BTC

Alert

Spread before costs (cost unknown: a leg has no order-book sample)+0.006%

7d average—if it closes, per $10,000$1funding while held, a day−$11.00

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,975	−0.0080	get 0.0010% / 1h	43m 50s	$9K	$4K	50x
Short	Perpl BTC	85,979.9	−0.0447	pay 0.0040% / 43m	38m 50s	$404K	$26.2M	6.7x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee HotstuffbpFee PerplbpOrdersClose when spread is

Spread captured: $0.57
Funding while held: −$11
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$29.23
Spread needed to break even: 0.188%

Slippage unknown: Hotstuff: no order-book sample; Perpl: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: −0.0367%
Per $10,000 a day: −$11.00
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 Hotstuff no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Hotstuff and Perpl: 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.

Injective85,720cheapest Bulk85,911.1+0.223%edgeX85,946.3+0.264%ApeX Omni85,947+0.265%Ondo Perps85,949+0.267%Variational Omni85,952.4+0.271%Arcus85,952.8+0.272%BloFin85,954.7+0.274%StandX85,959.3+0.279%Nado85,961.9+0.282%Aftermath Perps85,970.4+0.292%

Hotstuff85,975+0.297%

Perpl85,979.9+0.303%

HTX85,980+0.303%Katana Perps85,981+0.304%Pacifica85,983.3+0.307%Phoenix85,985+0.309%SunX85,986+0.310%Jupiter Perps85,986.9+0.311%Hibachi85,993.2+0.319%Popdex85,999+0.325%Reya86,002.1+0.329%RISEx86,003.8+0.331%Aster86,004.6+0.332%Paradex86,004.7+0.332%Bullet86,011+0.339%KuCoin86,013.6+0.342%SoDEX86,014+0.343%dYdX86,014.1+0.343%Extended86,014.1+0.343%01 Exchange86,015.4+0.345%MEXC86,015.8+0.345%Binance86,015.9+0.345%Polymarket Perps86,016+0.345%Phemex86,016.6+0.346%Aevo86,017.9+0.348%Gate86,019.6+0.350%Bybit86,025+0.356%Bitget86,025.6+0.357%OKX86,027.4+0.359%Orderly86,029.4+0.361%BingX86,029.5+0.361%Lighter86,029.6+0.361%Kalshi86,031+0.363%Backpack86,034.3+0.367%Lighter RH86,036.7+0.369%Vest86,038.1+0.371%Derive86,041.6+0.375%GMX86,048.5+0.383%Bluefin86,052.3+0.388%gTrade (Gains Network)86,057.1+0.393%Kraken Futures86,063.4+0.401%Coinbase International86,094+0.436%Deribit86,096.8+0.440%Hyperliquid86,121+0.468%

BTC on 55 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.297%	−0.0006%	1h	$307K	$27.0M	52x	as long as short
Bulk BTC-USD	−0.074%	+0.0002%	1h	$562.2M	$127.9M	40x	as long as short
edgeX BTCUSDC	−0.033%	+0.0100%	4h	$280.6M	$884.5M	100x	as long as short
ApeX Omni BTCUSDT	−0.033%	+0.0094%	1h	$140.0M	$319.9M	100x	as long as short
Ondo Perps BTC-USD.P	−0.030%	+0.0100%	1h	$4.1M	$17.3M	25x	as long as short
Variational Omni BTC	−0.026%	+0.0075%	8h	$170.5M	$505.3M	—	as long as short
Arcus BTC-USD	−0.026%	−0.0299%	1h	$6.7M	$85.4M	40x	as long as short
BloFin BTC-USDT	−0.024%	−0.0088%	8h	$421.8M	$568.2M	150x	as long as short
StandX BTC-USD	−0.018%	+0.0100%	1h	$30.7M	$215.3M	40x	as long as short
Nado BTC-PERP	−0.015%	+0.0100%	1h	$23.2M	$226.9M	50x	as long as short

Show all 55 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Aftermath Perps BTCUSD	−0.005%	+0.0034%	1h	$87K	$152K	20x	as long as short
Hotstuff BTC-PERPlong	0.000%	−0.0080%	1h	$9K	$4K	50x
Perpl BTCshort	+0.006%	−0.0447%	43m	$404K	$26.2M	6.7x
HTX BTC-USDT	+0.006%	+0.0091%	8h	$2.29B	$846.6M	200x	as long as short
Katana Perps BTC-USD	+0.007%	+0.0100%	8h	$201K	$5.9M	50x	as long as short
Pacifica BTC	+0.010%	+0.0100%	1h	$36.7M	$411.8M	50x	as long as short
Phoenix BTC	+0.012%	−0.0082%	1h	$1.9M	$11.0M	40x	as long as short
SunX BTC-USDT	+0.013%	+0.0100%	8h	$3.4M	$5.8M	100x	as long as short
Jupiter Perps WBTC-PERP	+0.014%	L +0.0104% / S +0.0048%	1h	—	$83.9M	500x	as long as short
Hibachi BTC/USDT-P	+0.021%	+0.0104%	1h	$753K	$6.6M	30x	as long as short
Popdex BTCUSDT	+0.028%	+0.0072%	1h	$8.5M	$46.2M	100x	as long as short
Reya BTCRUSDPERP	+0.031%	−0.0017%	1h	$6.8M	$138.3M	40x	as long as short
RISEx BTC/USDC	+0.033%	+0.0031%	1h	$9.0M	$38.6M	25x	as long as short
Aster BTCUSDT	+0.034%	+0.0019%	8h	$505.5M	$1.09B	200x	as long as short
Paradex BTC-USD-PERP	+0.035%	+0.0098%	8h	$4.4M	$6.9M	50x	as long as short
Bullet BTC-USD	+0.042%	+0.0100%	1h	$234K	$3.3M	20x	as long as short
KuCoin XBTUSDTM	+0.045%	−0.0006%	8h	$806.0M	$619.3M	125x	as long as short
SoDEX BTC-USD	+0.045%	+0.0025%	1h	$61.0M	$284.8M	40x	as long as short
dYdX BTC-USD	+0.045%	−0.0001%	1h	$17.2M	$18.1M	50x	as long as short
Extended BTC-USD	+0.046%	+0.0088%	1h	$48.5M	$199.0M	50x	as long as short
01 Exchange BTCUSD	+0.047%	−0.0048%	1h	$311K	$2.4M	50x	as long as short
MEXC BTC_USDT	+0.047%	+0.0032%	8h	$5.17B	$5.10B	500x	as long as short
Binance BTCUSDT	+0.048%	+0.0032%	8h	$9.49B	$22.06B	150x	as long as short
Polymarket Perps BTC-USD	+0.048%	+0.0100%	1h	$11.0M	$12.0M	50x	as long as short
Phemex BTCUSDT	+0.048%	−0.0009%	8h	$149.8M	$422.7M	150x	as long as short
Aevo BTC-PERP	+0.050%	+0.0032%	1h	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.052%	+0.0034%	8h	$6.06B	$9.59B	200x	as long as short
Bybit BTCUSDT	+0.058%	+0.0030%	8h	$5.28B	$8.65B	150x	as long as short
Bitget BTCUSDT	+0.059%	+0.0001%	8h	$2.96B	$4.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.061%	+0.0025%	8h	$2.67B	$11.59B	100x	as long as short
Orderly PERP_BTC_USDC	+0.063%	+0.0100%	8h	$2.4M	$7.4M	100x	as long as short
BingX BTC-USDC	+0.063%	+0.0001%	8h	—	$14.5M	—	as long as short
Lighter BTC	+0.064%	+0.0096%	1h	$172.6M	$945.5M	50x	as long as short
Kalshi KXBTCPERP	+0.065%	0.0000%	8h	$12.0M	$651.4M	6.4x	as long as short
Backpack BTC_USDC_PERP	+0.069%	+0.0100%	1h	$37.7M	$133.1M	75x	as long as short
Lighter RH BTC	+0.072%	+0.0096%	1h	$24.5M	$137.5M	50x	as long as short
Vest BTC-PERP	+0.073%	+0.0100%	1h	—	$11.5M	50x	as long as short
Derive BTC-PERP	+0.078%	+0.0100%	1h	$30.4M	$58.8M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	+0.085%	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
Bluefin BTC-PERP	+0.090%	+0.0100%	1h	$144K	$411K	40x	as long as short
gTrade (Gains Network) BTC/USD	+0.095%	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.103%	−0.0019%	1h	$188.5M	$817.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.138%	+0.0200%	1h	$129.4M	$5.85B	50x	as long as short
Deribit BTC-PERPETUAL	+0.142%	+0.0196%	1h	$915.5M	$1.11B	50x	as long as short
Hyperliquid BTC	+0.170%	+0.0203%	1h	$4.00B	$4.47B	40x	as long as short