BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0223%/8h= +24.4% APRnext payment +$0.28 per $10,000 · paid last 24h +0.025%

Price spread now: Coinbase International against Phoenix−0.021%72s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$11as 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−$170.174% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 3 days (all we have)+0.036%+$4 · spread now −0.021%, 7d avg +0.012%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.033% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.012%). If the spread goes back, that is −$3 on $10k: about 12 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.068% in total) that is about 3.4 days. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.068% in total (about 3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.28 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,701	−0.0103	get 0.0013% / 1h	47m 53s	$2.2M	$12.4M	40x
Short	Coinbase International BTC-PERP-INTX	86,683	0.0120	get 0.0015% / 1h	47m 53s	$132.0M	$5.89B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.021%Rate

Funding earned: $46.84
Price spread: −0.021% → +0.012%: −$3.32
Slippage, 4 orders: −$0.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $26.16
Costs to cover: 0.174%
Break-even: 3.1 days

Slippage from Phoenix: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,193	doesn't fit
Sell Coinbase International live order book, 1 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$562	11.4 bp −$5,720

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
Perpl BTC	−0.0335%	43m	86,644.7	−0.065%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0203%	1h	86,688.4	−0.015%	$85K	$188K	20x	as long as short
Phoenix BTClong	−0.0103%	1h	86,701	long leg	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0094%	1h	86,651.2	−0.057%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,576	−0.144%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,596.3	−0.121%	$845.7M	$709.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,651.1	−0.058%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,675.2	−0.030%	$938.9M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,661.7	−0.045%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,603.7	−0.112%	$505.7M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0020%	8h	86,603.5	−0.112%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,635	−0.076%	$6.8M	$144.0M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,637	−0.074%	$149.1M	$470.1M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,598.6	−0.118%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,603.4	−0.113%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,635.8	−0.075%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,602.6	−0.113%	$9.43B	$24.35B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.036%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0061%	8h	86,609	−0.106%	$2.57B	$12.70B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,642.7	−0.067%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,608.2	−0.107%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,605.5	−0.110%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.086%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,645.5	−0.064%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,653.9	−0.054%	$24.0M	$152.8M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,635.2	−0.076%	$217.5M	$189.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,624	−0.089%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,655.1	−0.053%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,682.9	−0.021%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,621	−0.092%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,601.1	−0.115%	$21.8M	$237.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,678.8	−0.026%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.2	−0.051%	$41.0M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,636	−0.075%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,706.9	+0.007%	$7.4M	$95.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	−0.042%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,637.4	−0.073%	$38.2M	$148.1M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,704.2	+0.004%	$280.1M	$946.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	−0.074%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,575.6	−0.145%	$30.8M	$206.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,686.9	−0.016%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,645	−0.065%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,634.8	−0.076%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,663.2	−0.044%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,642.6	−0.067%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,630.5	−0.081%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.077%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,631.4	−0.080%	$2.30B	$955.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,591.7	−0.126%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,652.1	−0.056%	—	$98.4M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,664	−0.043%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,675.8	−0.029%	$192.0M	$927.3M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0120%	1h	86,683	−0.021%	$132.0M	$5.89B	50x
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.126%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,654.6	−0.054%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,618.9	−0.095%	$601K	$7.2M	30x	as long as short