Funding you earn now, next payment 07:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.011%
Price spread now: Derive against Kalshi−0.056%7-day average −0.001% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.037%−$4 on $10k
+Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.056%, 7d avg −0.001%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 0.055% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.001%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kalshi KXBTCPERP | 85,267 | 0.0193 | pay 0.0193% / 8h | 5h 45m | $11.5M | $742.7M | 6.4x |
| Short | Derive BTC-PERP | 85,218.8 | 0.0100 | get 0.0013% / 1h | 45m 27s | $29.9M | $47.9M | 15x |
Kalshi KXBTCPERP
Derive BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Derive against Kalshi. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$19.48
- Price spread: −0.056% → −0.001%
- −$5.52
- Slippage, 4 orders
- no order book: not counted
- Fee Kalshi: 5 bp × 2 orders
- −$10
- Fee Derive: 3 bp × 2 orders
- −$6
- Net
- −$41
- Costs to cover
- 0.160%
- Break-even
- never at this rate
Slippage unknown: Kalshi: live order book, 4 min ago; 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| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Kalshi live order book, 4 min ago | 0.18 bp | 5.4 bp −$5 | 6.6 bp −$66 | 7.5 bp −$752 | 12.1 bp −$6,070 |
| 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.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTC | −0.0082% | 1h | 85,262 | −0.006% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,279 | +0.014% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0048% | 8h | 85,319.8 | +0.062% | $926.9M | $772.7M | 125x | as long as short |
| BloFin BTC-USDT | −0.0026% | 8h | 85,251.2 | −0.019% | $421.3M | $683.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,344.2 | +0.091% | $512.9M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,249.5 | −0.021% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,250.2 | −0.020% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,297.3 | +0.036% | $535K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,362.3 | +0.112% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0042% | 1h | 85,245.3 | −0.026% | $24.4M | $222.7M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
dYdX BTC-USD
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,405 | +0.162% | $339K | $26.8M | 52x | as long as short |
| ApeX Omni BTCUSDT | +0.0068% | 1h | 85,268.8 | +0.002% | $139.4M | $314.4M | 100x | as long as short |
| BingX BTC-USDT | +0.0070% | 8h | 85,352.6 | +0.100% | — | $1.56B | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0072% | 1h | 85,277.5 | +0.012% | $864.2M | $1.63B | 50x | as long as short |
| Bitget BTCUSDT | +0.0088% | 8h | 85,323.3 | +0.066% | $2.95B | $5.18B | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,247.4 | −0.023% | $186.4M | $956.8M | 100x | as long as short |
| Binance BTCUSDT | +0.0093% | 8h | 85,351.4 | +0.099% | $9.43B | $25.00B | 150x | as long as short |
| MEXC BTC_USDT | +0.0094% | 8h | 85,333.8 | +0.078% | $5.01B | $5.74B | 500x | as long as short |
| Phemex BTCUSDT | +0.0096% | 8h | 85,243.9 | −0.027% | $150.0M | $508.7M | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,246.8 | −0.024% | $170.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,258.2 | −0.010% | $23.6M | $147.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,253 | −0.016% | $8.4M | $56.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,232.2 | −0.041% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,219 | −0.056% | $237K | $8.6M | 50x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,262 | −0.006% | $59.6M | $336.9M | 40x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,300.4 | +0.039% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,398 | +0.154% | $3.74B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,275.6 | +0.010% | $39.9M | $602.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,303.2 | +0.043% | $5.14B | $10.00B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,312 | +0.053% | $2.59B | $12.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,240 | −0.032% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,259.3 | −0.009% | $4.6M | $98.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,253.5 | −0.016% | $5.49B | $10.97B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,255 | −0.014% | $36.7M | $178.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,207.4 | −0.070% | $154.6M | $558.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,253.2 | −0.016% | $279.3M | $952.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,259.3 | −0.009% | $214.0M | $167.0M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,235 | −0.038% | $30.0M | $204.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,353.5 | +0.101% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,321 | +0.063% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,351.4 | +0.099% | $202K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,240 | −0.032% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,282.2 | +0.018% | $193K | $795K | 40x | as long as short |
| Derive BTC-PERPshort | +0.0100% | 1h | 85,218.8 | −0.056% | $29.9M | $47.9M | 15x | |
| SunX BTC-USDT | +0.0100% | 8h | 85,234.7 | −0.038% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,237.6 | −0.034% | $2.25B | $969.0M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,294.8 | +0.033% | $682.6M | $475.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,224.2 | −0.050% | $44.6M | $240.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,266.1 | −0.001% | — | $107.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,278.9 | +0.014% | $116.9M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0125% | 1h | 85,317.7 | +0.059% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,358.7 | +0.108% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERPlong | +0.0193% | 8h | 85,267 | long leg | $11.5M | $742.7M | 6.4x | |
| RISEx BTC/USDC | +0.0193% | 1h | 85,269.4 | +0.003% | $8.7M | $43.2M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,327.4 | +0.071% | $689K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0257% | 1h | 85,344.3 | +0.091% | $79K | $229K | 20x | as long as short |
Injective BTC/USDC PERP
ApeX Omni BTCUSDT
BingX BTC-USDT
Deribit BTC-PERPETUAL
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
Binance BTCUSDT
MEXC BTC_USDT
Phemex BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
SoDEX BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD