BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.5% APRnext payment +$0.32 per $10,000 · paid last 24h +0.027%

Price spread now: Polymarket Perps against Phoenix+0.012%59s7-day average −0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2as 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−$160.155% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.012%, 7d avg −0.062%

Together, before fees+0.072%+$7 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 Polymarket Perps is 0.073% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.062%. The two prices were read 59 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 0.132% in total (about 6.9% 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	85,789	−0.0160	get 0.0020% / 1h	16m 02s	$2.2M	$10.3M	40x
Short	Polymarket Perps BTC-USD	85,799	0.0100	get 0.0013% / 1h	16m 02s	$11.1M	$14.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.012%Rate

Funding earned: $54.57
Price spread: +0.012% → −0.062%: $7.32
Slippage, 4 orders: −$0.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $46.36
Costs to cover: 0.155%
Break-even: 1.1 days

Slippage from Phoenix: live order book, 3 min ago; Polymarket Perps: live order book, 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, 3 min ago	0.06 bp	3.7 bp −$4	6.7 bp −$67	13.6 bp −$1,365	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.4 bp −$44	6.5 bp −$652	doesn't fit

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
Bluefin BTC-PERP	−0.0785%	1h	85,850.8	+0.072%	$197K	$722K	40x	as long as short
Phoenix BTClong	−0.0160%	1h	85,789	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,792	+0.003%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,782.7	−0.007%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.022%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	+0.010%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,825.7	+0.043%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,799.2	+0.012%	$918.9M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.002%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,792.1	+0.004%	$516.9M	$1.10B	200x	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	+0.0056%	8h	85,804	+0.017%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,804.3	+0.018%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,798.4	+0.011%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,801.5	+0.015%	$148.8M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.021%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,803.8	+0.017%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,802.6	+0.016%	$5.05B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,804	+0.017%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	85,805.5	+0.019%	$2.27B	$935.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,819.8	+0.036%	$170.3M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,822.5	+0.039%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.001%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	85,817	+0.033%	$60.1M	$336.1M	40x	as long as short
SunX BTC-USDT	+0.0098%	8h	85,769.7	−0.022%	$2.9M	$6.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,817.7	+0.033%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,754	−0.041%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,886	+0.113%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,811.9	+0.027%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,809	+0.023%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,815.2	+0.031%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.040%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,754.5	−0.040%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,807.5	+0.022%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,794.9	+0.007%	$35.2M	$172.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.021%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.068%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.033%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.023%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,760.8	−0.033%	$30.3M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,833	+0.051%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,799	+0.012%	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	85,814	+0.029%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.1	+0.016%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,810.6	+0.025%	$30.1M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.125%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,794.4	+0.006%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,787.3	−0.002%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.6	+0.081%	$129.4M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,812.6	+0.027%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,841.2	+0.061%	$189.0M	$951.7M	100x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,858.8	+0.081%	$891.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,776.7	−0.014%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,800.6	+0.014%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,820.5	+0.037%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,821	+0.037%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,800.1	+0.013%	$509K	$19.3M	6.7x	as long as short