BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0207%/8h= +22.7% APRnext payment +$0.26 per $10,000 · paid last 24h +0.016%

Price spread now: Extended against Phoenix−0.124%88s7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as 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−$120.125% of the position

Long on Phoenix Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 7 days+0.060%+$6 · spread now −0.124%, 7d avg −0.091%

Together, before fees+0.182%+ Points / potential airdropExtended: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.091%). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.122% in total) that is about 46 hours. The two prices were read 88 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 0.122% in total (about 6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.26 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	49m 53s	$2.2M	$12.4M	40x
Short	Extended BTC-USD	86,593.2	0.0104	get 0.0013% / 1h	49m 53s	$46.6M	$229.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.124%Rate

Funding earned: $43.48
Price spread: −0.124% → −0.091%: −$3.37
Slippage, 4 orders: −$0.47
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $27.64
Costs to cover: 0.125%
Break-even: 2.5 days

Slippage from Phoenix: live order book, 4 min ago; Extended: 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 −$1,191	doesn't fit
Sell Extended live order book, 4 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$259	8.8 bp −$4,384

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	86,641.3	−0.069%	$428K	$25.4M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0197%	1h	86,736	+0.040%	$85K	$188K	20x	as long as short
Phoenix BTClong	−0.0103%	1h	86,701	long leg	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0093%	1h	86,651.2	−0.057%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,622	−0.091%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,591.9	−0.126%	$844.7M	$709.2M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,662.3	−0.045%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,636.2	−0.075%	$921.5M	$1.39B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,638.2	−0.072%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0013%	8h	86,589.7	−0.128%	$505.6M	$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	86,600.9	−0.115%	—	$1.60B	—	as long as short
Reya BTCRUSDPERP	+0.0021%	1h	86,624.2	−0.089%	$6.7M	$143.9M	40x	as long as short
Phemex BTCUSDT	+0.0025%	8h	86,596.8	−0.120%	$149.5M	$469.7M	150x	as long as short
Bitget BTCUSDT	+0.0026%	8h	86,600	−0.116%	$2.94B	$5.08B	150x	as long as short
MEXC BTC_USDT	+0.0047%	8h	86,599.6	−0.117%	$5.20B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,599.6	−0.117%	$9.44B	$24.35B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,613.8	−0.101%	$2.4M	$1.3M	20x	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	+0.0059%	8h	86,607.4	−0.108%	$2.57B	$12.73B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,659	−0.048%	$9.2M	$42.2M	25x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,606.5	−0.109%	$5.85B	$10.57B	200x	as long as short
Bybit BTCUSDT	+0.0077%	8h	86,600	−0.117%	$5.27B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.086%	$159.8M	$564.2M	—	as long as short
GRVT BTC_USDT_Perp	+0.0095%	8h	86,798	+0.112%	$217.8M	$191.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	86,614.5	−0.100%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,622.5	−0.091%	$24.0M	$152.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,641	−0.069%	$8.5M	$52.1M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0098%	8h	86,620.2	−0.093%	$2.5M	$8.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,701.7	+0.001%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,630	−0.082%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,641	−0.069%	$21.8M	$237.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,674	−0.031%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,672	−0.033%	$41.5M	$484.5M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,638	−0.073%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,720.4	+0.022%	$7.6M	$95.4M	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	86,599.1	−0.118%	$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	86,714.1	+0.015%	$141.9M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,664	−0.043%	$30.8M	$205.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,695.3	−0.007%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,649	−0.060%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,613.5	−0.101%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,633	−0.078%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,612.1	−0.103%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,641.8	−0.068%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,600	−0.116%	$60.4M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,606.8	−0.109%	$2.30B	$957.0M	200x	as long as short
Kalshi KXBTCPERP	+0.0101%	8h	86,666	−0.040%	$8.9M	$724.7M	6.4x	as long as short
Extended BTC-USDshort	+0.0104%	1h	86,593.2	−0.124%	$46.6M	$229.3M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,663.1	−0.044%	—	$97.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,643.7	−0.066%	$192.0M	$926.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,652.9	−0.055%	$132.0M	$5.92B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,613.6	−0.101%	$418.1M	$642.2M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0199%	1h	86,631.1	−0.081%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,672.4	−0.033%	$598K	$7.2M	30x	as long as short