BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRnext payment −$0.32 per $10,000 · paid last 24h −0.014%

Price spread now: Phoenix against Bulk−0.115%51s7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.142% of the position

Long on Bulk Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.104%−$10 on $10k

Price spread, last 7 days+0.184%+$18 · spread now −0.115%, 7d avg +0.053%

Together, before fees+0.080%+$8 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 0.168% cheaper against Bulk than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.053%). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,703.1	0.0100	pay 0.0013% / 1h	40m 35s	$573.0M	$18.8M	40x
Short	Phoenix BTC	86,603	−0.0159	pay 0.0020% / 1h	40m 35s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bulk. 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 BulkbpFee PhoenixbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$54.39
Price spread: −0.115% → +0.053%: −$16.84
Slippage, 4 orders: −$0.24
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$85.46
Costs to cover: 0.142%
Break-even: never at this rate

Slippage from Bulk: live order book, 4 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 Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	4.2 bp −$2,076
Sell Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	4.5 bp −$45	9.2 bp −$915	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	−0.1024%	1h	86,680.9	−0.026%	$141K	$618K	40x	as long as short
Aftermath Perps BTCUSD	−0.0170%	1h	86,630.8	−0.083%	$79K	$199K	20x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,603	−0.115%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,670	−0.038%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0012%	1h	86,679.3	−0.027%	$17.5M	$20.3M	50x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,702.1	−0.001%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,677.2	−0.030%	$505.9M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,695.7	−0.008%	$419K	$24.0M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,699.6	−0.004%	$925.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,664.1	−0.045%	$852.4M	$707.7M	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	86,697.6	−0.006%	$36.9M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,688.5	−0.017%	$8.6M	$43.2M	25x	as long as short
Phemex BTCUSDT	+0.0021%	8h	86,666.5	−0.042%	$150.0M	$473.4M	150x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,677.8	−0.029%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.166%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0032%	8h	86,686.3	−0.019%	—	$1.59B	—	as long as short
Hibachi BTC/USDT-P	+0.0032%	1h	86,712.1	+0.010%	$733K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0041%	8h	86,691.8	−0.013%	$2.96B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,689.7	−0.015%	$5.19B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,682.2	−0.024%	$9.43B	$24.30B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,650.6	−0.060%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,678.7	−0.028%	$5.86B	$10.64B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,685.9	−0.020%	$5.28B	$9.69B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,689.6	−0.016%	$172.2M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,701.3	−0.002%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,685	−0.021%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,670	−0.038%	$206K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,726.8	+0.027%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,679.3	−0.027%	$21.9M	$233.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,764	+0.070%	$3.82B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,712.9	+0.011%	$40.9M	$504.7M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,683.1	−0.023%	$2.55B	$12.70B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,685	−0.021%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,752.2	+0.057%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,703.1	long leg	$573.0M	$18.8M	40x
Backpack BTC_USDC_PERP	+0.0100%	1h	86,659.6	−0.050%	$38.4M	$153.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,560.2	−0.165%	$156.7M	$569.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,606.7	−0.111%	$279.8M	$943.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,610.1	−0.107%	$217.3M	$177.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,623.7	−0.092%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	−0.045%	$30.7M	$203.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,734.1	+0.036%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,687	−0.019%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,682.6	−0.024%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,663.6	−0.046%	$2.5M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,655.8	−0.054%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,689	−0.016%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,666	−0.043%	$60.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,663.2	−0.046%	$2.30B	$963.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,663.6	−0.045%	$46.3M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,725.4	+0.026%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,707.3	+0.005%	$131.8M	$5.73B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,698.4	−0.005%	$191.8M	$936.9M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,692	−0.013%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,665.7	−0.043%	$415.5M	$652.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	86,719	+0.018%	$9.5M	$727.1M	6.4x	as long as short