BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0594%/8h= +65.0% APRnext payment +$0.74 per $10,000 · paid last 24h +0.170%

Price spread now: Phoenix against Bluefin+0.045%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$190.192% of the position

Long on Bluefin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.196%+$20 on $10k

Price spread, last 3 days (all we have)−0.053%−$5 · spread now +0.045%, 7d avg +0.051%

Together, before fees+0.143%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.051%, so right now this pair is about funding alone: +$18 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.196% in total (about 10.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.74 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	Bluefin BTC-PERP	86,588	−0.0753	get 0.0094% / 1h	36m 24s	$140K	$618K	40x
Short	Phoenix BTC	86,627	−0.0159	pay 0.0020% / 1h	36m 24s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bluefin. 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 BluefinbpFee PhoenixbpOrdersPrice spread, now +0.045%Rate

Funding earned: $124.65
Price spread: +0.045% → +0.051%: −$0.61
Slippage, 4 orders: −$5.17
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $104.87
Costs to cover: 0.192%
Break-even: 1.1 days

Slippage from Bluefin: live order book, 48 min ago; Phoenix: live order book, 3 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 Bluefin live order book, 48 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$971	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-PERPlong	−0.0753%	1h	86,588	long leg	$140K	$618K	40x
Phoenix BTCshort	−0.0159%	1h	86,627	+0.045%	$2.2M	$11.8M	40x
Aftermath Perps BTCUSD	−0.0142%	1h	86,633.1	+0.052%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,572	−0.018%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0011%	1h	86,577	−0.013%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.6	−0.041%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0008%	8h	86,516.5	−0.083%	$504.9M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,562.9	−0.029%	$418K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,602.6	+0.017%	$925.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,528.8	−0.068%	$851.7M	$708.1M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,537.5	−0.058%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,541.6	−0.054%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,502.3	−0.099%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.033%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,570.1	−0.021%	$150.3M	$473.7M	150x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,492.5	−0.110%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,622	+0.039%	$730K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,512.8	−0.087%	$2.95B	$5.07B	150x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,507.9	−0.093%	$9.41B	$24.31B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,509.8	−0.090%	$5.18B	$5.65B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,565.9	−0.026%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,512	−0.088%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,515.8	−0.083%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,562	−0.030%	$171.7M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,577.9	−0.012%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,531	−0.066%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	−0.076%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,577.1	−0.013%	$4.7M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,553.6	−0.040%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,590	+0.002%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,586	−0.002%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,511.6	−0.088%	$2.55B	$12.68B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,539	−0.057%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,616.5	+0.033%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.133%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,570.7	−0.020%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.125%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.056%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.062%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.063%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,628.7	+0.047%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,586.2	−0.002%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,524	−0.074%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.084%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.1	−0.077%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,570.8	−0.020%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.2	+0.037%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,568	−0.023%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,566.6	−0.025%	$2.30B	$964.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,527.3	−0.070%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,577.3	−0.012%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,611.6	+0.027%	$131.7M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,601.7	+0.016%	$191.6M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,527.9	−0.069%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0182%	8h	86,570	−0.021%	$414.5M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	86,624	+0.042%	$9.7M	$728.0M	6.4x	as long as short