BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0152%/8h= −16.7% APRnext payment −$0.19 per $10,000 · paid last 24h +0.002%

Price spread now: Phoenix against Injective+0.001%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$160.157% of the position

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now +0.001%, 7d avg +0.011%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BTC/USDC PERP	86,358	0.0023	pay 0.0003% / 1h	17m 46s	$343K	$26.9M	52x
Short	Phoenix BTC	86,359	−0.0129	pay 0.0016% / 1h	17m 46s	$2.2M	$11.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Injective. 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 InjectivebpFee PhoenixbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$31.99
Price spread: +0.001% → +0.011%: −$0.95
Slippage, 4 orders: −$8.72
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.68
Costs to cover: 0.157%
Break-even: never at this rate

Slippage from Injective: live order book, 1 min ago; Phoenix: live order book, 1 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 Injective live order book, 1 min ago	2.84 bp	3.2 bp −$3	13.1 bp −$131	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	0.06 bp	3.6 bp −$4	5.2 bp −$52	11.2 bp −$1,119	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	−0.0129%	1h	86,359	+0.001%	$2.2M	$11.2M	40x
Bluefin BTC-PERP	−0.0101%	1h	86,256.7	−0.117%	$144K	$667K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,160	−0.229%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,157.7	−0.232%	$363K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,188.4	−0.196%	$544K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,223.7	−0.156%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	86,139	−0.254%	$16.9M	$20.5M	50x	as long as short
Injective BTC/USDC PERPlong	+0.0023%	1h	86,358	long leg	$343K	$26.9M	52x
Aster BTCUSDT	+0.0029%	8h	86,233.2	−0.145%	$500.0M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0042%	8h	86,240.4	−0.136%	$831.0M	$718.0M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0047%	1h	86,171.7	−0.216%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDT	+0.0051%	8h	86,241.4	−0.135%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,157.3	−0.232%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0064%	8h	86,240.2	−0.136%	$2.97B	$5.05B	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	86,212	−0.169%	$60.4M	$338.2M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,214.2	−0.167%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,233.9	−0.144%	$9.40B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,229.8	−0.148%	$5.09B	$5.74B	500x	as long as short
Gate BTC_USDT	+0.0087%	8h	86,241.3	−0.135%	$5.76B	$10.59B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,234.4	−0.143%	$169.9M	$989.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,239	−0.138%	$23.6M	$151.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,153	−0.237%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,129	−0.265%	$196K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,174.1	−0.213%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,149.6	−0.241%	$22.0M	$227.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,308	−0.058%	$3.78B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.4	−0.229%	$40.5M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,247.4	−0.128%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,248.3	−0.127%	$2.56B	$12.46B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,132	−0.262%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,169.9	−0.218%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.246%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,232.7	−0.145%	$35.6M	$160.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,271.9	−0.100%	$157.9M	$558.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,274.4	−0.097%	$278.7M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,277	−0.094%	$216.6M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,283.5	−0.086%	$141.3M	$321.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,247	−0.129%	$30.6M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,217.7	−0.163%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,176	−0.211%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,194.8	−0.189%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,212.5	−0.168%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,238.1	−0.139%	$30.3M	$56.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,215.4	−0.165%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,206.8	−0.175%	$2.29B	$958.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,247.6	−0.128%	$155.3M	$473.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,216	−0.164%	$46.1M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,212.7	−0.168%	—	$98.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,271.2	−0.101%	$132.3M	$5.33B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,266	−0.106%	$192.0M	$945.4M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	86,267.6	−0.105%	$902.1M	$1.51B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,323	−0.041%	$714K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,331.8	−0.030%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,139.1	−0.253%	$415.1M	$640.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,186	−0.199%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0221%	1h	86,206.3	−0.176%	$14.5M	—	200x	as long as short