BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Derive−0.132%115s7-day average +0.013% · you buy dearer than you sell

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

Long on Derive Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.308%+$31 · spread now −0.132%, 7d avg +0.013%

Together, before fees+0.235%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.145% cheaper against Derive than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.013%). Swap the legs. The two prices were read 115 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	85,444.6	0.0100	pay 0.0013% / 1h	26m 18s	$28.8M	$52.4M	15x
Short	gTrade (Gains Network) BTC/USD	85,332.1	L +0.0004% / S −0.0004%	get 0.0001% / 1h	26m 18s	$36.5M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Derive. 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 DerivebpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.132%Rate

Funding earned: −$20.1
Price spread: −0.132% → +0.013%: −$14.47
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$47.57
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; gTrade (Gains Network): virtual book (oracle venue), 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 gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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
Bluefin BTC-PERP	−0.0985%	1h	85,419.4	−0.030%	$194K	$793K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,413	−0.037%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,417.2	−0.032%	$424.0M	$660.0M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,430	−0.017%	$307K	$25.4M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,389.8	−0.064%	$353K	$2.2M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,332.1	−0.132%	$36.5M	—	200x
KuCoin XBTUSDTM	+0.0019%	8h	85,401	−0.051%	$939.8M	$768.4M	125x	as long as short
Aster BTCUSDT	+0.0033%	8h	85,370.8	−0.086%	$502.6M	$1.07B	200x	as long as short
dYdX BTC-USD	+0.0056%	1h	85,427.6	−0.020%	$16.7M	$20.9M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,395.3	−0.058%	$185.8M	$918.0M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,395	−0.058%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,375.4	−0.081%	—	$1.55B	—	as long as short
Nado BTC-PERP	+0.0091%	1h	85,385.6	−0.069%	$24.0M	$213.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,380.4	−0.075%	$171.3M	$948.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,376.4	−0.080%	$23.5M	$135.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,390	−0.064%	$8.7M	$58.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,392	−0.062%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,361	−0.098%	$265K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,426	−0.022%	$5.7M	$9.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,427.7	−0.020%	$40.2M	$602.4M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,366.6	−0.091%	$9.39B	$24.62B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,365.1	−0.093%	$5.08B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,367.1	−0.091%	$2.61B	$11.76B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,384	−0.071%	$3.9M	$17.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,390.2	−0.064%	$5.0M	$97.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.165%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,381.2	−0.074%	$5.49B	$9.94B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,377.1	−0.079%	$5.05B	$5.76B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,374.1	−0.083%	$2.98B	$4.98B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.2	−0.040%	$37.5M	$193.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.1	−0.056%	$156.0M	$540.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,402.6	−0.049%	$285.5M	$965.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,409.3	−0.041%	$214.4M	$155.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,416.3	−0.033%	$136.6M	$311.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,417.3	−0.032%	$30.1M	$217.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.2	+0.026%	—	$10.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,230	−0.251%	$10.9M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,378.8	−0.077%	$211K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,377.5	−0.079%	$2.7M	$9.7M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,444.6	long leg	$28.8M	$52.4M	15x
SunX BTC-USDT	+0.0100%	8h	85,435.7	−0.010%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	−0.032%	$59.8M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400	−0.052%	$2.26B	$960.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,385.7	−0.069%	$164.0M	$511.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,349.2	−0.112%	$45.8M	$237.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,405.2	−0.046%	—	$105.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,425.3	−0.023%	$111.9M	$5.37B	50x	as long as short
Hyperliquid BTC	+0.0148%	1h	85,462	+0.020%	$3.83B	$5.15B	40x	as long as short
Reya BTCRUSDPERP	+0.0150%	1h	85,399.3	−0.053%	$6.6M	$136.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,436.1	−0.010%	$13.0M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0175%	1h	85,429.3	−0.018%	$833.1M	$1.65B	50x	as long as short
Kalshi KXBTCPERP	+0.0192%	8h	85,431	−0.016%	$10.0M	$736.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,407.2	−0.044%	$8.9M	$42.1M	25x	as long as short
Aftermath Perps BTCUSD	+0.0346%	1h	85,448.5	+0.005%	$81K	$259K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,471.3	+0.031%	$688K	$7.6M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,420.8	−0.028%	$454K	$17.9M	6.7x	as long as short