BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0009%/8h= +1.0% APRnext payment +$0.01 per $10,000 · paid last 24h +0.015%

Price spread now: Derive against SoDEX+0.051%121s7-day average +0.003% · you sell dearer than you buy

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

Long on SoDEX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.051%, 7d avg +0.003%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.048% dearer against SoDEX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.003%. The two prices were read 121 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	SoDEX BTC-USD	85,340	0.0091	pay 0.0011% / 1h	2m 07s	$59.7M	$336.6M	40x
Short	Derive BTC-PERP	85,383.8	0.0100	get 0.0013% / 1h	2m 07s	$30.0M	$46.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against SoDEX. 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 SoDEXbpFee DerivebpOrdersPrice spread, now +0.051%Rate

Funding earned: $1.89
Price spread: +0.051% → +0.003%: $4.82
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$7.28
Costs to cover: 0.140%
Break-even: 34.0 days

Slippage unknown: SoDEX: live order book, 2 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 SoDEX live order book, 2 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	4.9 bp −$490	38.3 bp −$19.1K
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	85,520	+0.211%	$2.3M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,360	+0.023%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0032%	8h	85,347	+0.008%	$928.5M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,381.7	+0.049%	$421.4M	$680.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,334.6	−0.006%	$512.1M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,358.3	+0.021%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,392.5	+0.062%	$492K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,372.9	+0.039%	$849.7M	$1.64B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,384.6	+0.052%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.3	+0.026%	$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-PERP	+0.0048%	1h	85,342.9	+0.003%	$24.1M	$219.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,420	+0.094%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0074%	8h	85,316.5	−0.028%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,350.7	+0.013%	$185.9M	$951.9M	100x	as long as short
Bybit BTCUSDT	+0.0091%	8h	85,335.2	−0.006%	$5.13B	$9.97B	150x	as long as short
SoDEX BTC-USDlong	+0.0091%	1h	85,340	long leg	$59.7M	$336.6M	40x
Bitget BTCUSDT	+0.0091%	8h	85,339.8	0.000%	$2.96B	$5.15B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,353.2	+0.015%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,350.8	+0.013%	$23.6M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,351	+0.013%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,340.5	+0.001%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,341.5	+0.002%	$5.03B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,340	0.000%	$9.42B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,337	−0.004%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,392.4	+0.061%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,418	+0.091%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,383.6	+0.051%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,345.1	+0.006%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,361	+0.025%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,349.3	+0.011%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,350.1	+0.012%	$5.54B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,331.5	−0.010%	$37.2M	$183.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.109%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.6	+0.110%	$279.9M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439	+0.116%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.110%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,401.3	+0.072%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,407.8	+0.079%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	+0.009%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,346.7	+0.008%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,343.5	+0.004%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,376.1	+0.042%	$194K	$795K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,383.8	+0.051%	$30.0M	$46.1M	15x
SunX BTC-USDT	+0.0100%	8h	85,352.2	+0.014%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,342.7	+0.003%	$2.26B	$963.2M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,357.9	+0.021%	$157.5M	$512.3M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.086%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,316.6	−0.027%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,363.6	+0.028%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,369	+0.034%	$112.9M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,336.4	−0.004%	$6.6M	$147.5M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,357	+0.020%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,373	+0.039%	$11.9M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,378.7	+0.045%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,443.3	+0.121%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0274%	1h	85,430.6	+0.106%	$79K	$246K	20x	as long as short