BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0002%/8h= +0.2% APRnext payment +$0.02 per $10,000 · paid last 24h +0.002%

Price spread now: Bitget against Phemex−0.003%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.003%, 7d avg −0.003%

Together, before fees+0.047%+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,476.3	0.0050	pay 0.0050% / 8h	30m 16s	$150.8M	$478.7M	150x
Short	Bitget BTCUSDT	86,473.3	0.0052	get 0.0052% / 8h	30m 16s	$2.96B	$5.13B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0.47
Price spread: −0.003% → −0.003%: −$0.05
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$23.61
Costs to cover: 0.240%
Break-even: 356.7 days

Slippage from Phemex: live order book, 4 min ago; Bitget: live order book, 4 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 Phemex live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.6 bp −$758	doesn't fit
Sell Bitget live order book, 4 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.6 bp −$662	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 BTC	−0.0118%	1h	86,471	−0.006%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,462	−0.017%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	+0.106%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,484.9	+0.010%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,488.3	+0.014%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0001%	8h	86,471.8	−0.005%	$501.8M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,482.2	+0.007%	$416K	$23.1M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,497	+0.024%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,474	−0.003%	$850.5M	$715.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0030%	1h	86,479.3	+0.004%	$6.7M	$145.5M	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	+0.0042%	8h	86,468.1	−0.009%	—	$15.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0049%	1h	86,505.9	+0.034%	$914.9M	$1.48B	50x	as long as short
Phemex BTCUSDTlong	+0.0050%	8h	86,476.3	long leg	$150.8M	$478.7M	150x
Bitget BTCUSDTshort	+0.0052%	8h	86,473.3	−0.003%	$2.96B	$5.13B	150x
dYdX BTC-USD	+0.0063%	1h	86,493.3	+0.020%	$16.9M	$21.1M	50x	as long as short
MEXC BTC_USDT	+0.0070%	8h	86,478.5	+0.003%	$5.16B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0070%	8h	86,457.9	−0.021%	$9.43B	$24.57B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,473	−0.004%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0083%	8h	86,481.8	+0.006%	$5.87B	$10.76B	200x	as long as short
SoDEX BTC-USD	+0.0090%	1h	86,467	−0.011%	$60.5M	$337.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,475.6	−0.001%	$170.2M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,478.6	+0.003%	$24.0M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,469	−0.008%	$8.5M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,466.3	−0.012%	$5.26B	$9.82B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,453	−0.027%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,504.6	+0.033%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,468.9	−0.009%	$21.9M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,552	+0.088%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.3	+0.031%	$40.8M	$527.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,471.2	−0.006%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,482	+0.007%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,515.6	+0.045%	$7.6M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,467.9	−0.010%	$38.2M	$155.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474.8	−0.002%	$157.5M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,477.1	+0.001%	$279.3M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,492.7	+0.019%	$217.2M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,488.9	+0.015%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,474.4	−0.002%	$30.7M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,516.6	+0.047%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,480	+0.004%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,484	+0.009%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,478.8	+0.003%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,504.1	+0.032%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,512.8	+0.042%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,455.5	−0.024%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,461.1	−0.018%	$2.29B	$969.6M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	−0.013%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,468.6	−0.009%	$45.4M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,492.2	+0.018%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,495	+0.022%	$194.0M	$952.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,512.1	+0.041%	$132.2M	$5.66B	50x	as long as short
Aftermath Perps BTCUSD	+0.0141%	1h	86,527.6	+0.059%	$79K	$218K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,503.4	+0.031%	$728K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,467.5	−0.010%	$415.6M	$658.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0195% / S −0.0217%	1h	86,492.7	+0.019%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,498	+0.025%	$9.7M	$746.1M	6.4x	as long as short