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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−0.0173%/8h= −19.0% APRpaid last 24h −0.003%
Price spread now: Phoenix against Bitget+0.063%7-day average +0.054% · you sell dearer than you buy
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$190.194% of the position
Long on BitgetShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.042%−$4 on $10k
Price spread, last 7 days+0.005%+$1 · spread now +0.063%, 7d avg +0.054%
Together, before fees−0.037%−$4 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBitget BTCUSDT86,407.80.0055pay 0.0055% / 8h11m 07s$2.96B$5.13B150x
ShortPhoenix BTC86,462−0.0118pay 0.0015% / 1h11m 07s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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
−$36.43
Price spread: +0.063% → +0.054%
$0.89
Slippage, 4 orders
−$0.43
Fee Bitget: 6 bp × 2 orders
−$12
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$54.98
Costs to cover
0.194%
Break-even
never at this rate
Slippage from Bitget: live order book, 3 min ago; Phoenix: live order book, 8 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 Bitget live order book, 3 min ago0.01 bp6.0 bp −$66.3 bp −$636.8 bp −$676doesn't fit
Sell Phoenix live order book, 8 min ago0.06 bp3.7 bp −$45.6 bp −$5611.3 bp −$1,126doesn'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%1h86,462+0.063%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,422+0.016%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,345−0.073%$332K$26.9M52xas long as short
RISEx BTC/USDC−0.0024%1h86,433.4+0.030%$8.3M$42.8M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,433.2+0.029%$358K$2.4M50xas long as short
Perpl BTC0.0000%43m86,463.4+0.064%$414K$22.5M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,438.3+0.035%$36.8M—200xas long as short
Aster BTCUSDT+0.0008%8h86,422.9+0.018%$501.2M$1.15B200xas long as short
KuCoin XBTUSDTM+0.0021%8h86,418.1+0.012%$833.5M$728.5M125xas long as short
Reya BTCRUSDPERP+0.0035%1h86,421.7+0.016%$6.7M$145.5M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDC+0.0042%8h86,403.7−0.005%—$15.4M—as long as short
Bitget BTCUSDTlong+0.0055%8h86,407.8long leg$2.96B$5.13B150x
Phemex BTCUSDT+0.0056%8h86,414.8+0.008%$150.5M$478.4M150xas long as short
dYdX BTC-USD+0.0065%1h86,456.7+0.057%$16.9M$21.2M50xas long as short
Aevo BTC-PERP+0.0072%1h86,411.8+0.005%$2.5M$1.4M20xas long as short
MEXC BTC_USDT+0.0073%8h86,408.3+0.001%$5.16B$5.69B500xas long as short
Binance BTCUSDT+0.0074%8h86,411.5+0.004%$9.43B$24.55B150xas long as short
Gate BTC_USDT+0.0081%8h86,415.2+0.009%$5.85B$10.81B200xas long as short
Lighter BTC+0.0096%1h86,425.3+0.020%$170.1M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,433.4+0.030%$23.9M$152.7M50xas long as short
Popdex BTCUSDT+0.0096%1h86,418+0.012%$8.5M$52.3M100xas long as short
Bybit BTCUSDT+0.0099%8h86,420.2+0.014%$5.26B$9.79B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,411+0.004%$196K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,461.8+0.063%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,437.5+0.034%$21.8M$234.1M50xas long as short
Hyperliquid BTC+0.0100%1h86,488+0.093%$3.79B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,459.2+0.059%$41.1M$535.5M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,420+0.014%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,449+0.048%$3.9M$18.4M25xas long as short
Arcus BTC-USD+0.0100%1h86,463.9+0.065%$7.3M$95.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,449+0.048%$572.1M$12.5M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,412.4+0.005%$37.9M$156.9M75xas long as short
Variational Omni BTC+0.0100%8h86,407.70.000%$157.0M$567.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,408.7+0.001%$279.1M$946.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,427+0.022%$217.0M$172.5M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,423.1+0.018%$141.3M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,450.5+0.049%$30.7M$206.1M40xas long as short
Vest BTC-PERP+0.0100%1h86,478.7+0.082%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,424+0.019%$11.1M$13.9M50xas long as short
Bullet BTC-USD+0.0100%1h86,427+0.022%$192K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,415.4+0.009%$2.5M$9.4M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,447.2+0.046%$140K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,449.7+0.048%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,434.9+0.031%$3.4M$5.3M100xas long as short
SoDEX BTC-USD+0.0100%1h86,4080.000%$60.4M$338.0M40xas long as short
HTX BTC-USDT+0.0100%8h86,402.5−0.006%$2.29B$968.2M200xas long as short
Extended BTC-USD+0.0104%1h86,397.1−0.012%$45.7M$227.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,463.9+0.065%—$100.0M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,443+0.041%$192.8M$953.2M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,456.3+0.056%$132.2M$5.64B50xas long as short
Aftermath Perps BTCUSD+0.0156%1h86,461.8+0.063%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,476.8+0.080%$717K$8.1M30xas long as short
BloFin BTC-USDT+0.0194%8h86,439.9+0.037%$415.1M$658.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0199% / S −0.0223%1h86,434+0.030%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,458+0.058%$10.0M$750.9M6.4xas long as short
Deribit BTC-PERPETUAL+0.0275%1h86,469.1+0.071%$912.2M$1.49B50xas long as short