Funding you earn now, next payment 00:00 UTC+0.0182%/8h= +19.9% APRnext payment +$0.23 per $10,000 · paid last 24h +0.015%
Price spread now: RISEx against Phoenix−0.018%7-day average −0.045% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$140.139% of the position
Funding, last 3 days (all we have)+0.099%+$10 on $10k
+Price spread, last 7 days−0.015%−$1 · spread now −0.018%, 7d avg −0.045%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and RISEx is 0.027% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.045%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 86,215 | −0.0129 | get 0.0016% / 1h | 9m 14s | $2.2M | $11.2M | 40x |
| Short | RISEx BTC/USDC | 86,199.5 | 0.0052 | get 0.0007% / 1h | 9m 14s | $8.3M | $42.4M | 25x |
Phoenix BTC
RISEx BTC/USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
RISEx 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
- $38.13
- Price spread: −0.018% → −0.045%
- $2.69
- Slippage, 4 orders
- −$0.93
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee RISEx: 3 bp × 2 orders
- −$6
- Net
- $26.89
- Costs to cover
- 0.139%
- Break-even
- 2.1 days
Slippage from Phoenix: live order book, 5 min ago; RISEx: live order book, 5 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, 5 min ago | 0.06 bp | 3.7 bp −$4 | 6.2 bp −$62 | 12.0 bp −$1,201 | doesn't fit |
| Sell RISEx live order book, 5 min ago | 0.01 bp | 3.6 bp −$4 | 4.8 bp −$48 | 10.8 bp −$1,080 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Phoenix BTClong | −0.0129% | 1h | 86,215 | long leg | $2.2M | $11.2M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,220 | +0.006% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 86,180.3 | −0.040% | $363K | $2.3M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,218.3 | +0.004% | $571K | $21.2M | 6.7x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,184.7 | −0.035% | $36.8M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 86,365 | +0.174% | $343K | $26.9M | 52x | as long as short |
| dYdX BTC-USD | +0.0026% | 1h | 86,219 | +0.005% | $16.9M | $20.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0032% | 8h | 86,151.9 | −0.073% | $499.4M | $1.13B | 200x | as long as short |
| Bluefin BTC-PERP | +0.0033% | 1h | 86,190.2 | −0.029% | $144K | $666K | 40x | as long as short |
| KuCoin XBTUSDTM | +0.0045% | 8h | 86,186.4 | −0.033% | $829.5M | $714.9M | 125x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
Perpl BTC
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
dYdX BTC-USD
Aster BTCUSDT
Bluefin BTC-PERP
KuCoin XBTUSDTMShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0049% | 1h | 86,163.2 | −0.060% | $6.7M | $145.8M | 40x | as long as short |
| BingX BTC-USDC | +0.0052% | 8h | 86,174.7 | −0.047% | — | $15.3M | — | as long as short |
| RISEx BTC/USDCshort | +0.0052% | 1h | 86,199.5 | −0.018% | $8.3M | $42.4M | 25x | |
| Bitget BTCUSDT | +0.0066% | 8h | 86,164.4 | −0.059% | $2.97B | $5.04B | 150x | as long as short |
| SoDEX BTC-USD | +0.0075% | 1h | 86,149 | −0.077% | $60.4M | $338.3M | 40x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 86,151.4 | −0.074% | $2.5M | $1.8M | 20x | as long as short |
| Phemex BTCUSDT | +0.0082% | 8h | 86,144.3 | −0.082% | $155.7M | $473.3M | 150x | as long as short |
| HTX BTC-USDT | +0.0083% | 8h | 86,112.7 | −0.119% | $2.29B | $957.4M | 200x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 86,156.4 | −0.068% | $5.10B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0084% | 8h | 86,134.9 | −0.093% | $9.38B | $24.22B | 150x | as long as short |
| Gate BTC_USDT | +0.0085% | 8h | 86,172.7 | −0.049% | $5.77B | $10.64B | 200x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,155.3 | −0.069% | $170.1M | $993.4M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,162.2 | −0.061% | $23.6M | $152.1M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,184 | −0.036% | $8.4M | $52.0M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,168 | −0.055% | $201K | $7.3M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,245.1 | +0.035% | $4.2M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,202.9 | −0.014% | $22.2M | $225.1M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,230 | +0.017% | $3.78B | $4.95B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,239.3 | +0.028% | $40.9M | $560.8M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 86,156.6 | −0.068% | $5.25B | $9.64B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,130.7 | −0.098% | $2.56B | $12.40B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,188 | −0.031% | $3.9M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,212.8 | −0.003% | $7.2M | $95.0M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,145.7 | −0.080% | $580.3M | $59.0M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,173 | −0.049% | $35.5M | $161.7M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,205.5 | −0.011% | $156.7M | $558.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,200.1 | −0.017% | $278.4M | $938.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,266 | +0.059% | $216.6M | $165.4M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,239.5 | +0.028% | $141.2M | $320.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,204.7 | −0.012% | $30.6M | $207.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,239.4 | +0.028% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,185 | −0.035% | $11.1M | $14.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,166 | −0.057% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,159 | −0.065% | $2.4M | $9.1M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,180.6 | −0.040% | $30.3M | $56.7M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,134.8 | −0.093% | $3.3M | $5.4M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,140.1 | −0.087% | $46.0M | $222.3M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,200.1 | −0.017% | — | $98.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,177 | −0.044% | $132.2M | $5.28B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,165.7 | −0.057% | $191.5M | $950.6M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0144% | 1h | 86,241.3 | +0.030% | $731K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0169% | 1h | 86,267.2 | +0.061% | $77K | $217K | 20x | as long as short |
| Deribit BTC-PERPETUAL | +0.0199% | 1h | 86,194 | −0.024% | $902.7M | $1.51B | 50x | as long as short |
| BloFin BTC-USDT | +0.0204% | 8h | 86,134 | −0.094% | $415.3M | $640.2M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0206% | 8h | 86,202 | −0.015% | $10.6M | $766.4M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0207% / S −0.0222% | 1h | 86,181.3 | −0.039% | $14.5M | — | 200x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
Bitget BTCUSDT
SoDEX BTC-USD
Aevo BTC-PERP
Phemex BTCUSDT
HTX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Gate BTC_USDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
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
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Deribit BTC-PERPETUAL
BloFin BTC-USDT
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]