BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0052%/8h= −5.7% APRnext payment −$0.07 per $10,000 · paid last 24h −0.008%

Price spread now: Nado against Derive−0.048%108s7-day average −0.003% · you buy dearer than you sell

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

Long on Derive Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.023%+$2 on $10k

Price spread, last 4 days (all we have)+0.064%+$6 · spread now −0.048%, 7d avg −0.003%

Together, before fees+0.086%+ Points / potential airdropNado: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Nado is 0.045% cheaper against Derive than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.003%). Swap the legs. The two prices were read 108 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	85,383.8	0.0100	pay 0.0013% / 1h	2m 22s	$30.0M	$46.1M	15x
Short	Nado BTC-PERP	85,342.9	0.0048	get 0.0006% / 1h	2m 22s	$24.1M	$219.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.048%Rate

Funding earned: −$10.98
Price spread: −0.048% → −0.003%: −$4.51
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$28.49
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	5.3 bp −$526	10.9 bp −$5,454

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	85,520	+0.160%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,360	−0.028%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0032%	8h	85,348.3	−0.042%	$928.2M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,381.7	−0.002%	$421.4M	$680.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,335.4	−0.057%	$512.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,358.3	−0.030%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,392.5	+0.010%	$492K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,372.9	−0.013%	$849.7M	$1.64B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,384.6	+0.001%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.3	−0.025%	$36.5M	—	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERPshort	+0.0048%	1h	85,342.9	−0.048%	$24.1M	$219.7M	50x
Injective BTC/USDC PERP	+0.0057%	1h	85,420	+0.042%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0074%	8h	85,317.2	−0.078%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,350.7	−0.039%	$185.9M	$951.9M	100x	as long as short
Bybit BTCUSDT	+0.0091%	8h	85,333.1	−0.059%	$5.13B	$9.97B	150x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,340	−0.051%	$59.7M	$336.6M	40x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,340.5	−0.051%	$2.96B	$5.15B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,353.2	−0.036%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,350.8	−0.039%	$23.6M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,351	−0.038%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,340.5	−0.051%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,346	−0.044%	$5.03B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,341.1	−0.050%	$9.42B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,337	−0.055%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,392.4	+0.010%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,425	+0.048%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,383.6	0.000%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,345	−0.045%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,361	−0.027%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,349.3	−0.040%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,356.6	−0.032%	$5.54B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,351.7	−0.038%	$37.4M	$182.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.058%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.6	+0.058%	$279.9M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439	+0.065%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.059%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,401.3	+0.021%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,407.8	+0.028%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.042%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,346.7	−0.043%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,343.5	−0.047%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,376.1	−0.009%	$194K	$795K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,383.8	long leg	$30.0M	$46.1M	15x
SunX BTC-USDT	+0.0100%	8h	85,352.2	−0.037%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,342.7	−0.048%	$2.26B	$963.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,357.9	−0.030%	$157.5M	$512.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.034%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,316.6	−0.079%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,363.6	−0.024%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,369	−0.017%	$112.9M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,336.4	−0.056%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,357	−0.031%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,373	−0.013%	$11.9M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,378.7	−0.006%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,443.3	+0.070%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0274%	1h	85,430.6	+0.055%	$79K	$246K	20x	as long as short