Funding you earn now, next payment 08:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h −0.045%
Price spread now: Phoenix against Bybit+0.053%95s7-day average +0.049% · 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—prices read too far apart to compare
costs, in and out, $10k−$180.184% of the position
Funding, last 7 days−0.088%−$9 on $10k
+Price spread, last 7 days0.000%$0 · spread now +0.053%, 7d avg +0.049%
=The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 95 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 | Bybit BTCUSDT | 85,479.7 | 0.0100 | pay 0.0100% / 8h | 7h 39m | $5.09B | $9.99B | 150x |
| Short | Phoenix BTC | 85,525 | 0.0075 | get 0.0009% / 1h | 39m 52s | $2.3M | $10.4M | 40x |
Bybit BTCUSDT
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix 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
- −$5.26
- Price spread: +0.053% → +0.049%
- $0.44
- Slippage, 4 orders
- −$0.44
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$23.26
- Costs to cover
- 0.184%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 4 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, 4 min ago | 0.01 bp | 5.5 bp −$6 | 5.5 bp −$55 | 6.2 bp −$619 | 7.3 bp −$3,650 |
| Sell Phoenix live order book, 4 min ago | 0.06 bp | 3.7 bp −$4 | 5.3 bp −$53 | 10.7 bp −$1,070 | 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 | −0.2316% | 1h | 85,499.6 | +0.023% | $194K | $796K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,432 | −0.056% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,434.1 | −0.053% | $422.8M | $681.7M | 150x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 85,495 | +0.018% | $307K | $24.2M | 52x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,454 | −0.030% | $346K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,459.5 | −0.024% | $36.5M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0012% | 8h | 85,475.2 | −0.005% | $931.8M | $776.3M | 125x | as long as short |
| Aster BTCUSDT | +0.0031% | 8h | 85,474.1 | −0.007% | $502.9M | $1.08B | 200x | as long as short |
| dYdX BTC-USD | +0.0052% | 1h | 85,468.3 | −0.013% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0068% | 1h | 85,503.9 | +0.028% | $186.4M | $946.8M | 100x | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
BloFin BTC-USDT
Injective BTC/USDC PERP
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTCshort | +0.0075% | 1h | 85,525 | +0.053% | $2.3M | $10.4M | 40x | |
| BingX BTC-USDT | +0.0080% | 8h | 85,482.5 | +0.003% | — | $1.58B | — | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,499.7 | +0.023% | $170.5M | $943.4M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,498.5 | +0.022% | $23.6M | $134.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,442 | −0.044% | $8.7M | $58.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,444.1 | −0.042% | $2.4M | $6.7M | 20x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 85,440.5 | −0.046% | $24.0M | $217.5M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,423 | −0.066% | $267K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,497.4 | +0.021% | $5.7M | $9.6M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,483.1 | +0.004% | $40.1M | $605.5M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,480.4 | +0.001% | $9.41B | $25.10B | 150x | as long as short |
| Bybit BTCUSDTlong | +0.0100% | 8h | 85,479.7 | long leg | $5.09B | $9.99B | 150x | |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,477.9 | −0.002% | $2.61B | $12.21B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,447 | −0.038% | $3.9M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,467.4 | −0.014% | $4.7M | $97.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,453 | −0.031% | $700.3M | $171.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,486.2 | +0.008% | $5.51B | $9.88B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,479.9 | 0.000% | $5.05B | $5.73B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,481 | +0.002% | $2.99B | $5.17B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,481.2 | +0.002% | $37.8M | $193.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,426.7 | −0.062% | $156.0M | $543.6M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,469.8 | −0.012% | $283.4M | $962.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,417.2 | −0.073% | $214.5M | $154.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,478.7 | −0.001% | $136.6M | $312.4M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,483.9 | +0.005% | $30.1M | $218.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,521.7 | +0.049% | — | $10.3M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,230 | −0.292% | $10.9M | $14.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,451 | −0.034% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,455.5 | −0.028% | $2.7M | $9.9M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,481.1 | +0.002% | $2.9M | $6.7M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,480 | 0.000% | $59.8M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,470 | −0.011% | $2.26B | $974.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,488.7 | +0.011% | $161.5M | $517.6M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,458.1 | −0.025% | $45.8M | $241.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,471.6 | −0.009% | — | $107.4M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,522.5 | +0.050% | $111.6M | $5.46B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0148% | 1h | 85,432.3 | −0.055% | $6.6M | $138.7M | 40x | as long as short |
| Derive BTC-PERP | +0.0161% | 1h | 85,508.7 | +0.034% | $28.9M | $52.4M | 15x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0148% | 1h | 85,504.8 | +0.029% | $13.0M | — | 200x | as long as short |
| Hyperliquid BTC | +0.0175% | 1h | 85,562 | +0.096% | $3.84B | $5.13B | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0191% | 8h | 85,486 | +0.007% | $10.6M | $738.3M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,463 | −0.020% | $8.9M | $42.6M | 25x | as long as short |
| Deribit BTC-PERPETUAL | +0.0224% | 1h | 85,525.3 | +0.053% | $828.1M | $1.66B | 50x | as long as short |
| Aftermath Perps BTCUSD | +0.0307% | 1h | 85,506.9 | +0.032% | $81K | $248K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0352% | 1h | 85,487.4 | +0.009% | $688K | $7.7M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,478.6 | −0.001% | $467K | $18.3M | 6.7x | as long as short |
BingX BTC-USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Nado BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Derive BTC-PERP
GMX BTC/USD [WBTC.b-USDC]
Hyperliquid BTC
Kalshi KXBTCPERP
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC