Funding you earn now, next payment 07:00 UTC+0.0134%/8h= +14.6% APRnext payment +$0.17 per $10,000 · paid last 24h +0.044%
Price spread now: Bullet against Phoenix+0.066%7-day average −0.044% · 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−$6as in the Price arb table
costs, in and out, $10k−$170.170% of the position
Funding, last 4 days (all we have)+0.113%+$11 on $10k
+Price spread, last 7 days−0.103%−$10 · spread now +0.066%, 7d avg −0.044%
=Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bullet is 0.110% dearer against Phoenix than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.044%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,395 | −0.0034 | get 0.0004% / 1h | 46m 39s | $2.3M | $10.8M | 40x |
| Short | Bullet BTC-USD | 85,451.4 | 0.0100 | get 0.0013% / 1h | 46m 39s | $197K | $3.3M | 20x |
Phoenix BTC
Bullet BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bullet against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $28.08
- Price spread: +0.066% → −0.044%
- $10.98
- Slippage, 4 orders
- −$2.05
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Bullet: 4 bp × 2 orders
- −$8
- Net
- $22.01
- Costs to cover
- 0.170%
- Break-even
- 1.5 days
Slippage from Phoenix: live order book, 2 min ago; Bullet: live order book, 3 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 | 5.6 bp −$56 | 11.1 bp −$1,111 | doesn't fit |
| Sell Bullet live order book, 3 min ago | 0.06 bp | 5.2 bp −$5 | 8.2 bp −$82 | 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 | 85,448 | +0.062% | $8K | $3K | 50x | as long as short |
| Phoenix BTClong | −0.0034% | 1h | 85,395 | long leg | $2.3M | $10.8M | 40x | |
| KuCoin XBTUSDTM | −0.0028% | 8h | 85,455.2 | +0.071% | $931.9M | $774.5M | 125x | as long as short |
| BloFin BTC-USDT | −0.0022% | 8h | 85,429.8 | +0.041% | $421.9M | $682.9M | 150x | as long as short |
| Aster BTCUSDT | −0.0005% | 8h | 85,453.1 | +0.068% | $512.6M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,463.6 | +0.080% | $348K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,465 | +0.082% | $489K | $18.3M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0004% | 1h | 85,444.2 | +0.058% | $16.7M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,455.8 | +0.071% | $36.5M | — | 200x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,444.4 | +0.058% | $185.4M | $952.7M | 100x | as long as short |
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Kraken Futures PF_XBTUSDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,367 | −0.033% | $338K | $24.6M | 52x | as long as short |
| ApeX Omni BTCUSDT | +0.0067% | 1h | 85,418 | +0.027% | $139.6M | $313.0M | 100x | as long as short |
| BingX BTC-USDT | +0.0068% | 8h | 85,455.7 | +0.071% | — | $1.57B | — | as long as short |
| Nado BTC-PERP | +0.0075% | 1h | 85,444.3 | +0.058% | $24.1M | $220.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0084% | 8h | 85,452.3 | +0.067% | $5.14B | $9.98B | 150x | as long as short |
| Bitget BTCUSDT | +0.0091% | 8h | 85,454.2 | +0.069% | $2.98B | $5.17B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,470.5 | +0.088% | $169.4M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,473.5 | +0.092% | $23.6M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,451 | +0.066% | $8.4M | $57.3M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,445.6 | +0.059% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,462.5 | +0.079% | $5.05B | $5.72B | 500x | as long as short |
| Binance BTCUSDT | +0.0098% | 8h | 85,459.8 | +0.076% | $9.42B | $25.02B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,441 | +0.054% | $272K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,508.9 | +0.133% | $5.8M | $9.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,524 | +0.151% | $3.75B | $5.07B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,495.9 | +0.118% | $40.1M | $605.5M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,456.7 | +0.072% | $2.60B | $12.22B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,443 | +0.056% | $3.9M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,461 | +0.077% | $4.7M | $96.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,349 | −0.054% | $691.7M | $275.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,462.5 | +0.079% | $5.54B | $11.01B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,436.3 | +0.048% | $37.3M | $185.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,323.9 | −0.083% | $155.7M | $555.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,356.8 | −0.045% | $279.6M | $954.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,389 | −0.007% | $214.4M | $159.1M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,472.8 | +0.091% | $30.1M | $209.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,509.4 | +0.134% | — | $10.0M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,452 | +0.067% | $11.0M | $14.7M | 50x | as long as short |
| Bullet BTC-USDshort | +0.0100% | 1h | 85,451.4 | +0.066% | $197K | $3.3M | 20x | |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,445.9 | +0.060% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,481.7 | +0.102% | $194K | $795K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,424.1 | +0.034% | $30.0M | $45.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,449.9 | +0.064% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,430 | +0.041% | $59.8M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,449.9 | +0.064% | $2.26B | $966.5M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,450.1 | +0.065% | $158.2M | $513.6M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,428.7 | +0.039% | $45.4M | $241.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,454.9 | +0.070% | — | $105.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,473.9 | +0.092% | $112.4M | $5.48B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0122% | 1h | 85,483.5 | +0.104% | $841.6M | $1.65B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0137% | 1h | 85,436.1 | +0.048% | $6.6M | $146.8M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0172% | 8h | 85,483 | +0.103% | $12.1M | $738.4M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,477.8 | +0.097% | $8.7M | $42.8M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0175% / S −0.0147% | 1h | 85,457 | +0.073% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,505.3 | +0.129% | $688K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0286% | 1h | 85,425.2 | +0.035% | $77K | $249K | 20x | as long as short |
Injective BTC/USDC PERP
ApeX Omni BTCUSDT
BingX BTC-USDT
Nado BTC-PERP
Bybit BTCUSDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD