Settings8H · net · $10k
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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 21:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.016%
Price spread now: Bybit against Phoenix+0.009%7-day average −0.054% · you sell dearer than you buy
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs−$15as in the Price arb table
costs, in and out, $10k−$210.209% of the position
Long on PhoenixShort on Bybit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.049%+$5 on $10k
Price spread, last 7 days−0.073%−$7 · spread now +0.009%, 7d avg −0.054%
Together, before fees−0.024%−$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.063% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.054%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.049% in total (about 2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,639−0.0103get 0.0013% / 1h55m 15s$2.2M$11.8M40x
ShortBybit BTCUSDT86,647.10.0087get 0.0087% / 8h1h 55m$5.27B$9.74B150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bybit 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
$40.01
Price spread: +0.009% → −0.054%
$6.28
Slippage, 4 orders
−$2.95
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Bybit: 5.5 bp × 2 orders
−$11
Net
$25.34
Costs to cover
0.209%
Break-even
2.6 days
Slippage from Phoenix: live order book, 4 min ago; Bybit: live order book, 4 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 ago1.04 bp5.0 bp −$56.8 bp −$6811.4 bp −$1,140doesn't fit
Sell Bybit live order book, 4 min ago0.01 bp5.5 bp −$65.5 bp −$555.9 bp −$5937.2 bp −$3,612

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
Aftermath Perps BTCUSD−0.0223%1h86,631−0.009%$79K$197K20xas long as short
Phoenix BTClong−0.0103%1h86,639long leg$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,617−0.025%$9K$3K50xas long as short
dYdX BTC-USD−0.0041%1h86,634.7−0.005%$17.6M$20.6M50xas long as short
Aster BTCUSDT−0.0004%8h86,632.2−0.008%$505.8M$1.16B200xas long as short
01 Exchange BTCUSD0.0000%1h86,674.1+0.041%$359K$2.4M50xas long as short
Perpl BTC0.0000%43m86,667.5+0.033%$422K$24.4M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,668.5+0.034%$926.2M$1.47B50xas long as short
KuCoin XBTUSDTM+0.0004%8h86,649.4+0.012%$851.9M$709.6M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,669.5+0.035%$36.9M—200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
RISEx BTC/USDC+0.0006%1h86,640.9+0.002%$8.5M$43.2M25xas long as short
Hibachi BTC/USDT-P+0.0008%1h86,625.8−0.015%$726K$8.1M30xas long as short
Reya BTCRUSDPERP+0.0022%1h86,661.6+0.026%$6.7M$144.6M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,587−0.060%$315K$26.8M52xas long as short
Phemex BTCUSDT+0.0030%8h86,642.6+0.004%$149.8M$473.0M150xas long as short
BingX BTC-USDC+0.0030%8h86,640+0.001%—$15.4M—as long as short
Bitget BTCUSDT+0.0038%8h86,636.1−0.003%$2.95B$5.09B150xas long as short
Aevo BTC-PERP+0.0056%1h86,646.5+0.009%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0059%8h86,654.9+0.018%$5.20B$5.60B500xas long as short
Binance BTCUSDT+0.0060%8h86,649.2+0.012%$9.43B$24.38B150xas long as short
Gate BTC_USDT+0.0083%8h86,652.2+0.015%$5.86B$10.61B200xas long as short
Nado BTC-PERP+0.0085%1h86,609.6−0.034%$21.6M$234.6M50xas long as short
Bybit BTCUSDTshort+0.0087%8h86,647.1+0.009%$5.27B$9.74B150x
SoDEX BTC-USD+0.0088%1h86,640+0.001%$60.5M$336.7M40xas long as short
Lighter BTC+0.0096%1h86,654.3+0.018%$172.2M$996.7M50xas long as short
Lighter RH BTC+0.0096%1h86,643+0.005%$24.1M$151.4M50xas long as short
Popdex BTCUSDT+0.0096%1h86,650+0.013%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,628−0.013%$201K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,663.9+0.029%$4.8M$8.3M50xas long as short
Hyperliquid BTC+0.0100%1h86,741+0.118%$3.82B$5.12B40xas long as short
Pacifica BTC+0.0100%1h86,656.7+0.020%$41.0M$499.4M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,640.4+0.002%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,615−0.028%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,695.8+0.066%$7.4M$94.1M40xas long as short
Bulk BTC-USD+0.0100%1h86,590.2−0.056%$572.1M$20.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,610.2−0.033%$38.3M$152.6M75xas long as short
Variational Omni BTC+0.0100%8h86,582.6−0.065%$156.4M$568.8M—as long as short
edgeX BTCUSDC+0.0100%4h86,554.6−0.097%$279.5M$940.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,561−0.090%$217.2M$183.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,556.4−0.095%$141.5M$322.9M100xas long as short
StandX BTC-USD+0.0100%1h86,556−0.096%$30.7M$203.1M40xas long as short
Vest BTC-PERP+0.0100%1h86,694.7+0.064%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,667+0.032%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,655+0.018%$193K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,651.1+0.014%$2.5M$8.6M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,665.4+0.030%$141K$618K40xas long as short
Derive BTC-PERP+0.0100%1h86,638.5−0.001%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,624.2−0.017%$3.4M$5.5M100xas long as short
HTX BTC-USDT+0.0100%8h86,645.2+0.007%$2.30B$960.5M200xas long as short
Extended BTC-USD+0.0104%1h86,619.2−0.023%$46.4M$226.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,639.5+0.001%—$98.9M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,677.8+0.045%$131.8M$5.81B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,676.4+0.043%$191.5M$937.5M100xas long as short
BloFin BTC-USDT+0.0180%8h86,642.7+0.004%$417.2M$655.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0180% / S −0.0210%1h86,667.5+0.033%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0183%8h86,662+0.027%$9.6M$726.5M6.4xas long as short