Funding you earn now, next payment 06:00 UTC−0.0182%/8h= −19.9% APRnext payment −$0.23 per $10,000 · paid last 24h −0.030%
Price spread now: Phoenix against Arcus−0.092%7-day average +0.018% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$130.128% of the position
Funding, last 4 days (all we have)−0.121%−$12 on $10k
+Price spread, last 7 days+0.088%+$9 · spread now −0.092%, 7d avg +0.018%
=Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.110% cheaper against Arcus than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.018%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Arcus BTC-USD | 85,340.3 | 0.0100 | pay 0.0013% / 1h | 43m 00s | $4.6M | $99.2M | 40x |
| Short | Phoenix BTC | 85,262 | −0.0082 | pay 0.0010% / 1h | 43m 00s | $2.1M | $10.4M | 40x |
Arcus BTC-USD
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Arcus. 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
- −$38.12
- Price spread: −0.092% → +0.018%
- −$10.98
- Slippage, 4 orders
- −$1.3
- Fee Arcus: 2.25 bp × 2 orders
- −$4.5
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$61.9
- Costs to cover
- 0.128%
- Break-even
- never at this rate
Slippage from Arcus: live order book, 11 min ago; Phoenix: live order book, 6 min ago.
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 Arcus live order book, 11 min ago | 0.01 bp | 3.2 bp −$3 | 3.5 bp −$35 | 4.1 bp −$412 | doesn't fit |
| Sell Phoenix live order book, 6 min ago | 0.06 bp | 3.7 bp −$4 | 6.3 bp −$63 | 11.8 bp −$1,181 | doesn't fit |
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 BTCshort | −0.0082% | 1h | 85,262 | −0.092% | $2.1M | $10.4M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,332 | −0.010% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0048% | 8h | 85,310.5 | −0.035% | $928.6M | $773.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0027% | 8h | 85,312.1 | −0.033% | $421.5M | $684.3M | 150x | as long as short |
| Aster BTCUSDT | −0.0012% | 8h | 85,296.7 | −0.051% | $512.6M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,322.4 | −0.021% | $16.7M | $21.5M | 50x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,349.4 | +0.011% | $354K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,305.1 | −0.041% | $534K | $18.3M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,351 | +0.013% | $36.5M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0041% | 1h | 85,328.1 | −0.014% | $24.4M | $222.8M | 50x | as long as short |
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 | |
|---|---|---|---|---|---|---|---|---|
| ApeX Omni BTCUSDT | +0.0042% | 1h | 85,293.8 | −0.055% | $139.5M | $314.4M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0043% | 1h | 85,356 | +0.018% | $867.8M | $1.64B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,334 | −0.007% | $339K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0070% | 8h | 85,283.5 | −0.067% | — | $17.4M | — | as long as short |
| Bitget BTCUSDT | +0.0088% | 8h | 85,303.6 | −0.043% | $2.96B | $5.18B | 150x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,327.6 | −0.015% | $186.6M | $956.2M | 100x | as long as short |
| MEXC BTC_USDT | +0.0092% | 8h | 85,307.9 | −0.038% | $5.01B | $5.74B | 500x | as long as short |
| Binance BTCUSDT | +0.0093% | 8h | 85,304.3 | −0.042% | $9.43B | $24.99B | 150x | as long as short |
| SoDEX BTC-USD | +0.0095% | 1h | 85,314 | −0.031% | $59.7M | $336.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,332.7 | −0.009% | $170.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,321.7 | −0.022% | $23.6M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,338 | −0.003% | $8.4M | $56.1M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,324 | −0.019% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,305 | −0.041% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,363.8 | +0.028% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,385 | +0.052% | $3.74B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,340.5 | 0.000% | $39.9M | $602.6M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,300.7 | −0.046% | $5.14B | $10.01B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,306.2 | −0.040% | $2.59B | $12.28B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,329 | −0.013% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USDlong | +0.0100% | 1h | 85,340.3 | long leg | $4.6M | $99.2M | 40x | |
| Gate BTC_USDT | +0.0100% | 8h | 85,316.6 | −0.028% | $5.50B | $10.98B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,308.3 | −0.037% | $36.7M | $178.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,207.4 | −0.156% | $154.6M | $558.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,231.5 | −0.127% | $279.3M | $953.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,259.3 | −0.095% | $214.0M | $167.0M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,323 | −0.020% | $30.1M | $204.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,386.6 | +0.054% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,329 | −0.013% | $11.0M | $14.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,343.9 | +0.004% | $201K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,333.3 | −0.008% | $2.6M | $9.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,373.9 | +0.039% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,314.6 | −0.030% | $29.9M | $47.8M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,307.9 | −0.038% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,324.1 | −0.019% | $2.26B | $970.3M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,326.7 | −0.016% | $150.6M | $508.8M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,294.8 | −0.053% | $682.6M | $475.0M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,306.8 | −0.039% | $44.7M | $240.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,321.2 | −0.022% | — | $107.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,356.9 | +0.019% | $117.2M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0125% | 1h | 85,321.6 | −0.022% | $6.6M | $147.6M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0152% | 1h | 85,347.2 | +0.008% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0191% | 8h | 85,342 | +0.002% | $11.8M | $743.0M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,363.5 | +0.027% | $8.7M | $43.1M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,327.4 | −0.015% | $689K | $8.0M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0256% | 1h | 85,348.8 | +0.010% | $79K | $229K | 20x | as long as short |
ApeX Omni BTCUSDT
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
BingX BTC-USDC
Bitget BTCUSDT
Kraken Futures PF_XBTUSD
MEXC BTC_USDT
Binance BTCUSDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
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
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD