BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0134%/8h= +14.6% APRnext payment +$0.17 per $10,000 · paid last 24h −0.086%

Price spread now: Bluefin against Phoenix−0.011%67s7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

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

costs, in and out, $10k−$200.198% of the position

Long on Phoenix Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.263%−$26 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.011%, 7d avg −0.040%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bluefin is 0.029% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.040%. Mind the row above: over the last 7 days funding on this pair cost −0.263%, so the current rate has only just turned in your favour. The two prices were read 67 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	85,472	−0.0034	get 0.0004% / 1h	41m 36s	$2.3M	$10.8M	40x
Short	Bluefin BTC-PERP	85,462.6	0.0100	get 0.0013% / 1h	41m 36s	$194K	$795K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.011%Rate

Funding earned: $28.08
Price spread: −0.011% → −0.040%: $2.92
Slippage, 4 orders: −$5.81
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $11.19
Costs to cover: 0.198%
Break-even: 4.2 days

Slippage from Phoenix: live order book, 2 min ago; Bluefin: live order book, 63 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	5.8 bp −$58	11.5 bp −$1,146	doesn't fit
Sell Bluefin live order book, 63 min ago	1.09 bp	6.5 bp −$7	11.6 bp −$116	doesn't fit	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
Hotstuff BTC-PERP	−0.0080%	1h	85,391	−0.095%	$8K	$3K	50x	as long as short
Phoenix BTClong	−0.0034%	1h	85,472	long leg	$2.3M	$10.8M	40x
KuCoin XBTUSDTM	−0.0025%	8h	85,408.6	−0.074%	$931.7M	$775.2M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,380.7	−0.107%	$420.7M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,383.3	−0.104%	$512.1M	$1.08B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,409.4	−0.073%	$348K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,445.8	−0.031%	$467K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0004%	1h	85,440	−0.037%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,432.2	−0.047%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0026%	1h	85,432.3	−0.046%	$185.8M	$952.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0066%	1h	85,421.4	−0.059%	$139.6M	$312.8M	100x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	−0.123%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0067%	8h	85,388.4	−0.098%	—	$1.57B	—	as long as short
Nado BTC-PERP	+0.0082%	1h	85,408.6	−0.074%	$24.1M	$220.1M	50x	as long as short
Bybit BTCUSDT	+0.0084%	8h	85,382.8	−0.104%	$5.13B	$9.98B	150x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,385.3	−0.101%	$2.97B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,409.7	−0.073%	$169.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,406.5	−0.077%	$23.6M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,391	−0.095%	$8.4M	$57.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,420.1	−0.061%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,392.3	−0.093%	$5.05B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,393.1	−0.092%	$9.41B	$25.01B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,374	−0.115%	$272K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,444.3	−0.032%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,491	+0.022%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,425.1	−0.055%	$40.1M	$605.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,396.1	−0.089%	$2.60B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,394	−0.091%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,408	−0.075%	$4.7M	$96.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,349	−0.144%	$691.7M	$275.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,393.6	−0.092%	$5.53B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,416.5	−0.065%	$37.3M	$185.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,426.4	−0.053%	$156.0M	$554.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,384.5	−0.102%	$283.1M	$956.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,426.5	−0.053%	$214.4M	$159.5M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,395.3	−0.090%	$30.1M	$209.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,478.6	+0.008%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,431	−0.048%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,426	−0.054%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,421.7	−0.059%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPshort	+0.0100%	1h	85,462.6	−0.011%	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,399.5	−0.085%	$30.0M	$45.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,386.9	−0.100%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,420	−0.061%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425	−0.055%	$2.26B	$966.9M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,430.3	−0.049%	$159.2M	$514.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,362.7	−0.128%	$45.5M	$241.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.4	−0.072%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455	−0.020%	$112.2M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	85,463.6	−0.010%	$840.7M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0138%	1h	85,415.8	−0.066%	$6.6M	$146.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0173%	8h	85,410	−0.073%	$12.0M	$736.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,413.2	−0.069%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,432.1	−0.047%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,445.2	−0.031%	$684K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0293%	1h	85,458.6	−0.016%	$79K	$252K	20x	as long as short