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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 22:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h +0.049%
Price spread now: Deribit against Phemex+0.037%7-day average +0.051% · you sell dearer than you buy
Net, funding: paid 7d − costs−$14as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$190.191% of the position
Long on PhemexShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.054%+$5 on $10k
Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.037%, 7d avg +0.051%
Together, before fees+0.069%+$7 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.051%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex BTCUSDT86,590.20.0026pay 0.0026% / 8h2h 30m$149.7M$471.4M150x
ShortDeribit BTC-PERPETUAL86,621.90get 0.0000% / 1h30m 11s$935.1M$1.44B50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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
−$5.44
Price spread: +0.037% → +0.051%
−$1.47
Slippage, 4 orders
−$0.07
Fee Phemex: 6 bp × 2 orders
−$12
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$25.98
Costs to cover
0.191%
Break-even
never at this rate
Slippage from Phemex: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago0.01 bp6.0 bp −$66.0 bp −$607.3 bp −$728doesn't fit
Sell Deribit live order book, 4 min ago0.03 bp3.5 bp −$43.5 bp −$355.4 bp −$53912.7 bp −$6,338

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
Aftermath Perps BTCUSD−0.0234%1h86,607.4+0.020%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,633.4+0.050%$428K$24.9M6.7xas long as short
Phoenix BTC−0.0103%1h86,5900.000%$2.2M$12.4M40xas long as short
dYdX BTC-USD−0.0080%1h86,626.4+0.042%$17.6M$20.5M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,574−0.019%$9K$3K50xas long as short
01 Exchange BTCUSD0.0000%1h86,646.2+0.065%$362K$2.4M50xas long as short
Deribit BTC-PERPETUALshort0.0000%1h86,621.9+0.037%$935.1M$1.44B50x
KuCoin XBTUSDTM+0.0002%8h86,592.5+0.003%$843.7M$704.8M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,628.7+0.044%$37.0M—200xas long as short
Aster BTCUSDT+0.0008%8h86,577.4−0.015%$505.7M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,611.5+0.025%$6.7M$144.3M40xas long as short
BingX BTC-USDC+0.0023%8h86,582.6−0.009%—$15.3M—as long as short
Phemex BTCUSDTlong+0.0026%8h86,590.2long leg$149.7M$471.4M150x
Bitget BTCUSDT+0.0031%8h86,590.40.000%$2.95B$5.07B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639+0.056%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0053%8h86,591.4+0.001%$5.19B$5.67B500xas long as short
Binance BTCUSDT+0.0053%8h86,593.3+0.004%$9.44B$24.31B150xas long as short
Aevo BTC-PERP+0.0056%1h86,595.7+0.006%$2.4M$1.3M20xas long as short
RISEx BTC/USDC+0.0063%1h86,630.6+0.047%$9.2M$42.0M25xas long as short
OKX BTC-USDT-SWAP+0.0074%8h86,605+0.017%$2.56B$12.70B100xas long as short
Gate BTC_USDT+0.0075%8h86,595.9+0.007%$5.86B$10.64B200xas long as short
Bybit BTCUSDT+0.0082%8h86,598.1+0.009%$5.27B$9.67B150xas long as short
Variational Omni BTC+0.0095%8h86,614.5+0.028%$160.3M$564.8M—as long as short
Lighter BTC+0.0096%1h86,603+0.015%$172.0M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,608.8+0.021%$24.0M$153.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,620+0.034%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,610+0.023%$193K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,667.4+0.089%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,616.5+0.030%$21.7M$235.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,664+0.085%$3.82B$5.13B40xas long as short
Pacifica BTC+0.0100%1h86,650.2+0.069%$41.3M$490.3M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,627+0.042%$3.9M$18.5M25xas long as short
Arcus BTC-USD+0.0100%1h86,690.1+0.115%$7.5M$93.7M40xas long as short
Bulk BTC-USD+0.0100%1h86,577.9−0.014%$571.8M$22.4M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,594.1+0.005%$38.1M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,620.6+0.035%$279.9M$950.7M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,619.4+0.034%$217.4M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,627.4+0.043%$141.4M$322.8M100xas long as short
StandX BTC-USD+0.0100%1h86,601.6+0.013%$30.8M$205.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,675.1+0.098%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,620+0.034%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,605+0.017%$194K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,610+0.023%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,625.8+0.041%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,600.1+0.011%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,612.9+0.026%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,591+0.001%$60.5M$336.4M40xas long as short
HTX BTC-USDT+0.0100%8h86,598.6+0.010%$2.30B$957.1M200xas long as short
Extended BTC-USD+0.0104%1h86,579.6−0.012%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,638.6+0.056%—$98.4M500xas long as short
Kraken Futures PF_XBTUSD+0.0117%1h86,619.4+0.034%$188.7M$930.9M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,634.6+0.051%$132.0M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0124%8h86,640+0.058%$8.9M$723.8M6.4xas long as short
BloFin BTC-USDT+0.0173%8h86,599.6+0.011%$416.9M$652.8M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,620.6+0.035%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,641.4+0.059%$614K$7.1M30xas long as short