BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0305%/8h= +33.4% APRnext payment +$0.38 per $10,000 · paid last 24h +0.033%

Price spread now: Aftermath Perps against Phoenix+0.012%63s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$280.282% of the position

Long on Phoenix Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.135%+$14 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.012%, 7d avg −0.004%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate. The two prices were read 63 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	Phoenix BTC	85,641	−0.0144	get 0.0018% / 1h	32m 12s	$2.2M	$10.5M	40x
Short	Aftermath Perps BTCUSD	85,651	0.0161	get 0.0020% / 1h	32m 12s	$78K	$219K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Phoenix. 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 PhoenixbpFee Aftermath PerpsbpOrdersPrice spread, now +0.012%Rate

Funding earned: $64.04
Price spread: +0.012% → −0.004%: $1.54
Slippage, 4 orders: −$12.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $37.38
Costs to cover: 0.282%
Break-even: 2.9 days

Slippage from Phoenix: live order book, 2 min ago; Aftermath Perps: live order book, 37 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,192	doesn't fit
Sell Aftermath Perps live order book, 37 min ago	1.00 bp	11.2 bp −$11	doesn't fit	doesn't fit	doesn't fit

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
Phoenix BTClong	−0.0144%	1h	85,641	long leg	$2.2M	$10.5M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,596	−0.053%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,654.9	+0.016%	$364K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,669.5	+0.033%	$515K	$20.9M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,662	+0.025%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.3	+0.033%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	+0.058%	$340K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,653.7	+0.015%	$496.6M	$1.14B	200x	as long as short
KuCoin XBTUSDTM	+0.0035%	8h	85,628.5	−0.015%	$901.7M	$755.9M	125x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	85,595.3	−0.053%	$140.0M	$320.4M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,672.7	+0.037%	$7.8M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0054%	8h	85,631.1	−0.012%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0056%	1h	85,669.1	+0.033%	$6.7M	$146.2M	40x	as long as short
HTX BTC-USDT	+0.0057%	8h	85,625	−0.019%	$2.27B	$953.1M	200x	as long as short
Nado BTC-PERP	+0.0065%	1h	85,625.4	−0.018%	$22.8M	$228.6M	50x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,616.3	−0.029%	$2.94B	$5.11B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,651.7	+0.013%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,630.3	−0.012%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,640.6	0.000%	$9.32B	$24.47B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	85,636.2	−0.006%	$5.61B	$10.51B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,639.5	−0.002%	$169.5M	$986.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,652.8	+0.014%	$23.2M	$146.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,668	+0.032%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,625	−0.019%	$207K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,621.8	−0.022%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,689	+0.056%	$3.76B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,676.8	+0.042%	$40.7M	$569.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,634.7	−0.007%	$5.29B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,633.1	−0.009%	$2.54B	$12.41B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,658	+0.020%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,631.8	−0.011%	$7.2M	$98.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,622.8	−0.021%	$35.1M	$162.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,619.2	−0.025%	$156.3M	$559.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,580.7	−0.070%	$278.2M	$944.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,597.4	−0.051%	$214.9M	$168.6M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,612.6	−0.033%	$30.3M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,709.9	+0.080%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,671	+0.035%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,665.5	+0.029%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,662.5	+0.025%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,698.4	+0.067%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,655.6	+0.017%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,521.5	−0.140%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,646	+0.006%	$59.9M	$337.5M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,644.1	+0.004%	$153.1M	$480.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,587.5	−0.062%	$583.6M	$150.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,633.1	−0.009%	$43.9M	$228.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,636.9	−0.005%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,675.6	+0.040%	$131.1M	$5.19B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,599.8	−0.048%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,658.3	+0.020%	$188.7M	$965.5M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0151%	1h	85,687.7	+0.055%	$894.2M	$1.54B	50x	as long as short
Aftermath Perps BTCUSDshort	+0.0161%	1h	85,651	+0.012%	$78K	$219K	20x
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0191%	1h	85,669.9	+0.034%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	85,662	+0.025%	$10.0M	$770.8M	6.4x	as long as short