Settings8H · net · $10k
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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0057%/8h= +6.3% APRnext payment +$0.57 per $10,000 · paid last 24h +0.018%
Price spread now: Bybit against Phemex+0.025%7-day average 0.000% · you sell dearer than you buy
Net, funding: paid 7d − costs−$20as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$230.230% of the position
Long on PhemexShort on Bybit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.030%+$3 on $10k
Price spread, last 3 days (all we have)+0.010%+$1 · spread now +0.025%, 7d avg 0.000%
Together, before fees+0.040%+$4 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.025% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of 0.000%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex BTCUSDT86,4230.0042pay 0.0042% / 8h57m 32s$149.7M$477.6M150x
ShortBybit BTCUSDT86,444.90.0099get 0.0099% / 8h57m 32s$5.26B$9.80B150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bybit 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

Funding earned
$12
Price spread: +0.025% → 0.000%
$2.5
Slippage, 4 orders
−$0.03
Fee Phemex: 6 bp × 2 orders
−$12
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
−$8.53
Costs to cover
0.230%
Break-even
12.0 days
Slippage from Phemex: live order book, 7 min ago; Bybit: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 7 min ago0.01 bp6.0 bp −$66.9 bp −$698.6 bp −$855doesn't fit
Sell Bybit live order book, 2 min ago0.01 bp5.5 bp −$65.6 bp −$566.4 bp −$6397.7 bp −$3,834

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTC−0.0159%1h86,352−0.082%$2.2M$11.7M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,425+0.002%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,424+0.001%$332K$26.8M52xas long as short
RISEx BTC/USDC−0.0024%1h86,439.8+0.019%$8.4M$42.8M25xas long as short
Aster BTCUSDT−0.0007%8h86,459.9+0.043%$503.4M$1.15B200xas long as short
01 Exchange BTCUSD0.0000%1h86,453.6+0.035%$358K$2.5M50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,484.7+0.071%$36.8M—200xas long as short
KuCoin XBTUSDTM+0.0008%8h86,430.7+0.009%$849.3M$713.6M125xas long as short
Deribit BTC-PERPETUAL+0.0022%1h86,450.9+0.032%$916.9M$1.49B50xas long as short
Reya BTCRUSDPERP+0.0024%1h86,448.4+0.029%$6.7M$145.2M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDT+0.0040%8h86,471.1+0.056%—$1.59B—as long as short
Phemex BTCUSDTlong+0.0042%8h86,423long leg$149.7M$477.6M150x
Bitget BTCUSDT+0.0050%8h86,458.6+0.041%$2.96B$5.12B150xas long as short
Aevo BTC-PERP+0.0064%1h86,409.7−0.015%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0067%8h86,462.1+0.045%$5.12B$5.61B500xas long as short
Binance BTCUSDT+0.0069%8h86,473+0.058%$9.42B$24.51B150xas long as short
Gate BTC_USDT+0.0081%8h86,427.2+0.005%$5.84B$10.68B200xas long as short
dYdX BTC-USD+0.0082%1h86,452.4+0.034%$17.0M$21.1M50xas long as short
Aftermath Perps BTCUSD+0.0082%1h86,424.1+0.001%$79K$220K20xas long as short
Lighter BTC+0.0096%1h86,440.5+0.020%$170.3M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,445.5+0.026%$24.0M$151.1M50xas long as short
Popdex BTCUSDT+0.0096%1h86,443+0.023%$8.5M$52.5M100xas long as short
Bybit BTCUSDTshort+0.0099%8h86,444.9+0.025%$5.26B$9.80B150x
Katana Perps BTC-USD+0.0100%8h86,417−0.007%$203K$7.0M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,460.4+0.043%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,429.3+0.007%$21.9M$234.6M50xas long as short
Hyperliquid BTC+0.0100%1h86,518+0.110%$3.79B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,462+0.045%$41.1M$521.5M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,453.9+0.036%$2.54B$12.71B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,441+0.021%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,471.4+0.056%$7.6M$94.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,382.9−0.046%$571.1M$18.1M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,424.2+0.001%$37.8M$154.7M75xas long as short
Variational Omni BTC+0.0100%8h86,337.9−0.098%$155.6M$568.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,393.2−0.034%$279.2M$943.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,348.3−0.086%$216.7M$173.5M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,396.2−0.031%$141.2M$323.3M100xas long as short
StandX BTC-USD+0.0100%1h86,432.8+0.011%$30.7M$204.4M40xas long as short
Vest BTC-PERP+0.0100%1h86,492.3+0.080%—$11.7M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,451+0.032%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,473.5+0.058%$190K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,428.5+0.006%$2.4M$8.7M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,453.1+0.035%$140K$663K40xas long as short
Derive BTC-PERP+0.0100%1h86,454+0.036%$30.6M$62.2M15xas long as short
SunX BTC-USDT+0.0100%8h86,419.1−0.005%$3.4M$5.4M100xas long as short
SoDEX BTC-USD+0.0100%1h86,414−0.010%$60.4M$337.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,405.6−0.020%$2.29B$969.2M200xas long as short
Extended BTC-USD+0.0104%1h86,418.6−0.005%$45.4M$226.7M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,470.3+0.055%—$99.0M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,438.8+0.018%$192.1M$947.6M100xas long as short
Perpl BTC+0.0112%43m86,446.9+0.028%$417K$23.4M6.7xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,452.9+0.035%$132.1M$5.68B50xas long as short
Hibachi BTC/USDT-P+0.0160%1h86,468.3+0.052%$719K$8.1M30xas long as short
BloFin BTC-USDT+0.0188%8h86,418.8−0.005%$414.8M$654.9M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0189% / S −0.0213%1h86,438.9+0.018%$15.1M—200xas long as short
Kalshi KXBTCPERP+0.0201%8h86,457+0.039%$9.7M$737.7M6.4xas long as short