Settings8H · net · $10k
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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC+0.0367%/8h= +40.2% APRnext payment +$0.46 per $10,000 · paid last 24h +0.035%
Price spread now: GMX against Phoenix+0.038%7-day average +0.012% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on PhoenixShort on GMX
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.146%+$15 on $10k
Price spread, last 3 days (all we have)+0.029%+$3 · spread now +0.038%, 7d avg +0.012%
Together, before fees+0.176%+$18 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and GMX is 0.025% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.012%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,603−0.0159get 0.0020% / 1h42m 59s$2.2M$11.8M40x
ShortGMX BTC/USD [WBTC.b-USDC]86,635.5L +0.0180% / S −0.0208%get 0.0026% / 1h42m 59s$15.1M—200x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GMX 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

Funding earned
$77.06
Price spread: +0.038% → +0.012%
$2.52
Slippage, 4 orders
no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee GMX: 6 bp × 2 orders
−$12
Net
$60.58
Costs to cover
0.190%
Break-even
1.5 days
Slippage unknown: Phoenix: live order book, 6 min ago; GMX: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 6 min ago0.06 bp3.7 bp −$46.2 bp −$6211.9 bp −$1,193doesn't fit
Sell GMX no order-book sample—————
GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP−0.1210%1h86,637.4+0.040%$141K$618K40xas long as short
Aftermath Perps BTCUSD−0.0175%1h86,597.5−0.006%$79K$199K20xas long as short
Phoenix BTClong−0.0159%1h86,603long leg$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,623+0.023%$9K$3K50xas long as short
dYdX BTC-USD−0.0014%1h86,635.5+0.038%$17.5M$20.3M50xas long as short
Aster BTCUSDT−0.0007%8h86,656.8+0.062%$505.8M$1.15B200xas long as short
01 Exchange BTCUSD0.0000%1h86,646.7+0.050%$359K$2.4M50xas long as short
Perpl BTC0.0000%43m86,615.3+0.014%$420K$24.0M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,653.3+0.058%$925.6M$1.47B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,621.7+0.022%$852.5M$707.7M125xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,640+0.043%$36.8M—200xas long as short
RISEx BTC/USDC+0.0006%1h86,629.6+0.031%$8.6M$43.2M25xas long as short
Reya BTCRUSDPERP+0.0022%1h86,621.3+0.021%$6.7M$144.8M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,559−0.051%$315K$26.8M52xas long as short
Phemex BTCUSDT+0.0024%8h86,619.6+0.019%$149.6M$473.0M150xas long as short
Hibachi BTC/USDT-P+0.0024%1h86,629.6+0.031%$734K$8.1M30xas long as short
BingX BTC-USDT+0.0031%8h86,637.2+0.039%—$1.59B—as long as short
Bitget BTCUSDT+0.0041%8h86,667.1+0.074%$2.96B$5.07B150xas long as short
Aevo BTC-PERP+0.0056%1h86,613.1+0.012%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0059%8h86,638.5+0.041%$5.19B$5.63B500xas long as short
Binance BTCUSDT+0.0060%8h86,637.5+0.040%$9.43B$24.31B150xas long as short
Gate BTC_USDT+0.0084%8h86,628.9+0.030%$5.86B$10.64B200xas long as short
Bybit BTCUSDT+0.0090%8h86,663.7+0.070%$5.28B$9.70B150xas long as short
Lighter BTC+0.0096%1h86,629.7+0.031%$172.3M$1.00B50xas long as short
Lighter RH BTC+0.0096%1h86,641.1+0.044%$24.1M$151.8M50xas long as short
Popdex BTCUSDT+0.0096%1h86,625+0.025%$8.5M$52.1M100xas long as short
SoDEX BTC-USD+0.0098%1h86,614+0.013%$60.5M$336.9M40xas long as short
Nado BTC-PERP+0.0099%1h86,606.4+0.004%$21.8M$233.4M50xas long as short
Katana Perps BTC-USD+0.0100%8h86,613+0.012%$206K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,669.4+0.077%$4.8M$8.3M50xas long as short
Hyperliquid BTC+0.0100%1h86,712+0.126%$3.81B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,653.1+0.058%$40.9M$504.7M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,665.2+0.072%$2.55B$12.70B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,640+0.043%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,702.2+0.115%$7.4M$93.8M40xas long as short
Bulk BTC-USD+0.0100%1h86,527.4−0.087%$571.7M$19.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,632.5+0.034%$38.5M$153.1M75xas long as short
Variational Omni BTC+0.0100%8h86,560.2−0.049%$156.7M$569.2M—as long as short
edgeX BTCUSDC+0.0100%4h86,583.1−0.023%$279.6M$943.8M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,610.1+0.008%$217.3M$177.3M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,623.7+0.024%$141.6M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,593.7−0.011%$30.7M$203.0M40xas long as short
Vest BTC-PERP+0.0100%1h86,673+0.081%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,633+0.035%$11.1M$13.5M50xas long as short
Bullet BTC-USD+0.0100%1h86,621+0.021%$193K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,624.3+0.025%$2.5M$8.6M100xas long as short
Derive BTC-PERP+0.0100%1h86,617.3+0.017%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,615.5+0.014%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,617.6+0.017%$2.30B$958.5M200xas long as short
Extended BTC-USD+0.0104%1h86,650.3+0.055%$46.3M$224.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,620.2+0.020%—$98.6M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,664.3+0.071%$131.8M$5.73B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,654.1+0.059%$191.5M$936.4M100xas long as short
BloFin BTC-USDT+0.0180%8h86,618.8+0.018%$415.5M$653.0M150xas long as short
GMX BTC/USD [WBTC.b-USDC]shortL +0.0180% / S −0.0208%1h86,635.5+0.038%$15.1M—200x
Kalshi KXBTCPERP+0.0191%8h86,649+0.053%$9.6M$726.4M6.4xas long as short