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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h −0.010%
Price spread now: Phoenix against Binance−0.038%7-day average +0.052% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as 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 BinanceShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.066%−$7 on $10k
Price spread, last 7 days+0.112%+$11 · spread now −0.038%, 7d avg +0.052%
Together, before fees+0.046%+$5 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.090% cheaper against Binance than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.052%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBinance BTCUSDT86,476.90.0074pay 0.0074% / 8h8m 52s$9.44B$24.55B150x
ShortPhoenix BTC86,444−0.0118pay 0.0015% / 1h8m 52s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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

Funding earned
−$40.34
Price spread: −0.038% → +0.052%
−$9.02
Slippage, 4 orders
−$0.36
Fee Binance: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$66.72
Costs to cover
0.174%
Break-even
never at this rate
Slippage from Binance: live order book, 5 min ago; Phoenix: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Binance live order book, 5 min ago0.01 bp5.0 bp −$55.0 bp −$506.1 bp −$6077.5 bp −$3,732
Sell Phoenix live order book, 5 min ago0.06 bp3.6 bp −$45.0 bp −$5010.4 bp −$1,036doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTCshort−0.0118%1h86,444−0.038%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,460−0.020%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,345−0.153%$332K$26.9M52xas long as short
RISEx BTC/USDC−0.0024%1h86,468.1−0.010%$8.3M$42.8M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,480.4+0.004%$358K$2.4M50xas long as short
Perpl BTC0.0000%43m86,474.2−0.003%$413K$22.4M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,499.1+0.026%$36.8M—200xas long as short
Aster BTCUSDT+0.0008%8h86,482.1+0.006%$501.6M$1.15B200xas long as short
KuCoin XBTUSDTM+0.0022%8h86,477.8+0.001%$834.3M$728.6M125xas long as short
Reya BTCRUSDPERP+0.0036%1h86,471.1−0.007%$6.7M$145.5M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDC+0.0043%8h86,464.4−0.015%—$15.4M—as long as short
Phemex BTCUSDT+0.0055%8h86,474−0.003%$151.0M$478.6M150xas long as short
Bitget BTCUSDT+0.0055%8h86,472.5−0.005%$2.97B$5.13B150xas long as short
dYdX BTC-USD+0.0062%1h86,456.7−0.023%$16.9M$21.2M50xas long as short
Aevo BTC-PERP+0.0072%1h86,469.6−0.008%$2.5M$1.4M20xas long as short
MEXC BTC_USDT+0.0073%8h86,478.4+0.002%$5.16B$5.69B500xas long as short
Binance BTCUSDTlong+0.0074%8h86,476.9long leg$9.44B$24.55B150x
Gate BTC_USDT+0.0082%8h86,476.4−0.001%$5.85B$10.81B200xas long as short
Lighter BTC+0.0096%1h86,487.7+0.012%$170.2M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,491.4+0.017%$23.9M$152.7M50xas long as short
Popdex BTCUSDT+0.0096%1h86,453−0.028%$8.5M$52.3M100xas long as short
Bybit BTCUSDT+0.0099%8h86,479.7+0.003%$5.26B$9.79B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,441−0.042%$196K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,497.1+0.023%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,454.3−0.026%$21.8M$234.1M50xas long as short
Hyperliquid BTC+0.0100%1h86,545+0.079%$3.79B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,494.7+0.021%$41.1M$538.1M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,492.3+0.018%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,474−0.003%$3.9M$18.4M25xas long as short
Arcus BTC-USD+0.0100%1h86,491.8+0.017%$7.3M$96.0M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,474.8−0.002%$38.0M$156.0M75xas long as short
Variational Omni BTC+0.0100%8h86,407.7−0.080%$157.0M$567.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,408.7−0.079%$279.1M$946.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,429.2−0.055%$217.0M$172.4M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,423.1−0.062%$141.3M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,460.1−0.019%$30.7M$206.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,499.5+0.026%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,465−0.014%$11.1M$14.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,481.3+0.005%$193K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,479.4+0.003%$2.5M$9.4M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,517.8+0.047%$141K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,513.7+0.043%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,448.1−0.033%$3.4M$5.3M100xas long as short
SoDEX BTC-USD+0.0100%1h86,475−0.002%$60.5M$338.1M40xas long as short
HTX BTC-USDT+0.0100%8h86,461.5−0.018%$2.29B$968.2M200xas long as short
Bulk BTC-USD+0.0100%1h86,452.9−0.028%$572.2M$12.3M40xas long as short
Extended BTC-USD+0.0104%1h86,461.2−0.018%$45.7M$226.1M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,468.3−0.010%—$100.0M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,503+0.030%$192.9M$953.2M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,517.4+0.047%$132.2M$5.64B50xas long as short
Aftermath Perps BTCUSD+0.0159%1h86,475.5−0.002%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,484.8+0.009%$717K$8.1M30xas long as short
BloFin BTC-USDT+0.0194%8h86,461.9−0.017%$415.2M$658.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0199% / S −0.0223%1h86,489.7+0.015%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,495+0.021%$10.1M$751.8M6.4xas long as short
Deribit BTC-PERPETUAL+0.0403%1h86,539.8+0.073%$914.5M$1.49B50xas long as short