Funding you earn now, next payment 05:00 UTC+0.0026%/8h= +2.9% APRnext payment +$0.03 per $10,000 · paid last 24h −0.020%
Price spread now: Derive against Deribit−0.065%7-day average −0.051% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.043%−$4 on $10k
+Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.065%, 7d avg −0.051%
=The price spread sits at its 7-day average of −0.051%, 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 | 85,567.9 | 0.0074 | pay 0.0009% / 1h | 29m 10s | $884.6M | $1.59B | 50x |
| Short | Derive BTC-PERP | 85,512 | 0.0100 | get 0.0013% / 1h | 29m 10s | $30.0M | $50.0M | 15x |
Deribit BTC-PERPETUAL
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive 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
- $5.55
- Price spread: −0.065% → −0.051%
- −$1.48
- Slippage, 4 orders
- no order book: not counted
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$8.93
- Costs to cover
- 0.130%
- Break-even
- 18.3 days
Slippage unknown: Deribit: live order book, 5 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 Deribit live order book, 5 min ago | 0.03 bp | 3.5 bp −$4 | 3.8 bp −$38 | 7.2 bp −$720 | 11.4 bp −$5,680 |
| 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0140% | 1h | 85,533 | −0.041% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,600 | +0.038% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0041% | 8h | 85,512.3 | −0.065% | $919.2M | $756.8M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,514.6 | −0.062% | $419.1M | $675.9M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,536.1 | −0.037% | $365K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | +0.0002% | 8h | 85,517 | −0.059% | $515.0M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0004% | 1h | 85,520.6 | −0.055% | $24.6M | $223.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,538.9 | −0.034% | $36.6M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0028% | 1h | 85,574.9 | +0.008% | $16.8M | $21.2M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,514 | −0.063% | $339K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
Nado BTC-PERP
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0065% | 8h | 85,520.6 | −0.055% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0073% | 8h | 85,524.6 | −0.051% | $148.2M | $495.1M | 150x | as long as short |
| Deribit BTC-PERPETUALlong | +0.0074% | 1h | 85,567.9 | long leg | $884.6M | $1.59B | 50x | |
| SoDEX BTC-USD | +0.0078% | 1h | 85,522 | −0.054% | $59.9M | $335.9M | 40x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,516.8 | −0.060% | $2.95B | $5.12B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,539.6 | −0.033% | $172.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,540.8 | −0.032% | $24.0M | $148.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,522 | −0.054% | $8.4M | $54.9M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,511.9 | −0.065% | $2.5M | $1.7M | 20x | as long as short |
| Reya BTCRUSDPERP | +0.0099% | 1h | 85,523.1 | −0.052% | $6.6M | $147.1M | 40x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,515 | −0.062% | $208K | $8.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,567.3 | −0.001% | $5.7M | $9.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,598 | +0.035% | $3.79B | $5.02B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,568.3 | 0.000% | $40.1M | $588.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,517.9 | −0.058% | $9.42B | $24.40B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,516 | −0.061% | $5.19B | $9.86B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,528.1 | −0.047% | $2.59B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,543 | −0.029% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,524.9 | −0.050% | $4.7M | $100.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,517.4 | −0.059% | $680.3M | $725.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,521.9 | −0.054% | $5.54B | $10.80B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,518.3 | −0.058% | $5.08B | $5.66B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,508.2 | −0.070% | $36.2M | $179.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,584.9 | +0.020% | $154.4M | $565.9M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,523.9 | −0.051% | $279.4M | $928.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,590.3 | +0.026% | $215.1M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,591 | +0.027% | $139.9M | $315.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,553.2 | −0.017% | $30.2M | $207.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,594.1 | +0.031% | — | $11.4M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,524 | −0.051% | $11.0M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,525.7 | −0.049% | $197K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,519.9 | −0.056% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,561.4 | −0.008% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 85,512 | −0.065% | $30.0M | $50.0M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,501.3 | −0.078% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,513.9 | −0.063% | $2.26B | $948.7M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,488.5 | −0.093% | $45.0M | $233.6M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,543.4 | −0.029% | — | $107.3M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,557.8 | −0.012% | $117.4M | $5.26B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,544.8 | −0.027% | $187.7M | $954.7M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,560.5 | −0.009% | $8.7M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0153% | 1h | 85,537.8 | −0.035% | $13.1M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0203% | 8h | 85,560 | −0.009% | $11.7M | $754.7M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0245% | 1h | 85,574.7 | +0.008% | $78K | $221K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0248% | 1h | 85,608.9 | +0.048% | $697K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,535 | −0.038% | $503K | $18.7M | 6.7x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
SoDEX BTC-USD
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Reya BTCRUSDPERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet 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
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC