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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Funding you earn now, next payment 20:00 UTC+0.0223%/8h= +24.4% APRnext payment +$0.28 per $10,000 · paid last 24h +0.012%
Price spread now: Bulk against Phoenix−0.041%51s7-day average −0.054% · you buy dearer than you sell
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−$140.144% of the position
Long on PhoenixShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.100%+$10 on $10k
Price spread, last 7 days−0.015%−$1 · spread now −0.041%, 7d avg −0.054%
Together, before fees+0.086%+$9 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,912−0.0123get 0.0015% / 1h8m 01s$2.2M$12.0M40x
ShortBulk BTC-USD86,876.50.0100get 0.0013% / 1h8m 01s$573.3M$24.3M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk against Phoenix. 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

Funding earned
$46.83
Price spread: −0.041% → −0.054%
$1.27
Slippage, 4 orders
−$0.38
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
$33.73
Costs to cover
0.144%
Break-even
2.0 days
Slippage from Phoenix: live order book, 6 min ago; Bulk: live order book, 1 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, 6 min ago0.06 bp3.7 bp −$46.2 bp −$6211.9 bp −$1,192doesn't fit
Sell Bulk live order book, 1 min ago0.01 bp3.5 bp −$43.5 bp −$353.5 bp −$3544.8 bp −$2,390

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%43m87,014.2+0.118%$433K$25.7M6.7xas long as short
Aftermath Perps BTCUSD−0.0140%1h86,930.9+0.022%$85K$193K20xas long as short
Phoenix BTClong−0.0123%1h86,912long leg$2.2M$12.0M40x
dYdX BTC-USD−0.0120%1h86,929.5+0.020%$18.1M$19.9M50xas long as short
Hotstuff BTC-PERP−0.0080%1h86,850−0.071%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0016%1h86,989.1+0.089%$367K$2.5M50xas long as short
KuCoin XBTUSDTM−0.0002%8h86,979.1+0.077%$840.3M$706.6M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h87,025.7+0.131%$36.8M—200xas long as short
RISEx BTC/USDC+0.0010%1h86,973.1+0.070%$9.2M$42.2M25xas long as short
BingX BTC-USDT+0.0015%8h86,994.4+0.095%—$1.59B—as long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex BTCUSDT+0.0017%8h86,976.4+0.074%$149.8M$465.2M150xas long as short
Reya BTCRUSDPERP+0.0020%1h87,018.1+0.122%$6.9M$143.0M40xas long as short
Bitget BTCUSDT+0.0021%8h86,985.1+0.084%$2.96B$5.10B150xas long as short
Aster BTCUSDT+0.0023%8h86,979.6+0.078%$507.4M$1.17B200xas long as short
Injective BTC/USDC PERP+0.0035%1h87,347+0.501%$312K$26.9M52xas long as short
ApeX Omni BTCUSDT+0.0041%1h86,874.3−0.043%$142.1M$322.5M100xas long as short
Kraken Futures PF_XBTUSD+0.0041%1h87,025+0.130%$196.0M$925.1M100xas long as short
MEXC BTC_USDT+0.0046%8h86,984.7+0.084%$5.20B$5.62B500xas long as short
Binance BTCUSDT+0.0046%8h86,992.4+0.093%$9.49B$24.35B150xas long as short
Aevo BTC-PERP+0.0048%1h86,996.2+0.097%$2.4M$1.3M20xas long as short
OKX BTC-USDT-SWAP+0.0049%8h86,986.3+0.085%$2.61B$12.76B100xas long as short
SoDEX BTC-USD+0.0057%1h86,981+0.079%$61.0M$336.4M40xas long as short
Gate BTC_USDT+0.0061%8h86,997.3+0.098%$5.89B$10.68B200xas long as short
Bybit BTCUSDT+0.0078%8h86,986.4+0.086%$5.32B$9.71B150xas long as short
Bluefin BTC-PERP+0.0080%1h86,972.6+0.070%$161K$575K40xas long as short
Variational Omni BTC+0.0091%8h86,872.7−0.045%$161.3M$558.2M—as long as short
Orderly PERP_BTC_USDC+0.0095%8h86,992+0.092%$2.4M$8.3M100xas long as short
Lighter BTC+0.0096%1h86,998.5+0.100%$173.1M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h87,003.6+0.105%$24.3M$152.1M50xas long as short
GRVT BTC_USDT_Perp+0.0096%8h86,880.9−0.036%$218.2M$188.8M50xas long as short
Popdex BTCUSDT+0.0096%1h86,969+0.066%$8.5M$52.1M100xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,969.9+0.067%$4.8M$8.2M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,956+0.051%$193K$6.7M50xas long as short
Nado BTC-PERP+0.0100%1h86,944.9+0.038%$23.0M$237.1M50xas long as short
Pacifica BTC+0.0100%1h86,931.7+0.023%$41.7M$480.3M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,926+0.016%$4.0M$18.9M25xas long as short
Arcus BTC-USD+0.0100%1h87,005+0.107%$7.6M$95.3M40xas long as short
Bulk BTC-USDshort+0.0100%1h86,876.5−0.041%$573.3M$24.3M40x
Backpack BTC_USDC_PERP+0.0100%1h86,999.5+0.101%$38.1M$146.0M75xas long as short
edgeX BTCUSDC+0.0100%4h86,877.7−0.039%$286.8M$935.8M100xas long as short
StandX BTC-USD+0.0100%1h86,855−0.066%$30.9M$206.4M40xas long as short
Vest BTC-PERP+0.0100%1h87,013.5+0.117%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h87,011+0.114%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,999+0.100%$205K$3.4M20xas long as short
Derive BTC-PERP+0.0100%1h87,001.4+0.103%$30.1M$61.5M15xas long as short
SunX BTC-USDT+0.0100%8h86,941.2+0.034%$3.4M$5.6M100xas long as short
HTX BTC-USDT+0.0100%8h86,998.5+0.100%$2.31B$955.2M200xas long as short
Extended BTC-USD+0.0104%1h86,975.4+0.073%$46.7M$230.3M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,908.8−0.004%—$97.9M500xas long as short
Kalshi KXBTCPERP+0.0108%8h86,976+0.074%$8.7M$725.3M6.4xas long as short
Coinbase International BTC-PERP-INTX+0.0136%1h87,035.6+0.142%$132.4M$5.99B50xas long as short
Hyperliquid BTC+0.0157%1h87,062.5+0.173%$3.88B$5.11B40xas long as short
BloFin BTC-USDT+0.0167%8h86,852.1−0.069%$420.8M$643.6M150xas long as short
Hibachi BTC/USDT-P+0.0176%1h86,908.1−0.005%$753K$7.0M30xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0181% / S −0.0201%1h87,020.6+0.125%$15.4M—200xas long as short
Deribit BTC-PERPETUAL+0.0201%1h87,060.4+0.171%$932.9M$1.36B50xas long as short