Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.015%
Price spread now: Phemex against Bybit+0.026%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$240.236% of the position
Funding, last 7 days−0.033%−$3 on $10k
+Price spread, last 4 days (all we have)−0.071%−$7 · spread now +0.026%, 7d avg 0.000%
=Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.026% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of 0.000%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit BTCUSDT | 85,559.8 | 0.0100 | pay 0.0100% / 8h | 4h 49m | $5.32B | $9.58B | 150x |
| Short | Phemex BTCUSDT | 85,581.9 | 0.0100 | get 0.0100% / 8h | 4h 49m | $150.9M | $482.7M | 150x |
Bybit BTCUSDT
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0
- Price spread: +0.026% → 0.000%
- $2.59
- Slippage, 4 orders
- −$0.62
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$21.03
- Costs to cover
- 0.236%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 5 min ago; Phemex: live order book, 5 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 Bybit live order book, 5 min ago | 0.01 bp | 5.5 bp −$6 | 5.5 bp −$55 | 6.0 bp −$598 | 7.7 bp −$3,863 |
| Sell Phemex live order book, 5 min ago | 0.01 bp | 6.0 bp −$6 | 6.6 bp −$66 | 7.9 bp −$787 | 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 | −0.1630% | 1h | 85,626.9 | +0.078% | $194K | $725K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,568 | +0.010% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,667 | +0.125% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,567.7 | +0.009% | $371K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,599.8 | +0.047% | $417.7M | $665.6M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0002% | 8h | 85,550.2 | −0.011% | $919.0M | $749.3M | 125x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,605.7 | +0.054% | $16.7M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,597.3 | +0.044% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,557.4 | −0.003% | $515.7M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,541.8 | −0.021% | $6.9M | $97.1M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0056% | 1h | 85,560.6 | +0.001% | $22.5M | $218.7M | 50x | as long as short |
| BingX BTC-USDC | +0.0058% | 8h | 85,547.5 | −0.014% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0075% | 8h | 85,548 | −0.014% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0077% | 1h | 85,538.6 | −0.025% | $6.7M | $146.6M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,605.2 | +0.053% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,561 | +0.001% | $5.04B | $5.58B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,555.3 | −0.005% | $9.33B | $23.96B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,577 | +0.020% | $173.8M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,576.6 | +0.020% | $23.8M | $148.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,559 | −0.001% | $8.4M | $52.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0097% | 1h | 85,581 | +0.025% | $60.0M | $336.1M | 40x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,632.1 | +0.085% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,537 | −0.027% | $232K | $7.9M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,646 | +0.101% | $3.74B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,605 | +0.053% | $40.1M | $575.8M | 50x | as long as short |
| Bybit BTCUSDTlong | +0.0100% | 8h | 85,559.8 | long leg | $5.32B | $9.58B | 150x | |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,563.4 | +0.004% | $2.57B | $12.08B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,562 | +0.003% | $3.9M | $17.9M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,696.6 | +0.160% | $648.3M | $574.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,566.2 | +0.007% | $5.54B | $10.54B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,561.4 | +0.002% | $35.8M | $175.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,584.4 | +0.029% | $156.6M | $560.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,637.5 | +0.091% | $279.7M | $917.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,650.2 | +0.106% | $214.9M | $165.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,590.3 | +0.036% | $139.9M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,613.8 | +0.063% | $30.3M | $207.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,617 | +0.067% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,548 | −0.014% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,590.8 | +0.036% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,575.4 | +0.018% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,580.2 | +0.024% | $30.0M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,576.4 | +0.019% | $2.9M | $6.1M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,582.5 | +0.027% | $2.27B | $938.3M | 200x | as long as short |
| Phemex BTCUSDTshort | +0.0100% | 8h | 85,581.9 | +0.026% | $150.9M | $482.7M | 150x | |
| Extended BTC-USD | +0.0104% | 1h | 85,537.4 | −0.026% | $44.5M | $226.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,633.8 | +0.087% | — | $106.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,621 | +0.072% | $117.4M | $5.14B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,670 | +0.129% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,601.2 | +0.048% | $188.6M | $952.6M | 100x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,598.4 | +0.045% | $13.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0184% | 1h | 85,616.9 | +0.067% | $698K | $7.9M | 30x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,587.1 | +0.032% | $8.4M | $42.4M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0196% | 1h | 85,631.3 | +0.084% | $893.2M | $1.53B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0200% | 1h | 85,664.4 | +0.122% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,619 | +0.069% | $10.7M | $758.6M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,632.2 | +0.085% | $495K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC