BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0148%/8h= +16.2% APRnext payment +$0.19 per $10,000 · paid last 24h −0.015%

Price spread now: dYdX against Phoenix0.000%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Phoenix Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.055%−$6 on $10k

Price spread, last 7 days−0.049%−$5 · spread now 0.000%, 7d avg −0.057%

Together, before fees−0.104%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and dYdX is 0.058% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.057%. Mind the row above: over the last 7 days funding on this pair cost −0.055%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,627	−0.0159	get 0.0020% / 1h	37m 16s	$2.2M	$11.8M	40x
Short	dYdX BTC-USD	86,627.2	−0.0011	pay 0.0001% / 1h	37m 16s	$17.5M	$20.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $31.14
Price spread: 0.000% → −0.057%: $5.77
Slippage, 4 orders: −$4.83
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: $15.08
Costs to cover: 0.218%
Break-even: 3.6 days

Slippage from Phoenix: live order book, 2 min ago; dYdX: live order book, 2 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	6.2 bp −$62	11.9 bp −$1,187	doesn't fit
Sell dYdX live order book, 2 min ago	0.12 bp	8.2 bp −$8	11.0 bp −$110	17.9 bp −$1,795	54.8 bp −$27.4K

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
Bluefin BTC-PERP	−0.0753%	1h	86,588	−0.045%	$140K	$618K	40x	as long as short
Phoenix BTClong	−0.0159%	1h	86,627	long leg	$2.2M	$11.8M	40x
Aftermath Perps BTCUSD	−0.0153%	1h	86,645.4	+0.021%	$83K	$215K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,606	−0.024%	$9K	$3K	50x	as long as short
dYdX BTC-USDshort	−0.0011%	1h	86,627.2	0.000%	$17.5M	$20.3M	50x
01 Exchange BTCUSD	−0.0008%	1h	86,603.6	−0.027%	$359K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0007%	8h	86,583.1	−0.051%	$505.2M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,598.6	−0.033%	$419K	$23.9M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,602.6	−0.028%	$925.1M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,587.1	−0.046%	$852.3M	$707.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,595.3	−0.037%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,601.5	−0.029%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,573.6	−0.062%	$6.7M	$144.8M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	−0.078%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0029%	8h	86,570.1	−0.066%	$150.3M	$473.7M	150x	as long as short
BingX BTC-USDC	+0.0032%	8h	86,557	−0.081%	—	$15.3M	—	as long as short
Hibachi BTC/USDT-P	+0.0040%	1h	86,683.5	+0.065%	$731K	$8.2M	30x	as long as short
Bitget BTCUSDT	+0.0042%	8h	86,570.7	−0.065%	$2.95B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,582.5	−0.051%	$5.19B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0062%	8h	86,574.1	−0.061%	$9.42B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,565.9	−0.071%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,581.3	−0.053%	$5.85B	$10.65B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,571.5	−0.064%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,614.1	−0.015%	$171.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,618.7	−0.010%	$24.1M	$151.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,587	−0.046%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,585	−0.048%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,631.6	+0.005%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,602.6	−0.028%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,662	+0.040%	$3.81B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,643.6	+0.019%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,570.4	−0.065%	$2.55B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,606	−0.024%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.3	+0.059%	$7.4M	$93.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.088%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,626	−0.001%	$38.5M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,696.3	+0.080%	$156.8M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,636.2	+0.011%	$280.0M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,641.8	+0.017%	$217.4M	$174.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.018%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,666	+0.045%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,649.2	+0.026%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	−0.046%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,586	−0.047%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,576.3	−0.059%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,570.8	−0.065%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,620.2	−0.008%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,568	−0.068%	$60.5M	$337.0M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,566.6	−0.070%	$2.30B	$964.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,553.1	−0.085%	$46.4M	$225.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,632.2	+0.006%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,611.6	−0.018%	$131.7M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,601.7	−0.029%	$191.6M	$937.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0208%	1h	86,601.8	−0.029%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,634.4	+0.009%	$415.3M	$652.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0194%	8h	86,663	+0.042%	$9.7M	$727.7M	6.4x	as long as short