BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0260%/8h= −28.5% APRnext payment −$0.32 per $10,000 · paid last 24h −0.023%

Price spread now: Phoenix against Backpack−0.033%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 7 days+0.513%+$51 · spread now −0.033%, 7d avg +0.055%

Together, before fees+0.562%+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.088% cheaper against Backpack than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.048% in total (about 2.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,687	0.0100	pay 0.0013% / 1h	55m 02s	$36.0M	$175.5M	75x
Short	Phoenix BTC	85,659	−0.0160	pay 0.0020% / 1h	55m 02s	$2.2M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 BackpackbpFee PhoenixbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$54.57
Price spread: −0.033% → +0.055%: −$8.78
Slippage, 4 orders: −$0.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$80.79
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Phoenix: live order book, 9 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 Backpack live order book, 4 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$575	20.4 bp −$10.2K
Sell Phoenix live order book, 9 min ago	0.06 bp	3.7 bp −$4	5.5 bp −$55	10.9 bp −$1,090	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
Bluefin BTC-PERP	−0.4407%	1h	85,725.1	+0.044%	$194K	$725K	40x	as long as short
Phoenix BTCshort	−0.0160%	1h	85,659	−0.033%	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,722	+0.041%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,680.9	−0.007%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,685.9	−0.001%	$417.6M	$666.0M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,713.4	+0.031%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	85,684.4	−0.003%	$920.4M	$750.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,696.3	+0.011%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,690.9	+0.005%	$516.4M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,666.6	−0.024%	$6.9M	$97.7M	40x	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	+0.0041%	1h	85,687.9	+0.001%	$22.6M	$218.8M	50x	as long as short
BingX BTC-USDC	+0.0058%	8h	85,685.7	−0.002%	—	$17.1M	—	as long as short
ApeX Omni BTCUSDT	+0.0059%	1h	85,584.6	−0.120%	$139.9M	$315.1M	100x	as long as short
Bitget BTCUSDT	+0.0073%	8h	85,701.9	+0.017%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0076%	1h	85,675.3	−0.014%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,692.2	+0.006%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,696.2	+0.011%	$5.05B	$5.57B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,700	+0.015%	$9.35B	$23.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,694.2	+0.008%	$174.3M	$999.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,700.2	+0.015%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,676	−0.013%	$8.4M	$52.5M	100x	as long as short
HTX BTC-USDT	+0.0098%	8h	85,677.1	−0.012%	$2.27B	$938.2M	200x	as long as short
SoDEX BTC-USD	+0.0099%	1h	85,687	0.000%	$60.0M	$336.1M	40x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,715.9	+0.034%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,655	−0.037%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,776	+0.104%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,703.9	+0.020%	$40.1M	$576.9M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,713.4	+0.031%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,707.2	+0.024%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,668	−0.022%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,708.5	+0.025%	$5.55B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,687	long leg	$36.0M	$175.5M	75x
Variational Omni BTC	+0.0100%	8h	85,690.1	+0.004%	$156.8M	$560.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,589.3	−0.114%	$279.5M	$917.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,627.1	−0.070%	$215.0M	$164.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,694	+0.008%	$30.3M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,722.4	+0.041%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,674	−0.015%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,681.1	−0.007%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,688.5	+0.002%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,690.2	+0.004%	$30.0M	$51.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,687.4	0.000%	$2.9M	$6.1M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,699.1	+0.014%	$150.6M	$482.8M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.052%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,675.9	−0.013%	$44.5M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,691.5	+0.005%	—	$106.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,730	+0.050%	$118.0M	$5.14B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,742	+0.064%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,706.9	+0.023%	$189.2M	$952.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0177% / S −0.0151%	1h	85,691.2	+0.005%	$13.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0177%	1h	85,734.2	+0.055%	$892.0M	$1.53B	50x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	85,741.7	+0.064%	$703K	$7.8M	30x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,713.3	+0.031%	$8.4M	$42.4M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,709.9	+0.027%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,719	+0.037%	$10.6M	$759.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,680.2	−0.008%	$493K	$19.0M	6.7x	as long as short