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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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Funding you earn now, next payment 21:00 UTC+0.0203%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h +0.017%
Price spread now: Pacifica against Phoenix+0.058%47s7-day average −0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs−$5as 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−$150.155% of the position
Long on PhoenixShort on Pacifica
What this pair did over the last
the charts below follow
Funding, last 7 days+0.107%+$11 on $10k
Price spread, last 7 days−0.112%−$11 · spread now +0.058%, 7d avg −0.032%
Together, before fees−0.006%+ Points / potential airdropPacifica: Active · farm board−$1 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 Pacifica is 0.090% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.032%. The two prices were read 47 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 0.107% in total (about 5.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,739−0.0103get 0.0013% / 1h14m 25s$2.2M$12.4M40x
ShortPacifica BTC86,789.40.0100get 0.0013% / 1h14m 25s$41.0M$494.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Pacifica 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
$42.64
Price spread: +0.058% → −0.032%
$8.99
Slippage, 4 orders
−$0.46
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Pacifica: 4 bp × 2 orders
−$8
Net
$36.17
Costs to cover
0.155%
Break-even
1.1 days
Slippage from Phoenix: live order book, 10 min ago; Pacifica: live order book, 5 min ago.

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, 10 min ago0.06 bp3.7 bp −$46.2 bp −$6211.9 bp −$1,194doesn't fit
Sell Pacifica live order book, 5 min ago0.06 bp4.1 bp −$44.1 bp −$41doesn't fitdoesn't fit

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
Aftermath Perps BTCUSD−0.0242%1h86,757.4+0.021%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,769.4+0.035%$426K$24.6M6.7xas long as short
Phoenix BTClong−0.0103%1h86,739long leg$2.2M$12.4M40x
Hotstuff BTC-PERP−0.0080%1h86,751+0.014%$9K$3K50xas long as short
dYdX BTC-USD−0.0061%1h86,782.5+0.050%$17.6M$20.6M50xas long as short
01 Exchange BTCUSD0.0000%1h86,776+0.043%$362K$2.4M50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,778.2+0.045%$36.9M—200xas long as short
KuCoin XBTUSDTM+0.0006%8h86,749.6+0.012%$850.3M$707.6M125xas long as short
Aster BTCUSDT+0.0007%8h86,739.7+0.001%$506.4M$1.16B200xas long as short
Deribit BTC-PERPETUAL+0.0018%1h86,808.5+0.080%$931.2M$1.47B50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,744.3+0.006%$6.7M$144.4M40xas long as short
Phemex BTCUSDT+0.0023%8h86,766.4+0.032%$150.4M$472.3M150xas long as short
BingX BTC-USDC+0.0028%8h86,737.4−0.002%—$15.4M—as long as short
Bitget BTCUSDT+0.0036%8h86,748.7+0.011%$2.96B$5.08B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639−0.115%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0061%8h86,748.7+0.011%$5.20B$5.71B500xas long as short
Binance BTCUSDT+0.0061%8h86,747.8+0.010%$9.44B$24.37B150xas long as short
RISEx BTC/USDC+0.0063%1h86,768+0.033%$9.4M$41.9M25xas long as short
Aevo BTC-PERP+0.0064%1h86,749.6+0.012%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0082%8h86,754.7+0.018%$5.85B$10.68B200xas long as short
Bybit BTCUSDT+0.0085%8h86,747.4+0.010%$5.29B$9.71B150xas long as short
OKX BTC-USDT-SWAP+0.0089%8h86,765+0.030%$2.56B$12.75B100xas long as short
Lighter BTC+0.0096%1h86,765.6+0.031%$172.0M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,774.6+0.041%$24.1M$154.1M50xas long as short
Popdex BTCUSDT+0.0096%1h86,748+0.010%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,742+0.003%$202K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,800.8+0.071%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,746.6+0.009%$21.7M$235.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,829+0.104%$3.82B$5.12B40xas long as short
Pacifica BTCshort+0.0100%1h86,789.4+0.058%$41.0M$494.9M50x
Ondo Perps BTC-USD.P+0.0100%1h86,755+0.018%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,820.6+0.094%$7.5M$94.8M40xas long as short
Bulk BTC-USD+0.0100%1h86,792.1+0.061%$573.3M$22.0M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,771.8+0.038%$38.1M$149.5M75xas long as short
Variational Omni BTC+0.0100%8h86,796.1+0.066%$159.7M$566.8M—as long as short
edgeX BTCUSDC+0.0100%4h86,776.5+0.043%$280.3M$952.5M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,797.1+0.067%$218.0M$187.7M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,813.3+0.086%$141.7M$322.7M100xas long as short
StandX BTC-USD+0.0100%1h86,791.7+0.061%$30.8M$203.9M40xas long as short
Vest BTC-PERP+0.0100%1h86,813.9+0.086%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,754+0.017%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,757.2+0.021%$197K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,768.5+0.034%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,777.3+0.044%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,759.3+0.023%$30.0M$61.8M15xas long as short
SunX BTC-USDT+0.0100%8h86,765+0.030%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,766+0.031%$60.6M$336.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,761.5+0.026%$2.30B$959.1M200xas long as short
Extended BTC-USD+0.0104%1h86,735−0.005%$46.3M$226.8M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,789.6+0.058%—$98.9M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,805.3+0.076%$188.1M$934.1M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,813+0.085%$131.9M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0160%8h86,797+0.067%$9.7M$727.5M6.4xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0180% / S −0.0209%1h86,769.5+0.035%$15.0M—200xas long as short
BloFin BTC-USDT+0.0181%8h86,766.2+0.031%$415.5M$656.2M150xas long as short
Hibachi BTC/USDT-P+0.0200%1h86,784.5+0.052%$779K$7.7M30xas long as short