BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0164%/8h= −17.9% APRnext payment −$0.20 per $10,000 · paid last 24h +0.010%

Price spread now: Phoenix against gTrade (Gains Network)+0.103%63s7-day average +0.017% · 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−$150.154% of the position

Long on gTrade (Gains Network)Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.174%−$17 · spread now +0.103%, 7d avg +0.017%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.086% dearer against gTrade (Gains Network) than usual: you sell high and buy low (spread +0.103% now, against its 7-day average of +0.017%): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 3 days (−0.004% in total) that is about 3 months. The two prices were read 63 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	gTrade (Gains Network) BTC/USD	86,537.5	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	35m 48s	$36.8M	—	200x
Short	Phoenix BTC	86,627	−0.0159	pay 0.0020% / 1h	35m 48s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 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 gTrade (Gains Network)bpFee PhoenixbpOrdersPrice spread, now +0.103%Rate

Funding earned: −$34.36
Price spread: +0.103% → +0.017%: $8.64
Slippage, 4 orders: −$1.39
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.11
Costs to cover: 0.154%
Break-even: never at this rate

Slippage from gTrade (Gains Network): virtual book (oracle venue), 3 min ago; Phoenix: live order book, 3 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), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$971	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	−0.0703%	1h	86,528.3	−0.011%	$140K	$618K	40x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,627	+0.103%	$2.2M	$11.8M	40x
Aftermath Perps BTCUSD	−0.0142%	1h	86,633.1	+0.110%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,572	+0.040%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	−0.008%	$17.3M	$20.5M	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,498	−0.046%	$504.7M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,552.6	+0.017%	$359K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,562.9	+0.029%	$418K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,531.9	−0.006%	$924.3M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,499.8	−0.044%	$851.2M	$708.4M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USDlong	L +0.0005% / S −0.0004%	1h	86,537.5	long leg	$36.8M	—	200x
RISEx BTC/USDC	+0.0006%	1h	86,541.6	+0.005%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,502.3	−0.041%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.025%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,493.2	−0.051%	$149.7M	$475.1M	150x	as long as short
BingX BTC-USDC	+0.0033%	8h	86,502.7	−0.040%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,622	+0.098%	$730K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,515.5	−0.025%	$2.95B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,513.6	−0.028%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,513.4	−0.028%	$9.42B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,503.5	−0.039%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,508.7	−0.033%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,516.4	−0.024%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,519.4	−0.021%	$171.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,536.1	−0.002%	$24.0M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,531	−0.008%	$8.5M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,505	−0.038%	$60.5M	$337.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	−0.018%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,559.2	+0.025%	$4.7M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,553.6	+0.019%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,592	+0.063%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,546.8	+0.011%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,519.5	−0.021%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,539	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,616.5	+0.091%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.191%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,488.3	−0.057%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.183%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.114%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.121%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.122%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,628.7	+0.105%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,586.2	+0.056%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,524	−0.016%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,515	−0.026%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,521.1	−0.019%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,515.6	−0.025%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.8	−0.001%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,499.2	−0.044%	$2.30B	$964.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,494.8	−0.049%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,577.3	+0.046%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,537.1	0.000%	$131.6M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,531.6	−0.007%	$191.5M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,527.9	−0.011%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0182%	8h	86,570	+0.038%	$414.5M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,571	+0.039%	$9.6M	$728.3M	6.4x	as long as short