BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Extended against Derive+0.075%319s7-day average −0.029% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.075%, 7d avg −0.029%

Together, before fees+0.030%+ Points / potential airdropExtended: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.104% dearer against Derive than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.029%. The two prices were read 319 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,214.5	0.0100	pay 0.0013% / 1h	31m 00s	$29.9M	$47.0M	15x
Short	Extended BTC-USD	85,278.3	0.0104	get 0.0013% / 1h	31m 00s	$44.8M	$240.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpFee ExtendedbpOrdersPrice spread, now +0.075%Rate

Funding earned: $0.84
Price spread: +0.075% → −0.029%: $10.43
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $0.27
Costs to cover: 0.110%
Break-even: 4.8 days

Slippage unknown: Derive: no order-book sample; Extended: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Extended live order book, 3 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.8 bp −$279	8.5 bp −$4,274

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	−0.0082%	1h	85,293	+0.092%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	+0.076%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,288.4	+0.087%	$927.6M	$773.8M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,298.9	+0.099%	$421.2M	$682.6M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,292.3	+0.091%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,310	+0.112%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,312.6	+0.115%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	+0.080%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	+0.115%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0043%	1h	85,279.2	+0.076%	$24.4M	$222.4M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	+0.038%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,281.5	+0.079%	—	$17.4M	—	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	+0.108%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,294.4	+0.094%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,309.4	+0.111%	$185.8M	$958.4M	100x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,298.8	+0.099%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,298.8	+0.099%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,299.9	+0.100%	$9.42B	$24.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,310.7	+0.113%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,312.4	+0.115%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,292	+0.091%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,270	+0.065%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,295.6	+0.095%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,340.4	+0.148%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,376	+0.189%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,313.1	+0.116%	$40.2M	$604.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,306.9	+0.108%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,263	+0.057%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,291.5	+0.090%	$5.1M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,303.3	+0.104%	$5.49B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,296.8	+0.097%	$36.9M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.008%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,254.4	+0.047%	$279.3M	$950.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,296	+0.096%	$214.2M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,260.2	+0.054%	$30.0M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,351.9	+0.161%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,298	+0.098%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,298.8	+0.099%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,305.5	+0.107%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,345.5	+0.154%	$193K	$795K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,214.5	long leg	$29.9M	$47.0M	15x
SunX BTC-USDT	+0.0100%	8h	85,279	+0.076%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,302	+0.103%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,273	+0.069%	$2.26B	$967.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,311.7	+0.114%	$151.6M	$509.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	+0.065%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USDshort	+0.0104%	1h	85,278.3	+0.075%	$44.8M	$240.7M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,287.7	+0.086%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,337.3	+0.144%	$116.0M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0116%	1h	85,340.5	+0.148%	$862.2M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,289.1	+0.087%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,312	+0.114%	$11.8M	$741.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,317.4	+0.121%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	+0.110%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,306.3	+0.108%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0269%	1h	85,294.8	+0.094%	$79K	$230K	20x	as long as short