BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0190%/8h= −20.8% APRnext payment −$0.24 per $10,000 · paid last 24h +0.001%

Price spread now: Phoenix against dYdX−0.085%46s7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as 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−$420.422% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days+0.113%+$11 · spread now −0.085%, 7d avg +0.055%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.140% cheaper against dYdX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.055%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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	dYdX BTC-USD	85,564.7	0.0011	pay 0.0001% / 1h	1m 56s	$16.8M	$21.3M	50x
Short	Phoenix BTC	85,492	−0.0179	pay 0.0022% / 1h	1m 56s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against dYdX. 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 dYdXbpFee PhoenixbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$39.87
Price spread: −0.085% → +0.055%: −$13.96
Slippage, 4 orders: −$25.21
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$96.04
Costs to cover: 0.422%
Break-even: never at this rate

Slippage from dYdX: live order book, 2 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 dYdX live order book, 2 min ago	5.43 bp	10.4 bp −$10	10.4 bp −$104	13.8 bp −$1,375	15.5 bp −$7,758
Sell Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.3 bp −$1,135	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	−0.0179%	1h	85,492	−0.085%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,572	+0.008%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,549.7	−0.018%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0034%	8h	85,536.1	−0.033%	$920.4M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	−0.012%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,568	+0.004%	$36.6M	—	200x	as long as short
dYdX BTC-USDlong	+0.0011%	1h	85,564.7	long leg	$16.8M	$21.3M	50x
Nado BTC-PERP	+0.0011%	1h	85,537.6	−0.032%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,550	−0.017%	$515.7M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,536.7	−0.033%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0052%	1h	85,605.7	+0.048%	$207K	$739K	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,565.1	0.000%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,553.9	−0.013%	$148.4M	$489.1M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,561.5	−0.004%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,555.7	−0.011%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,575	+0.012%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,574.8	+0.012%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,545	−0.023%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,556	−0.010%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,512	−0.062%	$203K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,608	+0.051%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.096%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.4	+0.015%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,563.9	−0.001%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,562.7	−0.002%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,574.7	+0.012%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.073%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.090%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,564.2	−0.001%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,565.2	+0.001%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,549.8	−0.017%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.140%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.129%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.090%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.098%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.4	−0.024%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,602.4	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	−0.017%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,559.2	−0.006%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,560.3	−0.005%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,553.7	−0.013%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,533.1	−0.037%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,566	+0.001%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	−0.019%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,534.6	−0.035%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,565.1	0.000%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,601	+0.042%	$117.6M	$5.20B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,604	+0.046%	$886.9M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	0.000%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,584.1	+0.023%	$187.6M	$953.6M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,570.2	+0.006%	$8.4M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,564.8	0.000%	$13.1M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0213%	1h	85,526.5	−0.045%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,581	+0.019%	$10.3M	$754.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,572.8	+0.009%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,568	+0.004%	$496K	$18.7M	6.7x	as long as short