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Funding arb · Price arb /

BTC

all BTC markets
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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 06:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.035%
Price spread now: Derive against gTrade (Gains Network)−0.050%7-day average −0.014% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on gTrade (Gains Network)Short on Derive
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.069%+$7 on $10k
Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.050%, 7d avg −0.014%
Together, before fees+0.040%+$4 on $10k · with fees, hour by hour
Funding pays, the price is against you. Derive is 0.036% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of −0.014%). If the spread goes back, that is −$4 on $10k: about 31 hours of funding at the current rate (+$3 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LonggTrade (Gains Network) BTC/USD85,198.4L +0.0004% / S −0.0004%pay 0.0001% / 1h28m 50s$36.4M—200x
ShortDerive BTC-PERP85,155.70.0100get 0.0013% / 1h28m 50s$29.9M$49.7M15x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Derive against gTrade (Gains Network). 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

Funding earned
$20.06
Price spread: −0.050% → −0.014%
−$3.64
Slippage, 4 orders
no order book: not counted
Fee gTrade (Gains Network): 3.5 bp × 2 orders
−$7
Fee Derive: 3 bp × 2 orders
−$6
Net
$3.42
Costs to cover
0.130%
Break-even
5.8 days
Slippage unknown: gTrade (Gains Network): virtual book (oracle venue), just now; Derive: 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
LegHalf-spread$10k$100k$1M$5M
Buy gTrade (Gains Network) virtual book (oracle venue), just now0.51 bp4.0 bp −$44.1 bp −$414.5 bp −$4466.4 bp −$3,182
Sell Derive no order-book sample—————
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl BTC−0.0112%43m85,184.9−0.016%$524K$18.4M6.7xas long as short
Phoenix BTC−0.0111%1h85,204+0.007%$2.1M$10.4M40xas long as short
Hotstuff BTC-PERP−0.0080%1h85,194−0.005%$8K$3K50xas long as short
KuCoin XBTUSDTM−0.0054%8h85,118.3−0.094%$921.0M$763.4M125xas long as short
BloFin BTC-USDT−0.0035%8h85,189.4−0.011%$419.3M$678.8M150xas long as short
01 Exchange BTCUSD−0.0024%1h85,224.1+0.030%$373K$2.3M50xas long as short
Aster BTCUSDT−0.0015%8h85,129−0.082%$511.8M$1.09B200xas long as short
dYdX BTC-USD+0.0001%1h85,176.4−0.026%$16.7M$21.7M50xas long as short
gTrade (Gains Network) BTC/USDlongL +0.0004% / S −0.0004%1h85,198.4long leg$36.4M—200x
Injective BTC/USDC PERP+0.0023%1h85,225+0.031%$338K$26.8M52xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Nado BTC-PERP+0.0025%1h85,187.4−0.013%$24.7M$222.8M50xas long as short
Kraken Futures PF_XBTUSD+0.0056%1h85,168.3−0.035%$187.0M$955.3M100xas long as short
BingX BTC-USDC+0.0066%8h85,117.1−0.095%—$17.4M—as long as short
Phemex BTCUSDT+0.0077%8h85,156−0.050%$148.4M$504.8M150xas long as short
Aevo BTC-PERP+0.0080%1h85,171.6−0.031%$2.4M$6.7M20xas long as short
Bitget BTCUSDT+0.0084%8h85,137.1−0.072%$2.95B$5.17B150xas long as short
MEXC BTC_USDT+0.0085%8h85,129.8−0.081%$5.06B$5.71B500xas long as short
Binance BTCUSDT+0.0085%8h85,139.3−0.069%$9.40B$24.83B150xas long as short
Deribit BTC-PERPETUAL+0.0087%1h85,207.2+0.010%$870.9M$1.61B50xas long as short
Bullet BTC-USD+0.0089%1h85,185−0.016%$206K$3.3M20xas long as short
Lighter BTC+0.0096%1h85,162.9−0.042%$170.9M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h85,169.7−0.034%$23.7M$148.4M50xas long as short
Popdex BTCUSDT+0.0096%1h85,217+0.022%$8.4M$55.7M100xas long as short
Coinbase International BTC-PERP-INTX+0.0096%1h85,187.9−0.012%$116.8M$5.35B50xas long as short
Katana Perps BTC-USD+0.0100%8h85,197−0.002%$239K$8.6M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h85,247.1+0.057%$5.8M$9.6M50xas long as short
Hyperliquid BTC+0.0100%1h85,224+0.030%$3.74B$5.07B40xas long as short
Pacifica BTC+0.0100%1h85,199.3+0.001%$40.1M$599.0M50xas long as short
Bybit BTCUSDT+0.0100%8h85,134.6−0.075%$5.15B$9.93B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h85,148.8−0.058%$2.58B$12.16B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h85,204+0.007%$3.8M$17.6M25xas long as short
Arcus BTC-USD+0.0100%1h85,210.6+0.014%$4.6M$99.2M40xas long as short
Bulk BTC-USD+0.0100%1h85,183.8−0.017%$678.4M$603.6M40xas long as short
Gate BTC_USDT+0.0100%8h85,133.7−0.076%$5.49B$10.93B200xas long as short
Backpack BTC_USDC_PERP+0.0100%1h85,144.1−0.064%$35.9M$174.8M75xas long as short
Variational Omni BTC+0.0100%8h85,111.9−0.102%$154.3M$569.8M—as long as short
edgeX BTCUSDC+0.0100%4h85,133.5−0.076%$278.8M$944.7M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h85,139−0.070%$214.0M$168.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h85,125.3−0.086%$139.1M$315.2M100xas long as short
StandX BTC-USD+0.0100%1h85,156.3−0.049%$30.0M$205.4M40xas long as short
Vest BTC-PERP+0.0100%1h85,262.4+0.075%—$10.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h85,191−0.009%$11.0M$14.4M50xas long as short
Orderly PERP_BTC_USDC+0.0100%8h85,178.4−0.023%$2.5M$9.3M100xas long as short
Bluefin BTC-PERP+0.0100%1h85,215.9+0.021%$217K$749K40xas long as short
Derive BTC-PERPshort+0.0100%1h85,155.7−0.050%$29.9M$49.7M15x
SunX BTC-USDT+0.0100%8h85,181.9−0.019%$2.9M$6.1M100xas long as short
SoDEX BTC-USD+0.0100%1h85,157−0.049%$59.6M$335.8M40xas long as short
HTX BTC-USDT+0.0100%8h85,187.2−0.013%$2.25B$946.1M200xas long as short
Extended BTC-USD+0.0104%1h85,106.7−0.108%$45.3M$238.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h85,202.2+0.004%—$106.8M500xas long as short
Reya BTCRUSDPERP+0.0114%1h85,192.4−0.007%$6.6M$147.4M40xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0176% / S −0.0151%1h85,189.4−0.011%$13.0M—200xas long as short
Kalshi KXBTCPERP+0.0180%8h85,207+0.010%$11.3M$744.5M6.4xas long as short
Aftermath Perps BTCUSD+0.0209%1h85,232.8+0.040%$79K$226K20xas long as short
Hibachi BTC/USDT-P+0.0224%1h85,202.4+0.005%$717K$8.0M30xas long as short
RISEx BTC/USDC+0.0257%1h85,233.7+0.041%$8.6M$43.1M25xas long as short