Funding you earn now, next payment 08:00 UTC+0.0071%/8h= +7.8% APRnext payment +$0.71 per $10,000 · paid last 24h 0.000%
Price spread now: Phemex against KuCoin+0.007%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$24as in the Price arb table
costs, in and out, $10k−$240.240% of the position
Funding, last 7 days+0.003%$0 on $10k
+Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.007%, 7d avg +0.003%
=The price spread sits at its 7-day average of +0.003%, 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 | KuCoin XBTUSDTM | 85,816.2 | 0.0004 | pay 0.0004% / 8h | 5h 10m | $920.4M | $751.5M | 125x |
| Short | Phemex BTCUSDT | 85,822.2 | 0.0075 | get 0.0075% / 8h | 5h 10m | $149.1M | $479.8M | 150x |
KuCoin XBTUSDTM
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against KuCoin. 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
- $14.95
- Price spread: +0.007% → +0.003%
- $0.43
- Slippage, 4 orders
- −$0.02
- Fee KuCoin: 6 bp × 2 orders
- −$12
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$8.64
- Costs to cover
- 0.240%
- Break-even
- 11.0 days
Slippage from KuCoin: live order book, 8 min ago; Phemex: 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 KuCoin live order book, 8 min ago | 0.01 bp | 6.0 bp −$6 | 6.5 bp −$65 | 7.5 bp −$749 | doesn't fit |
| Sell Phemex live order book, 3 min ago | 0.01 bp | 6.0 bp −$6 | 6.4 bp −$64 | 7.2 bp −$718 | 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 | −0.0618% | 1h | 85,862.9 | +0.054% | $197K | $721K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,728 | −0.103% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,786 | −0.035% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,806.8 | −0.011% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,822.6 | +0.007% | $418.0M | $666.5M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,797.2 | −0.022% | $16.8M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTMlong | +0.0004% | 8h | 85,816.2 | long leg | $920.4M | $751.5M | 125x | |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,824.8 | +0.010% | $36.7M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0013% | 1h | 85,803.4 | −0.015% | $22.6M | $219.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,823 | +0.008% | $517.0M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0057% | 8h | 85,844 | +0.032% | — | $1.53B | — | as long as short |
| Bitget BTCUSDT | +0.0072% | 8h | 85,844.9 | +0.033% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0073% | 1h | 85,801.8 | −0.017% | $6.7M | $146.5M | 40x | as long as short |
| Phemex BTCUSDTshort | +0.0075% | 8h | 85,822.2 | +0.007% | $149.1M | $479.8M | 150x | |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | −0.011% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,815.9 | 0.000% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,839 | +0.027% | $5.08B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,839.6 | +0.027% | $9.36B | $23.87B | 150x | as long as short |
| HTX BTC-USDT | +0.0090% | 8h | 85,812.5 | −0.004% | $2.27B | $936.0M | 200x | as long as short |
| SoDEX BTC-USD | +0.0095% | 1h | 85,821 | +0.006% | $60.1M | $336.2M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,830.2 | +0.016% | $175.0M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,834.1 | +0.021% | $23.9M | $149.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,803 | −0.015% | $8.4M | $52.2M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,819.3 | +0.004% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,779 | −0.043% | $198K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,899 | +0.096% | $3.75B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,819.9 | +0.004% | $40.2M | $577.3M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,843.3 | +0.032% | $5.34B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,850.3 | +0.040% | $2.58B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,774 | −0.049% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,783.5 | −0.038% | $6.8M | $97.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,800.8 | −0.018% | $635.6M | $478.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,848.1 | +0.037% | $5.56B | $10.56B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,822.9 | +0.008% | $35.4M | $172.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,777.2 | −0.045% | $157.4M | $555.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,749.7 | −0.077% | $280.1M | $916.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,776.3 | −0.046% | $215.4M | $165.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,774.1 | −0.049% | $140.3M | $314.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,752.8 | −0.074% | $30.3M | $208.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,843.8 | +0.032% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,806 | −0.012% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,810 | −0.007% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,808.7 | −0.009% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,817.1 | +0.001% | $30.1M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,802.9 | −0.015% | $2.9M | $6.1M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,821.5 | +0.006% | $44.2M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,759.1 | −0.067% | — | $105.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,864.7 | +0.057% | $126.0M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,833.1 | +0.020% | $8.4M | $42.2M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,852.2 | +0.042% | $189.4M | $952.6M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0162% | 1h | 85,868.3 | +0.061% | $891.6M | $1.52B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,792 | −0.028% | $704K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,818.7 | +0.003% | $13.6M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0203% | 1h | 85,796.9 | −0.022% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,811 | −0.006% | $10.6M | $758.2M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,801.9 | −0.017% | $503K | $19.3M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
HTX BTC-USDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate 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
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC