BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0259%/8h= +28.4% APRnext payment +$0.32 per $10,000 · paid last 24h +0.018%

Price spread now: Ondo Perps against Phoenix+0.160%48s7-day average −0.050% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 7 days−0.380%−$38 · spread now +0.160%, 7d avg −0.050%

Together, before fees−0.262%+ Points / potential airdropOndo Perps: Active · farm board−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Ondo Perps is 0.210% dearer against Phoenix than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.050%. The two prices were read 48 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 0.119% in total (about 6.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 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	86,352	−0.0159	get 0.0020% / 1h	56m 38s	$2.2M	$11.7M	40x
Short	Ondo Perps BTC-USD.P	86,490	0.0100	get 0.0013% / 1h	56m 38s	$3.9M	$18.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.160%Rate

Funding earned: $54.39
Price spread: +0.160% → −0.050%: $21
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $63.39
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 2 min ago; Ondo Perps: 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

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 −$1,186	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTClong	−0.0159%	1h	86,352	long leg	$2.2M	$11.7M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,460	+0.125%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,424	+0.083%	$332K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,502.7	+0.175%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,508.9	+0.182%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	86,490.8	+0.161%	$503.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,484.7	+0.154%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	86,467.4	+0.134%	$849.7M	$713.6M	125x	as long as short
Deribit BTC-PERPETUAL	+0.0017%	1h	86,502.7	+0.175%	$917.4M	$1.49B	50x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,448.4	+0.112%	$6.7M	$145.2M	40x	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	+0.0040%	8h	86,503.8	+0.176%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0042%	8h	86,471.3	+0.138%	$149.8M	$477.8M	150x	as long as short
Bitget BTCUSDT	+0.0051%	8h	86,501.1	+0.173%	$2.96B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0058%	1h	86,452.4	+0.116%	$17.0M	$21.1M	50x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,461.8	+0.127%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0068%	8h	86,482.7	+0.151%	$5.13B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,501.9	+0.174%	$9.42B	$24.51B	150x	as long as short
Aftermath Perps BTCUSD	+0.0082%	1h	86,424.1	+0.083%	$79K	$220K	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,493.6	+0.164%	$5.84B	$10.69B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,481.4	+0.150%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,498.9	+0.170%	$24.0M	$151.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,502	+0.174%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,499.9	+0.171%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,480	+0.148%	$203K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,514.1	+0.188%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,465	+0.131%	$21.9M	$234.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,547	+0.226%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,503.7	+0.176%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,506.3	+0.179%	$2.54B	$12.72B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	86,490	+0.160%	$3.9M	$18.6M	25x
Arcus BTC-USD	+0.0100%	1h	86,535.6	+0.213%	$7.6M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	+0.036%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,462.4	+0.128%	$37.8M	$154.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,337.9	−0.016%	$155.6M	$568.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,393.2	+0.048%	$279.2M	$943.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,348.3	−0.004%	$216.7M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.2	+0.051%	$141.2M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,425.5	+0.085%	$30.7M	$204.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,535.4	+0.212%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,451	+0.115%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,473.5	+0.141%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,470	+0.137%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,503.3	+0.175%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,501.5	+0.173%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,460.3	+0.125%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,470	+0.137%	$60.4M	$337.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,440	+0.102%	$2.29B	$969.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,483.3	+0.152%	$45.4M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,470.3	+0.137%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,497.2	+0.168%	$192.2M	$947.8M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,446.9	+0.110%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,511.9	+0.185%	$132.3M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,468.3	+0.135%	$719K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,471.5	+0.138%	$414.6M	$655.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,480.8	+0.149%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0201%	8h	86,470	+0.137%	$9.8M	$738.0M	6.4x	as long as short