Spread before costs (cost unknown: a leg has no order-book sample)+0.204%
7d average+0.078%if it closes, per $10,000$20funding while held, a day+$6.64
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Derive BTC-PERP | 85,366.5 | 0.0100 | pay 0.0013% / 1h | 59m 24s | $27.6M | $50.8M | 15x |
| Short | Hyperliquid BTC | 85,541 | 0.0321 | get 0.0040% / 1h | 59m 24s | $3.84B | $4.02B | 40x |
Derive BTC-PERP
Hyperliquid BTCPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- $20.44
- Funding while held
- $6.64
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- $12.08
- Spread needed to break even
- 0.150%
Slippage unknown: Derive: no order-book sample; Hyperliquid: live order book, 6 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0221%
- Per $10,000 a day
- +$6.64
- Average in range /8h
- —
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 Hyperliquid live order book, 6 min ago | 0.06 bp | 4.6 bp −$5 | 4.6 bp −$46 | 4.8 bp −$475 | doesn't fit |
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 price on every exchange
against the cheapest. Click to use as the short leg.Aevo85,354.6cheapest
AevoDerive85,366.5+0.014%
Orderly85,366.7+0.014%Backpack85,367.2+0.015%SunX85,373.5+0.022%SoDEX85,375+0.024%Extended85,380.9+0.031%Hotstuff85,381+0.031%HTX85,388+0.039%Nado85,389.6+0.041%Phemex85,389.9+0.041%Paradex85,392.3+0.044%Reya85,394.6+0.047%Bluefin85,396.2+0.049%Arcus85,396.9+0.050%Kraken Futures85,400.1+0.053%GMX85,400.8+0.054%Lighter RH85,404.1+0.058%Perpl85,410.4+0.065%Bitget85,415+0.071%Katana Perps85,416+0.072%Coinbase International85,416.8+0.073%BloFin85,416.9+0.073%Phoenix85,417+0.073%Gate85,419.1+0.076%Ondo Perps85,420+0.077%MEXC85,420+0.077%OKX85,421.6+0.079%Pacifica85,424.5+0.082%Jupiter Perps85,425.2+0.083%Lighter85,430+0.088%Aster85,430.2+0.089%dYdX85,431.3+0.090%Bullet85,432.2+0.091%BingX85,434+0.093%Polymarket Perps85,435+0.094%Kalshi85,437+0.097%Popdex85,440+0.100%01 Exchange85,440.1+0.100%gTrade (Gains Network)85,440.8+0.101%Hibachi85,441.2+0.102%KuCoin85,442.3+0.103%Aftermath Perps85,446.2+0.107%Binance85,449.9+0.112%Deribit85,450.2+0.112%Bybit85,454.1+0.117%RISEx85,463.8+0.128%Vest85,464.4+0.129%ApeX Omni85,481.9+0.149%edgeX85,494.4+0.164%StandX85,506.3+0.178%Variational Omni85,520.5+0.194%
Orderly
Backpack
SunX
SoDEX
Extended
Hotstuff
HTX
Nado
Phemex
Paradex
Reya
Bluefin
Arcus
Kraken Futures
GMX
Lighter RH
Perpl
Bitget
Katana Perps
Coinbase International
BloFin
Phoenix
Gate
Ondo Perps
MEXC
OKX
Pacifica
Jupiter Perps
Lighter
Aster
dYdX
Bullet
BingX
Polymarket Perps
Popdex
gTrade (Gains Network)
Hibachi
KuCoin
Binance
Deribit
Bybit
RISEx
Vest
ApeX Omni
StandX
Variational OmniHyperliquid85,541+0.218%
Injective85,674+0.374%Bulk85,777.6+0.496%
Injective
BulkBTC on 55 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Aevo BTC-PERP | −0.014% | +0.0096% | 1h | $2.4M | $1.7M | 20x | as long as short |
| Derive BTC-PERPlong | 0.000% | +0.0100% | 1h | $27.6M | $50.8M | 15x | |
| Orderly PERP_BTC_USDC | 0.000% | +0.0100% | 8h | $2.3M | $6.6M | 100x | as long as short |
| Backpack BTC_USDC_PERP | +0.001% | +0.0081% | 1h | $40.9M | $100.1M | 75x | as long as short |
| SunX BTC-USDT | +0.008% | +0.0100% | 8h | $3.3M | $5.2M | 100x | as long as short |
| SoDEX BTC-USD | +0.010% | +0.0014% | 1h | $61.2M | $234.4M | 40x | as long as short |
| Extended BTC-USD | +0.017% | +0.0104% | 1h | $47.3M | $198.0M | 50x | as long as short |
| Hotstuff BTC-PERP | +0.017% | −0.0080% | 1h | $8K | $3K | 50x | as long as short |
| HTX BTC-USDT | +0.025% | +0.0017% | 8h | $2.29B | $778.1M | 200x | as long as short |
| Nado BTC-PERP | +0.027% | +0.0071% | 1h | $24.5M | $219.5M | 50x | as long as short |
Show all 55 venues
| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Phemex BTCUSDT | +0.027% | −0.0027% | 8h | $160.3M | $368.6M | 150x | as long as short |
| Paradex BTC-USD-PERP | +0.030% | +0.0090% | 8h | $4.4M | $6.7M | 50x | as long as short |
| Reya BTCRUSDPERP | +0.033% | −0.0037% | 1h | $6.8M | $134.6M | 40x | as long as short |
| Bluefin BTC-PERP | +0.035% | +0.0100% | 1h | $142K | $399K | 40x | as long as short |
| Arcus BTC-USD | +0.036% | +0.0100% | 1h | $6.2M | $76.8M | 40x | as long as short |
| Kraken Futures PF_XBTUSD | +0.039% | +0.0123% | 1h | $187.1M | $740.6M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | +0.040% | L +0.0194% / S −0.0201% | 1h | $12.9M | — | 200x | as long as short |
| Lighter RH BTC | +0.044% | +0.0096% | 1h | $25.1M | $127.8M | 50x | as long as short |
| Perpl BTC | +0.051% | −0.0447% | 43m | $437K | $31.5M | 6.7x | as long as short |
| Bitget BTCUSDT | +0.057% | −0.0012% | 8h | $2.96B | $4.23B | 150x | as long as short |
| Katana Perps BTC-USD | +0.058% | +0.0100% | 8h | $197K | $4.8M | 50x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.059% | +0.0120% | 1h | $142.9M | $6.07B | 50x | as long as short |
| BloFin BTC-USDT | +0.059% | +0.0220% | 8h | $419.4M | $476.6M | 150x | as long as short |
| Phoenix BTC | +0.059% | +0.0126% | 1h | $1.7M | $9.5M | 40x | as long as short |
| Gate BTC_USDT | +0.062% | −0.0025% | 8h | $6.02B | $8.30B | 200x | as long as short |
| Ondo Perps BTC-USD.P | +0.063% | +0.0100% | 1h | $3.9M | $15.6M | 25x | as long as short |
| MEXC BTC_USDT | +0.063% | +0.0099% | 8h | $4.95B | $4.56B | 500x | as long as short |
| OKX BTC-USDT-SWAP | +0.064% | +0.0063% | 8h | $2.57B | $10.59B | 100x | as long as short |
| Pacifica BTC | +0.068% | +0.0100% | 1h | $36.3M | $310.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | +0.069% | L +0.0104% / S +0.0048% | 1h | — | $85.1M | 500x | as long as short |
| Lighter BTC | +0.074% | +0.0096% | 1h | $182.7M | $835.6M | 50x | as long as short |
| Aster BTCUSDT | +0.075% | +0.0046% | 8h | $482.5M | $963.5M | 200x | as long as short |
| dYdX BTC-USD | +0.076% | 0.0000% | 1h | $16.0M | $13.6M | 50x | as long as short |
| Bullet BTC-USD | +0.077% | +0.0089% | 1h | $250K | $3.3M | 20x | as long as short |
| BingX BTC-USDT | +0.079% | −0.0012% | 8h | — | $1.28B | — | as long as short |
| Polymarket Perps BTC-USD | +0.080% | +0.0100% | 1h | $10.8M | $10.4M | 50x | as long as short |
| Kalshi KXBTCPERP | +0.083% | 0.0000% | 8h | $8.1M | $484.2M | 6.4x | as long as short |
| Popdex BTCUSDT | +0.086% | +0.0096% | 1h | $8.4M | $39.8M | 100x | as long as short |
| 01 Exchange BTCUSD | +0.086% | −0.0024% | 1h | $279K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | +0.087% | L +0.0004% / S −0.0004% | 1h | $36.5M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.087% | +0.0256% | 1h | $596K | $7.4M | 30x | as long as short |
| KuCoin XBTUSDTM | +0.089% | +0.0068% | 8h | $795.3M | $579.1M | 125x | as long as short |
| Aftermath Perps BTCUSD | +0.093% | −0.0033% | 1h | $85K | $143K | 20x | as long as short |
| Binance BTCUSDT | +0.098% | +0.0099% | 8h | $9.52B | $19.16B | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.098% | +0.0408% | 1h | $840.1M | $902.7M | 50x | as long as short |
| Bybit BTCUSDT | +0.103% | +0.0100% | 8h | $5.05B | $7.68B | 150x | as long as short |
| RISEx BTC/USDC | +0.114% | +0.0178% | 1h | $8.5M | $36.5M | 25x | as long as short |
| Vest BTC-PERP | +0.115% | +0.0100% | 1h | — | $13.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.135% | −0.0044% | 1h | $137.7M | $315.4M | 100x | as long as short |
| edgeX BTCUSDC | +0.150% | −0.0087% | 4h | $283.5M | $782.6M | 100x | as long as short |
| StandX BTC-USD | +0.164% | +0.0100% | 1h | $30.6M | $246.8M | 40x | as long as short |
| Variational Omni BTC | +0.180% | +0.0100% | 8h | $173.2M | $463.3M | — | as long as short |
| Hyperliquid BTCshort | +0.204% | +0.0321% | 1h | $3.84B | $4.02B | 40x | |
| Injective BTC/USDC PERP | +0.360% | −0.0036% | 1h | $307K | $27.0M | 52x | as long as short |
| Bulk BTC-USD | +0.482% | +0.0100% | 1h | $535.7M | $60.2M | 40x | as long as short |