BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0107%/8h= +11.7% APRnext payment +$0.13 per $10,000 · paid last 24h −0.011%

Price spread now: gTrade (Gains Network) against Phoenix+0.102%63s7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.154% of the position

Long on Phoenix Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now +0.102%, 7d avg −0.018%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.120% dearer against Phoenix than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of −0.018%. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,539	−0.0103	get 0.0013% / 1h	31m 37s	$2.2M	$12.4M	40x
Short	gTrade (Gains Network) BTC/USD	86,627.1	L +0.0004% / S −0.0004%	get 0.0001% / 1h	31m 37s	$37.0M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.102%Rate

Funding earned: $22.53
Price spread: +0.102% → −0.018%: $11.98
Slippage, 4 orders: −$1.39
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: $19.12
Costs to cover: 0.154%
Break-even: 1.1 days

Slippage from Phoenix: live order book, 2 min ago; gTrade (Gains Network): virtual book (oracle venue), 3 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 −$1,190	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 3 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

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
Aftermath Perps BTCUSD	−0.0231%	1h	86,605.4	+0.077%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,642.5	+0.120%	$428K	$24.9M	6.7x	as long as short
Phoenix BTClong	−0.0103%	1h	86,539	long leg	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0083%	1h	86,626.4	+0.101%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,605	+0.076%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,631.7	+0.107%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,617.7	+0.091%	$935.3M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,575.1	+0.042%	$843.8M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	86,627.1	+0.102%	$37.0M	—	200x
Aster BTCUSDT	+0.0008%	8h	86,568.6	+0.034%	$505.5M	$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	86,600.1	+0.071%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDT	+0.0023%	8h	86,581.2	+0.049%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0024%	8h	86,580.2	+0.048%	$149.6M	$471.4M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,583.3	+0.051%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,588.3	+0.057%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.116%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0053%	8h	86,578	+0.045%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,578	+0.045%	$9.43B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,589.8	+0.059%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,593.1	+0.063%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0074%	8h	86,583.8	+0.052%	$5.85B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,574.8	+0.041%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	+0.052%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,590.8	+0.060%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,593.7	+0.063%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,605	+0.076%	$8.5M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,597	+0.067%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,630.3	+0.105%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,614.2	+0.087%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,653.9	+0.133%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,612.1	+0.084%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,594	+0.064%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,647.6	+0.125%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	+0.078%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,583.6	+0.052%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	+0.056%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	+0.093%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.171%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,614.3	+0.087%	$30.8M	$205.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,667.4	+0.148%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,607	+0.079%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,608.2	+0.080%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,602.8	+0.074%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,614.4	+0.087%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,593.5	+0.063%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,612.9	+0.085%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,585	+0.053%	$60.4M	$336.4M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,609	+0.081%	$2.30B	$957.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,569.5	+0.035%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,625.9	+0.100%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,613.3	+0.086%	$188.9M	$930.9M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,628	+0.103%	$131.9M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0124%	8h	86,637	+0.113%	$8.8M	$723.5M	6.4x	as long as short
BloFin BTC-USDT	+0.0173%	8h	86,611.4	+0.084%	$416.8M	$652.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,619.3	+0.093%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,661.5	+0.142%	$614K	$7.1M	30x	as long as short