BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0017%/8h= −1.8% APRnext payment −$0.02 per $10,000 · paid last 24h −0.049%

Price spread now: Reya against Derive+0.009%7-day average −0.015% · you sell dearer than you buy

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

Long on Derive Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.009%, 7d avg −0.015%

Together, before fees+0.068%+ Points / potential airdropReya: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.024% dearer against Derive than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.015%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	85,442.4	0.0100	pay 0.0013% / 1h	18m 31s	$29.9M	$50.3M	15x
Short	Reya BTCRUSDPERP	85,449.9	0.0083	get 0.0010% / 1h	18m 31s	$6.7M	$146.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.009%Rate

Funding earned: −$3.5
Price spread: +0.009% → −0.015%: $2.38
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: −$13.12
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Reya: 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 Derive no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Derive and Reya: 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	−0.0179%	1h	85,530	+0.103%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,411	−0.037%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,401.2	−0.048%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0023%	8h	85,383.9	−0.068%	$918.2M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,447.7	+0.006%	$416.2M	$667.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,469.4	+0.032%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,388.9	−0.063%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,408.8	−0.039%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,445.6	+0.004%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,397.3	−0.053%	$4.4M	$98.1M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,414	−0.033%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,440	−0.003%	$147.5M	$488.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,406.7	−0.042%	$2.94B	$5.07B	150x	as long as short
Reya BTCRUSDPERPshort	+0.0083%	1h	85,449.9	+0.009%	$6.7M	$146.8M	40x
Lighter BTC	+0.0096%	1h	85,409.4	−0.039%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,408.9	−0.039%	$23.8M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,405	−0.044%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,444.7	+0.003%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,401.2	−0.048%	$5.06B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,400.9	−0.049%	$9.35B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,378	−0.075%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,486.7	+0.052%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,479	+0.043%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.7	−0.011%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,396.4	−0.054%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,409	−0.039%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,389	−0.063%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.086%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,414.8	−0.032%	$5.50B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,427	−0.018%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	+0.001%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.072%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.083%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,457.2	+0.017%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,489.4	+0.055%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.5	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	+0.009%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,457	+0.017%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,448.5	+0.007%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,495.3	+0.062%	$207K	$738K	40x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	85,442.4	long leg	$29.9M	$50.3M	15x
SunX BTC-USDT	+0.0100%	8h	85,441.4	−0.001%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,448	+0.007%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	+0.009%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,390.2	−0.061%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,468.6	+0.031%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481.6	+0.046%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,493.3	+0.060%	$891.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.038%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,464.2	+0.026%	$187.5M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,422.8	−0.023%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,465.4	+0.027%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,497.8	+0.065%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,480	+0.044%	$10.3M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,532.2	+0.105%	$78K	$219K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,462.2	+0.023%	$497K	$18.8M	6.7x	as long as short