Funding you earn now, next payment 05:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.012%
Price spread now: Phemex against gTrade (Gains Network)−0.016%7-day average −0.014% · 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−$20as in the Price arb table
costs, in and out, $10k−$200.200% of the position
Funding, last 3 days (all we have)+0.055%+$5 on $10k
+Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.016%, 7d avg −0.014%
=The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | gTrade (Gains Network) BTC/USD | 85,688.6 | L +0.0004% / S −0.0004% | pay 0.0001% / 1h | 54m 40s | $36.6M | — | 200x |
| Short | Phemex BTCUSDT | 85,674.7 | 0.0067 | get 0.0067% / 8h | 3h 54m | $148.7M | $489.4M | 150x |
gTrade (Gains Network) BTC/USD
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against gTrade (Gains Network). 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
- $13.12
- Price spread: −0.016% → −0.014%
- −$0.27
- Slippage, 4 orders
- −$1.05
- Fee gTrade (Gains Network): 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$7.2
- Costs to cover
- 0.200%
- Break-even
- 10.8 days
Slippage from gTrade (Gains Network): virtual book (oracle venue), 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago | 0.51 bp | 4.0 bp −$4 | 4.1 bp −$41 | 4.5 bp −$446 | 6.4 bp −$3,181 |
| Sell Phemex live order book, 5 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 7.5 bp −$752 | 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 BTC | −0.0179% | 1h | 85,646 | −0.050% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,653 | −0.042% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0037% | 8h | 85,663.5 | −0.029% | $923.7M | $755.9M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,677.2 | −0.013% | $417.5M | $676.0M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,652.9 | −0.042% | $366K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,678.6 | −0.012% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USDlong | L +0.0004% / S −0.0004% | 1h | 85,688.6 | long leg | $36.6M | — | 200x | |
| Aster BTCUSDT | +0.0013% | 8h | 85,661.1 | −0.032% | $516.1M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0016% | 1h | 85,631 | −0.067% | $24.9M | $222.6M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.002% | $340K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
Aster BTCUSDT
Nado BTC-PERP
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0063% | 8h | 85,673.2 | −0.018% | — | $1.55B | — | as long as short |
| Phemex BTCUSDTshort | +0.0067% | 8h | 85,674.7 | −0.016% | $148.7M | $489.4M | 150x | |
| Bitget BTCUSDT | +0.0080% | 8h | 85,674 | −0.017% | $2.96B | $5.11B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0090% | 1h | 85,661.7 | −0.031% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,687.9 | −0.001% | $172.3M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,690.5 | +0.002% | $23.9M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,640 | −0.057% | $8.7M | $54.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,662.8 | −0.030% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,638 | −0.059% | $201K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,745.9 | +0.067% | $5.3M | $9.2M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,709.5 | +0.024% | $40.5M | $582.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,677.8 | −0.013% | $9.42B | $24.29B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,675.1 | −0.016% | $5.20B | $9.83B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,685.2 | −0.004% | $2.59B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,672 | −0.019% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,656.9 | −0.037% | $4.4M | $98.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,676.9 | −0.014% | $5.53B | $10.72B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,677.8 | −0.013% | $5.07B | $5.63B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,676.5 | −0.014% | $35.7M | $176.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,637.7 | −0.059% | $153.8M | $564.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,615.1 | −0.086% | $279.7M | $922.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,633.8 | −0.064% | $214.9M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,629.8 | −0.069% | $140.0M | $315.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,614 | −0.087% | $30.2M | $208.5M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,698.4 | +0.011% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,660 | −0.033% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,675 | −0.016% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,672.3 | −0.019% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,717.5 | +0.034% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,668.1 | −0.024% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,623.2 | −0.076% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,682 | −0.008% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,670.2 | −0.021% | $2.27B | $946.3M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,665.1 | −0.027% | $677.0M | $718.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,645.6 | −0.050% | $44.8M | $231.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,671.8 | −0.020% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,717.9 | +0.034% | $117.4M | $5.22B | 50x | as long as short |
| Hyperliquid BTC | +0.0106% | 1h | 85,758 | +0.081% | $3.79B | $5.00B | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0111% | 1h | 85,716.4 | +0.032% | $885.7M | $1.58B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0135% | 1h | 85,706.7 | +0.021% | $187.8M | $956.2M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,698.5 | +0.012% | $8.9M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,682.1 | −0.008% | $13.2M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0209% | 8h | 85,670 | −0.022% | $12.0M | $757.1M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0224% | 1h | 85,644.5 | −0.051% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,652.3 | −0.042% | $703K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,626.2 | −0.073% | $498K | $18.8M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC 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
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hyperliquid BTC
Deribit BTC-PERPETUAL
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC