Funding you earn now, next payment 03:00 UTC+0.0190%/8h= +20.8% APRnext payment +$0.24 per $10,000 · paid last 24h +0.029%
Price spread now: Nado against Phoenix+0.042%57s7-day average −0.045% · 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−$140.144% of the position
Funding, last 3 days (all we have)+0.109%+$11 on $10k
+Price spread, last 7 days−0.084%−$8 · spread now +0.042%, 7d avg −0.045%
=Together, before fees+0.024%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Nado is 0.087% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 57 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 | 85,565 | −0.0179 | get 0.0022% / 1h | 59m 45s | $2.1M | $10.3M | 40x |
| Short | Nado BTC-PERP | 85,600.6 | 0.0011 | get 0.0001% / 1h | 59m 45s | $25.0M | $221.9M | 50x |
Phoenix BTC
Nado BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $39.9
- Price spread: +0.042% → −0.045%
- $8.65
- Slippage, 4 orders
- −$0.4
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- $34.15
- Costs to cover
- 0.144%
- Break-even
- 1.0 days
Slippage from Phoenix: live order book, 4 min ago; Nado: 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 | 3.6 bp −$4 | 4.9 bp −$49 | 10.1 bp −$1,012 | doesn't fit |
| Sell Nado live order book, 4 min ago | 0.06 bp | 3.6 bp −$4 | 3.6 bp −$36 | 4.2 bp −$418 | 10.5 bp −$5,226 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTClong | −0.0179% | 1h | 85,565 | long leg | $2.1M | $10.3M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,581 | +0.019% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0036% | 8h | 85,640.8 | +0.089% | $922.5M | $752.6M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,600 | +0.041% | $417.7M | $670.1M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 85,673.4 | +0.127% | $367K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,636.3 | +0.083% | $36.6M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0010% | 1h | 85,680 | +0.134% | $16.8M | $21.3M | 50x | as long as short |
| Nado BTC-PERPshort | +0.0011% | 1h | 85,600.6 | +0.042% | $25.0M | $221.9M | 50x | |
| Aster BTCUSDT | +0.0015% | 8h | 85,658 | +0.109% | $516.3M | $1.10B | 200x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,654 | +0.104% | $4.2M | $98.3M | 40x | as long as short |
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Aster BTCUSDT
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0063% | 8h | 85,673.4 | +0.127% | — | $1.54B | — | as long as short |
| Phemex BTCUSDT | +0.0065% | 8h | 85,624.2 | +0.069% | $148.6M | $489.1M | 150x | as long as short |
| Bitget BTCUSDT | +0.0079% | 8h | 85,666.6 | +0.119% | $2.96B | $5.10B | 150x | as long as short |
| Bluefin BTC-PERP | +0.0081% | 1h | 85,675.6 | +0.129% | $207K | $739K | 40x | as long as short |
| Reya BTCRUSDPERP | +0.0088% | 1h | 85,626.4 | +0.072% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,669.8 | +0.122% | $172.4M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,669.6 | +0.122% | $23.9M | $149.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,618 | +0.062% | $8.7M | $53.6M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,618.2 | +0.062% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,629 | +0.075% | $203K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,731.7 | +0.195% | $5.2M | $9.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,747 | +0.213% | $3.79B | $5.01B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,695.7 | +0.153% | $40.5M | $582.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,663.3 | +0.115% | $9.39B | $24.25B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,666 | +0.118% | $5.20B | $9.82B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,680 | +0.134% | $2.59B | $12.17B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,663 | +0.115% | $3.8M | $17.8M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,487.5 | −0.091% | $672.1M | $698.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,670.1 | +0.123% | $5.52B | $10.69B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,664.7 | +0.117% | $5.09B | $5.62B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,614.6 | +0.058% | $35.7M | $177.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,565.9 | +0.001% | $153.8M | $564.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,523.8 | −0.048% | $279.4M | $922.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,554.3 | −0.013% | $214.7M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,562.4 | −0.003% | $139.9M | $314.9M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,544.2 | −0.024% | $30.2M | $208.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,662.5 | +0.114% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,620 | +0.064% | $11.1M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,633.7 | +0.080% | $194K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,626.8 | +0.072% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,618.9 | +0.063% | $30.0M | $50.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,595.5 | +0.036% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,633 | +0.079% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,620.6 | +0.065% | $2.27B | $943.3M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,646.8 | +0.096% | $44.8M | $231.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,592.5 | +0.032% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,665.9 | +0.118% | $117.3M | $5.21B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0106% | 1h | 85,669.5 | +0.122% | $886.7M | $1.58B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,610 | +0.053% | $340K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,648.4 | +0.097% | $187.7M | $953.6M | 100x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,687 | +0.143% | $8.4M | $42.6M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,634.1 | +0.081% | $13.2M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0211% | 1h | 85,558.2 | −0.008% | $78K | $220K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0220% | 8h | 85,638 | +0.085% | $10.4M | $755.0M | 6.4x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,621.2 | +0.066% | $702K | $7.8M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,617.5 | +0.061% | $496K | $18.8M | 6.7x | as long as short |
BingX BTC-USDT
Phemex BTCUSDT
Bitget BTCUSDT
Bluefin BTC-PERP
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Hibachi BTC/USDT-P
Perpl BTC