BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0029%/8h= +3.2% APRnext payment +$0.29 per $10,000 · paid last 24h +0.017%

Price spread now: Variational Omni against Phemex−0.118%7-day average −0.013% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.038%+$4 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now −0.118%, 7d avg −0.013%

Together, before fees+0.205%+ Points / potential airdropVariational Omni: Active · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.105% cheaper against Phemex than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.013%). If the spread goes back, that is −$10 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,545.2	0.0071	pay 0.0071% / 8h	4h 02m	$148.4M	$489.2M	150x
Short	Variational Omni BTC	85,444.6	0.0100	get 0.0100% / 8h	4h 02m	$153.4M	$564.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.118%Rate

Funding earned: $6.13
Price spread: −0.118% → −0.013%: −$10.47
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$16.33
Costs to cover: 0.120%
Break-even: 25.6 days

Slippage unknown: Phemex: live order book, 7 min ago; Variational Omni: RFQ quote, 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 Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.6 bp −$763	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.51 bp	doesn't fit	0.5 bp −$5	1.1 bp −$106	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	−0.0179%	1h	85,492	−0.062%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,572	+0.031%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,549.7	+0.005%	$367K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0033%	8h	85,528.2	−0.020%	$920.3M	$751.8M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,554.8	+0.011%	$417.5M	$669.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,562.2	+0.020%	$36.6M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.023%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,537.6	−0.009%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,533.9	−0.013%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,536.7	−0.010%	$4.2M	$98.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0037%	1h	85,599.6	+0.064%	$207K	$739K	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,531.4	−0.016%	—	$17.1M	—	as long as short
Phemex BTCUSDTlong	+0.0071%	8h	85,545.2	long leg	$148.4M	$489.2M	150x
Bitget BTCUSDT	+0.0079%	8h	85,549.8	+0.005%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,555.7	+0.012%	$6.7M	$146.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0095%	1h	85,592.6	+0.055%	$887.3M	$1.58B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,553.6	+0.010%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,554.4	+0.011%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,545	0.000%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,548.3	+0.004%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,512	−0.039%	$203K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,608	+0.073%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,632.4	+0.102%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,577.4	+0.038%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,552.4	+0.008%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,551.4	+0.007%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	+0.023%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.050%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.067%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,549.7	+0.005%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,552.4	+0.008%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,539	−0.007%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,444.6	−0.118%	$153.4M	$564.2M	—
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.106%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.068%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.076%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,544.4	−0.001%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,602.4	+0.067%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,550	+0.006%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,556	+0.013%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,552.5	+0.009%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,545.9	+0.001%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,536.5	−0.010%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,555	+0.011%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,548.1	+0.003%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,515.6	−0.035%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,517.8	−0.032%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,589.1	+0.051%	$117.5M	$5.20B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,565	+0.023%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,574	+0.034%	$187.6M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,561.3	+0.019%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,570.2	+0.029%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0214%	1h	85,514.1	−0.036%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,568	+0.027%	$10.3M	$755.0M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,572.8	+0.032%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,556.5	+0.013%	$496K	$18.7M	6.7x	as long as short