BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRnext payment −$0.32 per $10,000 · paid last 24h −0.018%

Price spread now: Phoenix against Ondo Perps−0.103%7-day average +0.050% · you buy dearer than you sell

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

Long on Ondo Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.119%−$12 on $10k

Price spread, last 7 days+0.323%+$32 · spread now −0.103%, 7d avg +0.050%

Together, before fees+0.205%+ Points / potential airdropOndo Perps: Active · farm board+$20 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 0.153% cheaper against Ondo Perps than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.119% in total (about -6.2% 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	Ondo Perps BTC-USD.P	86,441	0.0100	pay 0.0013% / 1h	56m 39s	$3.9M	$18.6M	25x
Short	Phoenix BTC	86,352	−0.0159	pay 0.0020% / 1h	56m 39s	$2.2M	$11.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Ondo Perps. 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 Ondo PerpsbpFee PhoenixbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$54.39
Price spread: −0.103% → +0.050%: −$15.32
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.71
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Ondo 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 2 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$973	doesn't fit

Ondo 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
Phoenix BTCshort	−0.0159%	1h	86,352	−0.103%	$2.2M	$11.7M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,425	−0.019%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	−0.020%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,439.8	−0.001%	$8.4M	$42.8M	25x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,466.4	+0.029%	$503.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,453.6	+0.015%	$358K	$2.5M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.7	+0.051%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,458.9	+0.021%	$849.6M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,502.7	+0.071%	$917.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,448.4	+0.009%	$6.7M	$145.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0038%	8h	86,448	+0.008%	—	$15.4M	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,471.3	+0.035%	$149.8M	$477.8M	150x	as long as short
Bitget BTCUSDT	+0.0050%	8h	86,476	+0.040%	$2.96B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0058%	1h	86,452.4	+0.013%	$17.0M	$21.1M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,461.8	+0.024%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0067%	8h	86,467.6	+0.031%	$5.13B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,474.8	+0.039%	$9.42B	$24.51B	150x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,461.8	+0.024%	$5.84B	$10.69B	200x	as long as short
Aftermath Perps BTCUSD	+0.0082%	1h	86,424.1	−0.020%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,481.4	+0.047%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,498.9	+0.067%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,443	+0.002%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,488.8	+0.055%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,417	−0.028%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,460.4	+0.022%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,429.3	−0.014%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,547	+0.123%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.7	+0.073%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,495.8	+0.063%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.Plong	+0.0100%	1h	86,441	long leg	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,471.4	+0.035%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.067%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.4	+0.025%	$37.8M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.119%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	−0.055%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.107%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	−0.052%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,432.8	−0.010%	$30.7M	$204.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,492.3	+0.059%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,451	+0.012%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,473.5	+0.038%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,470	+0.034%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,503.3	+0.072%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,501.5	+0.070%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,460.3	+0.022%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,470	+0.034%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,440	−0.001%	$2.29B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,448.3	+0.008%	$45.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,470.3	+0.034%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.2	+0.065%	$192.2M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,446.9	+0.007%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,511.9	+0.082%	$132.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468.3	+0.032%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	+0.035%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,480.8	+0.046%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,470	+0.034%	$9.8M	$738.0M	6.4x	as long as short