Settings8H · net · $10k
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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 00:00 UTC−0.0333%/8h= −36.5% APRpaid last 24h +0.011%
Price spread now: Phoenix against BloFin−0.067%7-day average +0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$30as in the Price arb table
costs, in and out, $10k−$200.200% of the position
Long on BloFinShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.089%−$9 on $10k
Price spread, last 3 days (all we have)+0.044%+$4 · spread now −0.067%, 7d avg +0.030%
Together, before fees−0.045%−$5 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 0.097% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.030%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.7% 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
LongBloFin BTC-USDT86,2970.0204pay 0.0204% / 8h7h 14m$416.1M$641.9M150x
ShortPhoenix BTC86,239−0.0129pay 0.0016% / 1h14m 16s$2.2M$11.2M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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
−$70
Price spread: −0.067% → +0.030%
−$9.72
Slippage, 4 orders
−$0.97
Fee BloFin: 6 bp × 2 orders
−$12
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$99.69
Costs to cover
0.200%
Break-even
never at this rate
Slippage from BloFin: 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 BloFin live order book, 5 min ago0.31 bp6.3 bp −$66.7 bp −$677.0 bp −$7008.3 bp −$4,152
Sell Phoenix live order book, 5 min ago0.06 bp3.6 bp −$45.2 bp −$5211.2 bp −$1,119doesn'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−0.0129%1h86,239−0.067%$2.2M$11.2M40x
Hotstuff BTC-PERP−0.0080%1h86,332+0.041%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0040%1h86,328.2+0.036%$364K$2.3M50xas long as short
Bluefin BTC-PERP−0.0031%1h86,381.2+0.098%$145K$667K40xas long as short
Perpl BTC0.0000%43m86,320+0.027%$538K$21.2M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,358.7+0.071%$36.9M—200xas long as short
Injective BTC/USDC PERP+0.0023%1h86,358+0.071%$343K$26.9M52xas long as short
dYdX BTC-USD+0.0024%1h86,340.6+0.051%$16.9M$20.5M50xas long as short
Aster BTCUSDT+0.0033%8h86,351.5+0.063%$500.7M$1.13B200xas long as short
KuCoin XBTUSDTM+0.0043%8h86,327.6+0.035%$831.8M$717.4M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0048%1h86,332.7+0.041%$6.7M$145.8M40xas long as short
BingX BTC-USDC+0.0051%8h86,337.9+0.047%—$15.3M—as long as short
RISEx BTC/USDC+0.0052%1h86,336.9+0.046%$8.3M$42.4M25xas long as short
Bitget BTCUSDT+0.0065%8h86,344.5+0.055%$2.98B$5.04B150xas long as short
Aevo BTC-PERP+0.0080%1h86,332.4+0.041%$2.5M$1.8M20xas long as short
SoDEX BTC-USD+0.0081%1h86,343+0.053%$60.5M$338.2M40xas long as short
MEXC BTC_USDT+0.0083%8h86,361.2+0.074%$5.10B$5.74B500xas long as short
Binance BTCUSDT+0.0084%8h86,359.2+0.072%$9.41B$24.30B150xas long as short
Phemex BTCUSDT+0.0094%8h86,353+0.065%$155.4M$473.0M150xas long as short
Lighter BTC+0.0096%1h86,365.5+0.079%$170.0M$991.6M50xas long as short
Lighter RH BTC+0.0096%1h86,372.7+0.088%$23.7M$151.9M50xas long as short
Popdex BTCUSDT+0.0096%1h86,331+0.039%$8.4M$52.0M100xas long as short
Gate BTC_USDT+0.0099%8h86,354.2+0.066%$5.77B$10.62B200xas long as short
Katana Perps BTC-USD+0.0100%8h86,302+0.006%$196K$7.3M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,347.3+0.058%$4.2M$8.6M50xas long as short
Nado BTC-PERP+0.0100%1h86,313.9+0.020%$22.0M$226.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,407+0.127%$3.78B$4.99B40xas long as short
Pacifica BTC+0.0100%1h86,355.8+0.068%$40.6M$558.6M50xas long as short
Bybit BTCUSDT+0.0100%8h86,371.8+0.087%$5.26B$9.64B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,382+0.098%$2.57B$12.47B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,333+0.042%$3.9M$17.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,344.1+0.055%$7.2M$94.9M40xas long as short
Bulk BTC-USD+0.0100%1h86,145.7−0.175%$580.3M$59.0M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,292.9−0.005%$35.7M$160.5M75xas long as short
Variational Omni BTC+0.0100%8h86,226.1−0.082%$156.7M$559.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,200.2−0.112%$278.4M$953.3M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,212.1−0.098%$216.4M$165.7M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,240.1−0.066%$141.3M$320.8M100xas long as short
StandX BTC-USD+0.0100%1h86,233.9−0.073%$30.6M$208.7M40xas long as short
Vest BTC-PERP+0.0100%1h86,365.5+0.079%—$11.8M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,340+0.050%$11.1M$14.0M50xas long as short
Bullet BTC-USD+0.0100%1h86,340.7+0.051%$191K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,344.9+0.056%$2.4M$9.1M100xas long as short
Derive BTC-PERP+0.0100%1h86,360.5+0.074%$30.3M$56.7M15xas long as short
SunX BTC-USDT+0.0100%8h86,296.4−0.001%$3.3M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,325+0.032%$2.29B$958.7M200xas long as short
Extended BTC-USD+0.0104%1h86,321.3+0.028%$45.9M$222.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,319.8+0.026%—$99.2M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,391.2+0.109%$132.3M$5.32B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,381.6+0.098%$191.5M$946.2M100xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,317.2+0.023%$713K$7.9M30xas long as short
Aftermath Perps BTCUSD+0.0168%1h86,320.9+0.028%$77K$217K20xas long as short
BloFin BTC-USDTlong+0.0204%8h86,297long leg$416.1M$641.9M150x
Kalshi KXBTCPERP+0.0205%8h86,354+0.066%$10.6M$765.7M6.4xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0207% / S −0.0222%1h86,349.4+0.061%$14.5M—200xas long as short
Deribit BTC-PERPETUAL+0.0232%1h86,397.4+0.116%$902.3M$1.51B50xas long as short