BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0103%/8h= +11.3% APRnext payment +$0.13 per $10,000 · paid last 24h +0.047%

Price spread now: Deribit against Phoenix+0.014%7-day average +0.020% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$140.144% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.014%, 7d avg +0.020%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,591	−0.0103	get 0.0013% / 1h	45m 18s	$2.2M	$12.4M	40x
Short	Deribit BTC-PERPETUAL	86,603.3	0	get 0.0000% / 1h	45m 18s	$938.3M	$1.43B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.014%Rate

Funding earned: $21.64
Price spread: +0.014% → +0.020%: −$0.54
Slippage, 4 orders: −$0.41
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $6.69
Costs to cover: 0.144%
Break-even: 4.8 days

Slippage from Phoenix: live order book, 4 min ago; Deribit: live order book, 4 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, 4 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	11.9 bp −$1,193	doesn't fit
Sell Deribit live order book, 4 min ago	0.03 bp	3.5 bp −$4	3.5 bp −$35	4.0 bp −$400	13.0 bp −$6,492

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	86,600.4	+0.011%	$431K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0213%	1h	86,645	+0.062%	$85K	$188K	20x	as long as short
dYdX BTC-USD	−0.0108%	1h	86,607.2	+0.019%	$18.0M	$20.0M	50x	as long as short
Phoenix BTClong	−0.0103%	1h	86,591	long leg	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,568	−0.027%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,563.3	−0.032%	$846.0M	$707.9M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,606.1	+0.017%	$361K	$2.4M	50x	as long as short
Deribit BTC-PERPETUALshort	0.0000%	1h	86,603.3	+0.014%	$938.3M	$1.43B	50x
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,593	+0.002%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	86,546.2	−0.052%	$505.2M	$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
Reya BTCRUSDPERP	+0.0021%	1h	86,565.3	−0.030%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDC	+0.0021%	8h	86,564.8	−0.030%	—	$15.3M	—	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,592.1	+0.001%	$149.4M	$470.7M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,559.3	−0.037%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,567.5	−0.027%	$5.20B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,567.1	−0.028%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0049%	8h	86,567.5	−0.027%	$9.43B	$24.29B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.163%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0062%	8h	86,575.7	−0.018%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,582.4	−0.010%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,567.7	−0.027%	$5.85B	$10.59B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,564.8	−0.030%	$5.27B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0089%	8h	86,618.2	+0.031%	$160.7M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,579.7	−0.013%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,587.8	−0.004%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,568	−0.027%	$8.5M	$52.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0098%	8h	86,607.9	+0.020%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,587.9	−0.004%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,613.1	+0.025%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,562	−0.033%	$199K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,565.5	−0.030%	$21.7M	$235.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,639	+0.055%	$3.83B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,601.4	+0.012%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,572	−0.022%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,640.8	+0.058%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	+0.085%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,577.3	−0.016%	$38.1M	$148.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,605.1	+0.016%	$279.8M	$948.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,599.3	+0.010%	$141.5M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,606.9	+0.018%	$30.8M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,637.4	+0.054%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,571	−0.023%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,567.4	−0.027%	$197K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,593.8	+0.003%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,575.1	−0.018%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.5	−0.033%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,567	−0.028%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,589	−0.002%	$2.30B	$955.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,556.6	−0.040%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,592.8	+0.002%	—	$98.0M	500x	as long as short
Kalshi KXBTCPERP	+0.0113%	8h	86,648	+0.066%	$8.8M	$723.0M	6.4x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,594.9	+0.005%	$190.9M	$928.0M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,615.6	+0.028%	$131.8M	$5.88B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,618.6	+0.032%	$418.8M	$642.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0181%	1h	86,588.8	−0.003%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	86,645.7	+0.063%	$600K	$7.2M	30x	as long as short