BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 16:00 UTC−0.0120%/8h= −13.1% APRnext payment −$1.20 per $10,000 · paid last 24h −0.002%

Price spread now: BloFin against Phemex0.000%59s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.240% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 4 days (all we have)−0.041%−$4 · spread now 0.000%, 7d avg −0.005%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.065%, so the current rate has only just turned against you. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,061	0.0100	pay 0.0100% / 8h	7h 13m	$167.5M	$500.1M	150x
Short	BloFin BTC-USDT	86,061.3	−0.0020	pay 0.0020% / 8h	7h 13m	$424.5M	$626.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$25.2
Price spread: 0.000% → −0.005%: $0.5
Slippage, 4 orders: −$0.04
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$48.73
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; BloFin: live order book, 5 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, 5 min ago	0.01 bp	6.0 bp −$6	6.5 bp −$65	8.3 bp −$833	doesn't fit
Sell BloFin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.0 bp −$601	6.1 bp −$3,031

BTC on 55 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	−0.0485%	1h	86,165.3	+0.121%	$195K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,031	−0.035%	$8K	$2K	50x	as long as short
BloFin BTC-USDTshort	−0.0020%	8h	86,061.3	0.000%	$424.5M	$626.5M	150x
01 Exchange BTCUSD	−0.0008%	1h	86,112.7	+0.060%	$355K	$2.1M	50x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	86,071	+0.012%	$308K	$27.2M	52x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,099.1	+0.044%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0027%	8h	86,032.7	−0.033%	$944.7M	$674.8M	125x	as long as short
dYdX BTC-USD	+0.0042%	1h	86,132.8	+0.083%	$16.8M	$19.3M	50x	as long as short
Aster BTCUSDT	+0.0044%	8h	86,045.9	−0.018%	$503.0M	$993.6M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	86,128.1	+0.078%	$188.6M	$871.1M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,933	−0.149%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	86,019.1	−0.049%	—	$17.1M	—	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,031.8	−0.034%	$5.09B	$9.21B	150x	as long as short
Nado BTC-PERP	+0.0087%	1h	86,124.8	+0.074%	$22.1M	$209.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,035.7	−0.029%	$173.0M	$962.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,025.6	−0.041%	$23.2M	$136.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,126	+0.076%	$8.8M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,112.9	+0.060%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,110	+0.057%	$216K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,191.4	+0.152%	$5.9M	$9.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,160.6	+0.116%	$40.5M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	86,022	−0.045%	$9.43B	$23.07B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,034.2	−0.031%	$2.61B	$10.85B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,134	+0.085%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,148.8	+0.102%	$4.7M	$95.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,045.6	−0.018%	$5.50B	$10.15B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,039	−0.026%	$5.10B	$5.85B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	86,032.2	−0.033%	$2.98B	$4.60B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,080.6	+0.023%	$37.8M	$187.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,046.3	−0.017%	$156.9M	$515.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,898.8	−0.188%	$287.3M	$974.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,846.1	−0.250%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,913.6	−0.171%	$137.1M	$302.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,997.1	−0.074%	$30.3M	$214.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,183.5	+0.142%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,125	+0.074%	$11.0M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,116.9	+0.065%	$212K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,112.3	+0.060%	$2.6M	$9.4M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,120.9	+0.070%	$3.1M	$7.0M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,108	+0.055%	$60.3M	$257.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,050.2	−0.013%	$2.28B	$912.8M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	86,061	long leg	$167.5M	$500.1M	150x
Bulk BTC-USD	+0.0100%	1h	85,869.6	−0.222%	$707.4M	$169.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,008	−0.062%	$46.3M	$223.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,132.1	+0.083%	—	$94.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,150.3	+0.104%	$112.7M	$5.32B	50x	as long as short
Reya BTCRUSDPERP	+0.0152%	1h	85,986	−0.087%	$6.7M	$134.3M	40x	as long as short
Hyperliquid BTC	+0.0152%	1h	86,120	+0.069%	$3.85B	$4.81B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0163%	1h	86,164.9	+0.121%	$830.4M	$1.61B	50x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	86,133	+0.084%	$11.0M	$727.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	86,029.5	−0.037%	$9.0M	$40.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0178%	1h	86,067.1	+0.007%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	86,040.7	−0.024%	$692K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0371%	1h	85,939.9	−0.141%	$84K	$253K	20x	as long as short
Perpl BTC	+0.0447%	43m	86,032.4	−0.033%	$480K	$17.0M	6.7x	as long as short