.0014% / 1h	46m 31s	$131.6M	$5.26B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$8.65
Price spread: −0.005% → −0.007%: $0.12
Slippage, 4 orders: −$0.86
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.38
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Coinbase International: live order book, 3 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, 3 min ago	0.03 bp	4.3 bp −$4	4.7 bp −$47	6.9 bp −$692	12.0 bp −$6,017
Sell Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$591	14.4 bp −$7,208

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	−0.0144%	1h	85,788	−0.048%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,799	−0.035%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.028%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,783.5	−0.053%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	−0.017%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,827.2	−0.002%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796.4	−0.038%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	−0.022%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,824.4	−0.005%	$497.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,802.9	−0.030%	$894.7M	$757.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,799	−0.035%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,792.4	−0.043%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,764.5	−0.075%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,770.2	−0.069%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0075%	1h	85,863.8	+0.040%	$140.4M	$320.9M	100x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,778.6	−0.059%	$23.0M	$229.0M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,780.6	−0.056%	$2.5M	$1.8M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,784	−0.052%	$2.27B	$968.8M	200x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,783.5	−0.053%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,784.2	−0.052%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0089%	8h	85,792.6	−0.042%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,814.2	−0.017%	$170.1M	$977.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,825.5	−0.004%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,789	−0.047%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,764	−0.076%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,838.5	+0.011%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.027%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,831.2	+0.002%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,794.7	−0.040%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,784.9	−0.051%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,786	−0.050%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,774	−0.064%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,778.2	−0.059%	$35.1M	$163.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.054%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,838.8	+0.011%	$278.1M	$943.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.033%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,799.4	−0.035%	$30.4M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,835.4	+0.007%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,774	−0.064%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792	−0.043%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779.2	−0.058%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,840.8	+0.014%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,787.8	−0.048%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,776.6	−0.061%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,782	−0.055%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,782.4	−0.054%	$154.0M	$477.6M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	−0.028%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,762	−0.078%	$44.7M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,817.8	−0.013%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,824.5	−0.005%	$131.6M	$5.26B	50x
Hibachi BTC/USDT-P	+0.0128%	1h	85,822.2	−0.008%	$707K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,812.5	−0.019%	$189.1M	$970.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,830.6	+0.002%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUALlong	+0.0153%	1h	85,829	long leg	$895.4M	$1.54B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,796.2	−0.038%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,822	−0.008%	$9.9M	$769.1M	6.4x	as long as short