Markets
BTC94.41SPY99.33 CryptoETF
BTC/SPY
Coinbase Wrapped BTC relative to SP500
BTC−0.29%SPY leads · 24h+0.34%SPY
Relative performance · indexed to 100
95.05−4.95%1M
Ratio 103.4346 · SPY per BTC
SPY99.33Base
BTC
Coinbase Wrapped BTCcbBTC
- Mint
- cbbt…iMij
- Decimals
- 8
Quote
SPY
SP500 xStockSPYx
- Mint
- XsoC…DF2W
- Decimals
- 8
What this market measures
Tracks BTC performance relative to SPY.
The chart shows relative performance indexed to 100 at the start of the range. This is not the price of an Otus token and not the price of either asset - it is how BTC has done against SPY, which can rise even when both are falling.
Bitcoin against the market itself. The cleanest expression of the debasement trade.
Why a ratio, not two perps
- One position, one liquidation level
- A long-BTC short-SPY pair built from two perps can be liquidated on a market-wide wick: the long leg blows up before the short leg pays out, even when the view was right. A ratio position only cares whether BTC outperforms; its liquidation level is a ratio level.
- Balanced by construction
- Two legs drift out of balance and need constant rebalancing. A ratio position cannot drift. It is the relationship itself.
- One margin, one fee
- Two legs cost double margin, double fees and double funding. One position halves all three.
- Pairs that exist nowhere else
- Many pairs cannot be assembled from existing perps at all, because one side has no perp market. Tokenized equities and long-tail Solana assets first among them.
- Identifier
- btc-spy
- Listed
- Sep 23, 2026
- Creator
- Unattributed
Trade
BTC outperforms SPY.
Leverage10×
Margin
USDC
USDC- Entry ratio
- 103.4346
- Liquidation ratio
- 93.0911(−10.0%)
- Position size
- 1,000.00
Margin settles to the Otus vault through a Jupiter swap from your wallet. Positions are marked against live ratios.