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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 20:00 UTC+0.0142%/8h= +15.6% APRpaid last 24h −0.005%
Price spread now: BingX against Phoenix−0.103%7-day average −0.094% · you buy dearer than you sell
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$180.182% of the position
Long on PhoenixShort on BingX
What this pair did over the last
the charts below follow
Funding, last 7 days+0.034%+$3 on $10k
Price spread, last 7 days+0.037%+$4 · spread now −0.103%, 7d avg −0.094%
Together, before fees+0.071%+$7 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.094%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,795−0.0123get 0.0015% / 1h54m 47s$2.2M$12.4M40x
ShortBingX BTC-USDC86,7060.0019get 0.0019% / 8h2h 54m—$15.3M—

Funding history

latest
Range statsloading…

Price spread between the two exchanges

BingX 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

Funding earned
$29.82
Price spread: −0.103% → −0.094%
−$0.83
Slippage, 4 orders
−$1.24
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee BingX: 5 bp × 2 orders
−$10
Net
$10.75
Costs to cover
0.182%
Break-even
4.5 days
Slippage from Phoenix: live order book, 4 min ago; BingX: live order book, 14 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 Phoenix live order book, 4 min ago0.06 bp3.7 bp −$46.2 bp −$6212.0 bp −$1,197doesn't fit
Sell BingX live order book, 14 min ago0.01 bp5.9 bp −$66.2 bp −$626.9 bp −$6928.1 bp −$4,047

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
Perpl BTC−0.0335%43m86,759.6−0.041%$420K$25.5M6.7xas long as short
Aftermath Perps BTCUSD−0.0185%1h86,860.1+0.075%$85K$188K20xas long as short
Phoenix BTClong−0.0123%1h86,795long leg$2.2M$12.4M40x
dYdX BTC-USD−0.0093%1h86,756.9−0.044%$18.1M$19.9M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,790−0.006%$9K$3K50xas long as short
KuCoin XBTUSDTM−0.0001%8h86,749.4−0.053%$844.3M$704.8M125xas long as short
01 Exchange BTCUSD0.0000%1h86,806+0.013%$363K$2.5M50xas long as short
Kalshi KXBTCPERP0.0000%8h86,799+0.005%$8.9M$724.7M6.4xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,840.4+0.052%$922.7M$1.38B50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0005%1h86,822+0.031%$36.7M—200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP+0.0008%1h86,782−0.015%$160K$575K40xas long as short
Aster BTCUSDT+0.0016%8h86,752.9−0.049%$506.5M$1.16B200xas long as short
Phemex BTCUSDT+0.0016%8h86,792.7−0.003%$149.5M$468.6M150xas long as short
BingX BTC-USDCshort+0.0019%8h86,706−0.103%—$15.3M—
Reya BTCRUSDPERP+0.0021%1h86,803.3+0.010%$6.8M$143.8M40xas long as short
Bitget BTCUSDT+0.0025%8h86,711.4−0.096%$2.96B$5.08B150xas long as short
MEXC BTC_USDT+0.0046%8h86,731.2−0.074%$5.20B$5.61B500xas long as short
Binance BTCUSDT+0.0046%8h86,741.4−0.062%$9.46B$24.34B150xas long as short
Aevo BTC-PERP+0.0048%1h86,794.60.000%$2.4M$1.3M20xas long as short
Injective BTC/USDC PERP+0.0049%1h86,984+0.218%$316K$26.8M52xas long as short
OKX BTC-USDT-SWAP+0.0055%8h86,729.5−0.075%$2.58B$12.72B100xas long as short
RISEx BTC/USDC+0.0063%1h86,777.5−0.020%$9.3M$42.0M25xas long as short
Gate BTC_USDT+0.0063%8h86,720.9−0.085%$5.86B$10.53B200xas long as short
Bybit BTCUSDT+0.0078%8h86,718.6−0.088%$5.29B$9.68B150xas long as short
Popdex BTCUSDT+0.0088%1h86,780−0.017%$8.5M$52.2M100xas long as short
Variational Omni BTC+0.0088%8h86,792.9−0.002%$161.2M$563.4M—as long as short
SoDEX BTC-USD+0.0089%1h86,800+0.006%$60.6M$336.5M40xas long as short
GRVT BTC_USDT_Perp+0.0094%8h86,810.6+0.018%$218.0M$191.1M50xas long as short
Lighter BTC+0.0096%1h86,809.3+0.016%$172.7M$1.00B50xas long as short
Lighter RH BTC+0.0096%1h86,818.3+0.027%$24.2M$152.4M50xas long as short
Orderly PERP_BTC_USDC+0.0097%8h86,814.9+0.023%$2.5M$8.4M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,789.7−0.006%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,766−0.033%$201K$6.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,735.2−0.069%$22.0M$237.8M50xas long as short
Hyperliquid BTC+0.0100%1h86,800+0.006%$3.86B$5.08B40xas long as short
Pacifica BTC+0.0100%1h86,782−0.015%$41.6M$484.5M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,745−0.058%$3.9M$18.8M25xas long as short
Arcus BTC-USD+0.0100%1h86,829.9+0.040%$7.6M$95.4M40xas long as short
Bulk BTC-USD+0.0100%1h86,919.5+0.143%$573.8M$23.8M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,807.6+0.015%$38.4M$147.9M75xas long as short
edgeX BTCUSDC+0.0100%4h86,804.8+0.011%$280.4M$944.7M100xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,805.9+0.013%$142.0M$322.7M100xas long as short
StandX BTC-USD+0.0100%1h86,839+0.051%$30.9M$205.4M40xas long as short
Vest BTC-PERP+0.0100%1h86,845.6+0.058%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,806+0.013%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,800.1+0.006%$202K$3.4M20xas long as short
Derive BTC-PERP+0.0100%1h86,802.3+0.008%$30.1M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,802.8+0.009%$3.4M$5.6M100xas long as short
HTX BTC-USDT+0.0100%8h86,793.2−0.002%$2.31B$954.3M200xas long as short
Extended BTC-USD+0.0104%1h86,716.1−0.091%$46.2M$228.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,766.6−0.033%—$97.8M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,839.4+0.051%$193.2M$926.1M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,847+0.060%$132.3M$5.94B50xas long as short
BloFin BTC-USDT+0.0166%8h86,801+0.007%$420.1M$642.2M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0200%1h86,817.3+0.026%$15.5M—200xas long as short
Hibachi BTC/USDT-P+0.0200%1h86,798.4+0.004%$752K$7.0M30xas long as short