BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRnext payment −$0.30 per $10,000 · paid last 24h −0.034%

Price spread now: Phoenix against Bullet+0.078%58s7-day average +0.043% · you sell dearer than you buy

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−$160.164% of the position

Long on Bullet Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.105%−$10 on $10k

Price spread, last 7 days−0.045%−$5 · spread now +0.078%, 7d avg +0.043%

Together, before fees−0.150%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.035% dearer against Bullet than usual: you sell high and buy low (spread +0.078% now, against its 7-day average of +0.043%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 3 days (−0.105% in total) that is about 27 hours. The two prices were read 58 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	Bullet BTC-USD	85,437.5	0.0100	pay 0.0013% / 1h	11m 37s	$203K	$3.3M	20x
Short	Phoenix BTC	85,504	−0.0140	pay 0.0018% / 1h	11m 37s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bullet. 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 BulletbpFee PhoenixbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$50.42
Price spread: +0.078% → +0.043%: $3.5
Slippage, 4 orders: −$1.45
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$63.37
Costs to cover: 0.164%
Break-even: never at this rate

Slippage from Bullet: live order book, 3 min ago; Phoenix: live order book, 2 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 Bullet live order book, 3 min ago	0.06 bp	4.3 bp −$4	6.5 bp −$65	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.4 bp −$1,144	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
Phoenix BTCshort	−0.0140%	1h	85,504	+0.078%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,469	+0.037%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,439	+0.002%	$919.4M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,453.8	+0.019%	$420.4M	$675.7M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,430.4	−0.008%	$514.4M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,460.9	+0.027%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.8	+0.045%	$503K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,448.6	+0.013%	$24.4M	$223.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,449.8	+0.014%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0029%	1h	85,493.3	+0.065%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0043%	1h	85,476.5	+0.046%	$872.2M	$1.60B	50x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.134%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0046%	1h	85,430	−0.009%	$59.9M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,434.1	−0.004%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,431.4	−0.007%	$148.6M	$497.8M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,439.8	+0.003%	$2.95B	$5.12B	150x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,445.3	+0.009%	$9.44B	$24.47B	150x	as long as short
MEXC BTC_USDT	+0.0092%	8h	85,451.2	+0.016%	$5.07B	$5.68B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,466.2	+0.034%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,465.4	+0.033%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	+0.005%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,430.3	−0.008%	$2.8M	$3.5M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,433	−0.005%	$228K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,511.9	+0.087%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,531	+0.109%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,487.3	+0.058%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,435.6	−0.002%	$5.17B	$9.86B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,451.1	+0.016%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,465	+0.032%	$3.8M	$17.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,452.1	+0.017%	$4.7M	$99.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,455.5	+0.021%	$679.5M	$683.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,452	+0.017%	$5.53B	$10.85B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,431.4	−0.007%	$36.4M	$178.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,488.9	+0.060%	$154.5M	$565.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,455.6	+0.021%	$279.2M	$930.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,470.5	+0.039%	$214.8M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,468.6	+0.036%	$139.7M	$316.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,468	+0.036%	$30.2M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,508.1	+0.083%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,445	+0.009%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,437.5	long leg	$203K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,426	−0.013%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,478.8	+0.048%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,419.3	−0.021%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,433.1	−0.005%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,430.9	−0.008%	$2.26B	$950.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,426	−0.013%	$45.8M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,473.9	+0.043%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,471.4	+0.040%	$117.2M	$5.26B	50x	as long as short
Reya BTCRUSDPERP	+0.0104%	1h	85,434.5	−0.004%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,450.7	+0.015%	$187.7M	$956.7M	100x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,482	+0.052%	$11.5M	$753.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,485	+0.056%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,449.8	+0.014%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,508.7	+0.083%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,514.6	+0.090%	$78K	$222K	20x	as long as short