BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0260%/8h= −28.5% APRnext payment −$0.32 per $10,000 · paid last 24h −0.047%

Price spread now: Phoenix against Hyperliquid−0.248%61s7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as 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−$170.167% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days+0.290%+$29 · spread now −0.248%, 7d avg +0.010%

Together, before fees+0.150%+ Points / potential airdropHyperliquid: Season 2 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.258% cheaper against Hyperliquid than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.010%). Swap the legs. The two prices were read 61 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 -0.140% in total (about -7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 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	Hyperliquid BTC	85,891	0.0100	pay 0.0013% / 1h	22m 22s	$3.75B	$4.97B	40x
Short	Phoenix BTC	85,678	−0.0160	pay 0.0020% / 1h	22m 22s	$2.2M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hyperliquid. 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 HyperliquidbpFee PhoenixbpOrdersPrice spread, now −0.248%Rate

Funding earned: −$54.57
Price spread: −0.248% → +0.010%: −$25.81
Slippage, 4 orders: −$0.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$97.1
Costs to cover: 0.167%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 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 Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.0 bp −$2,519
Sell Phoenix live order book, 2 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.3 bp −$1,034	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	−0.0426%	1h	85,761.7	−0.151%	$196K	$722K	40x	as long as short
Phoenix BTCshort	−0.0160%	1h	85,678	−0.248%	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,730	−0.187%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,804.4	−0.101%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,712.9	−0.207%	$417.1M	$665.0M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,735.4	−0.181%	$16.7M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,818.6	−0.084%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	85,798	−0.108%	$919.4M	$751.5M	125x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,800	−0.106%	$22.7M	$220.1M	50x	as long as short
Aster BTCUSDT	+0.0017%	8h	85,797.1	−0.109%	$516.9M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,810.1	−0.094%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,811.4	−0.093%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0070%	1h	85,803.9	−0.101%	$6.7M	$146.5M	40x	as long as short
HTX BTC-USDT	+0.0075%	8h	85,715.3	−0.205%	$2.27B	$934.3M	200x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,714.1	−0.206%	$148.3M	$479.4M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	−0.098%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,706.9	−0.214%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,787.5	−0.121%	$5.05B	$5.63B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0085%	1h	85,759.8	−0.153%	$891.8M	$1.52B	50x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,807.5	−0.097%	$9.36B	$23.87B	150x	as long as short
SunX BTC-USDT	+0.0087%	8h	85,698.1	−0.225%	$2.9M	$6.1M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,768.2	−0.143%	$170.1M	$993.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,768.7	−0.142%	$24.0M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,800	−0.106%	$8.4M	$52.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,818.7	−0.084%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,772	−0.139%	$198K	$7.8M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	85,891	long leg	$3.75B	$4.97B	40x
Pacifica BTC	+0.0100%	1h	85,809	−0.095%	$40.2M	$574.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,815.2	−0.088%	$5.34B	$9.56B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,825.6	−0.076%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,791	−0.116%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,773.7	−0.137%	$6.8M	$97.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,814.5	−0.089%	$5.56B	$10.54B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,708.1	−0.213%	$35.1M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,642.5	−0.289%	$157.0M	$548.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,654	−0.276%	$279.8M	$920.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,636.8	−0.296%	$215.1M	$166.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,697	−0.226%	$140.2M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,705.2	−0.216%	$30.3M	$209.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,834.1	−0.066%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	−0.106%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,810.9	−0.093%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,709.8	−0.211%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,715.9	−0.204%	$30.0M	$51.0M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,721	−0.198%	$60.0M	$336.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.243%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,777.2	−0.132%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,733.7	−0.183%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,762.1	−0.150%	$130.5M	$5.09B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,831.1	−0.070%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,746.5	−0.168%	$188.8M	$951.7M	100x	as long as short
Aftermath Perps BTCUSD	+0.0196%	1h	85,727.9	−0.190%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,726.8	−0.191%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,748.8	−0.166%	$703K	$7.8M	30x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,745	−0.170%	$10.5M	$757.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,826.2	−0.075%	$516K	$19.3M	6.7x	as long as short