BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0227%/8h= −24.9% APRnext payment −$0.28 per $10,000 · paid last 24h −0.018%

Price spread now: Phoenix against Jupiter Perps−0.044%7-day average +0.020% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Jupiter Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.091%−$9 on $10k

Price spread, last 3 days (all we have)+0.065%+$7 · spread now −0.044%, 7d avg +0.020%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.065% cheaper against Jupiter Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps WBTC-PERP	86,926.5	L +0.0104% / S +0.0048%	pay 0.0013% / 1h	16m 53s	—	$98.1M	500x
Short	Phoenix BTC	86,888	−0.0123	pay 0.0015% / 1h	16m 53s	$2.2M	$12.0M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Jupiter Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Jupiter PerpsbpFee PhoenixbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$47.67
Price spread: −0.044% → +0.020%: −$6.45
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$73.13
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Jupiter Perps: no order-book sample; Phoenix: live order book, 2 min ago. Net counts fees only.

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 Jupiter Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 2 min ago	0.06 bp	3.6 bp −$4	4.5 bp −$45	9.3 bp −$931	doesn't fit

Jupiter Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Perpl BTC	−0.0335%	43m	86,887.4	−0.045%	$435K	$25.9M	6.7x	as long as short
Phoenix BTCshort	−0.0123%	1h	86,888	−0.044%	$2.2M	$12.0M	40x
dYdX BTC-USD	−0.0112%	1h	86,906.5	−0.023%	$18.1M	$20.0M	50x	as long as short
Aftermath Perps BTCUSD	−0.0101%	1h	87,000.7	+0.085%	$85K	$191K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,866	−0.070%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,916.5	−0.012%	$365K	$2.5M	50x	as long as short
KuCoin XBTUSDTM	−0.0004%	8h	86,922.7	−0.004%	$842.9M	$706.3M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,917.5	−0.010%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0010%	1h	86,932.9	+0.007%	$8.9M	$41.7M	25x	as long as short
BingX BTC-USDC	+0.0013%	8h	86,915.9	−0.012%	—	$15.3M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0018%	1h	86,892.8	−0.039%	$6.9M	$142.4M	40x	as long as short
Bitget BTCUSDT	+0.0018%	8h	86,910.9	−0.018%	$2.96B	$5.10B	150x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,883.8	−0.049%	$151.1M	$463.5M	150x	as long as short
Aster BTCUSDT	+0.0026%	8h	86,910.5	−0.018%	$506.6M	$1.16B	200x	as long as short
ApeX Omni BTCUSDT	+0.0033%	1h	86,897.5	−0.033%	$142.2M	$322.7M	100x	as long as short
Injective BTC/USDC PERP	+0.0035%	1h	87,347	+0.484%	$312K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0041%	1h	86,918.3	−0.009%	$196.2M	$924.3M	100x	as long as short
MEXC BTC_USDT	+0.0045%	8h	86,924.5	−0.002%	$5.23B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0045%	8h	86,916	−0.012%	$9.49B	$24.29B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0046%	8h	86,914.9	−0.013%	$2.61B	$12.73B	100x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,868.1	−0.067%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0061%	8h	86,924	−0.003%	$5.89B	$10.65B	200x	as long as short
SoDEX BTC-USD	+0.0063%	1h	86,867	−0.068%	$60.9M	$336.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0077%	1h	86,930.7	+0.005%	$936.4M	$1.34B	50x	as long as short
Bybit BTCUSDT	+0.0078%	8h	86,927.6	+0.001%	$5.31B	$9.70B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	87,006.8	+0.092%	$161.3M	$556.5M	—	as long as short
GRVT BTC_USDT_Perp	+0.0094%	8h	86,881.2	−0.052%	$218.2M	$188.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0094%	8h	86,891.2	−0.041%	$2.4M	$8.3M	100x	as long as short
Lighter BTC	+0.0096%	1h	86,888.7	−0.043%	$173.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,893.8	−0.038%	$24.3M	$150.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,893	−0.039%	$8.5M	$52.1M	100x	as long as short
Bluefin BTC-PERP	+0.0098%	1h	86,855.5	−0.082%	$160K	$574K	40x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,940	+0.016%	$4.8M	$8.1M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,887	−0.045%	$196K	$6.7M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,893.2	−0.038%	$23.2M	$236.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,921.7	−0.006%	$37.6M	$475.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,898	−0.033%	$4.0M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,963.6	+0.043%	$7.7M	$94.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,884	−0.049%	$38.4M	$144.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,918.5	−0.009%	$286.8M	$934.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,921.9	−0.005%	$30.9M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,955.8	+0.034%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,898	−0.033%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,972.9	+0.053%	$208K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,875.5	−0.059%	$30.1M	$61.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,890.1	−0.042%	$3.4M	$5.7M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,868.9	−0.066%	$2.31B	$952.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,971.4	+0.052%	$573.9M	$25.0M	40x	as long as short
Kalshi KXBTCPERP	+0.0103%	8h	86,927	+0.001%	$9.4M	$721.7M	6.4x	as long as short
Extended BTC-USD	+0.0104%	1h	86,915.8	−0.012%	$46.5M	$230.0M	50x	as long as short
Jupiter Perps WBTC-PERPlong	L +0.0104% / S +0.0048%	1h	86,926.5	long leg	—	$98.1M	500x
Coinbase International BTC-PERP-INTX	+0.0136%	1h	86,923.1	−0.004%	$132.3M	$5.98B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,964.6	+0.044%	$750K	$7.1M	30x	as long as short
BloFin BTC-USDT	+0.0165%	8h	86,876.1	−0.058%	$419.5M	$642.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0202%	1h	86,919.5	−0.008%	$15.3M	—	200x	as long as short
Hyperliquid BTC	+0.0200%	1h	86,999	+0.083%	$3.89B	$5.09B	40x	as long as short