Settings8H · net · $10k
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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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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.

Funding you earn now, next payment 21:00 UTC+0.0203%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h +0.003%
Price spread now: SoDEX against Phoenix+0.194%70s7-day average −0.036% · 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−$150.155% of the position
Long on PhoenixShort on SoDEX
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.061%+$6 on $10k
Price spread, last 3 days (all we have)−0.228%−$23 · spread now +0.194%, 7d avg −0.036%
Together, before fees−0.167%−$17 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 SoDEX is 0.230% dearer against Phoenix than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of −0.036%. The two prices were read 70 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 3 days it paid 0.061% in total (about 7.3% 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 BTC86,583−0.0103get 0.0013% / 1h26m 09s$2.2M$12.4M40x
ShortSoDEX BTC-USD86,7510.0100get 0.0013% / 1h26m 09s$60.6M$336.4M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

SoDEX 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: +0.194% → −0.036%
$22.96
Slippage, 4 orders
−$0.47
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee SoDEX: 4 bp × 2 orders
−$8
Net
$50.13
Costs to cover
0.155%
Break-even
from the start
Slippage from Phoenix: live order book, 3 min ago; SoDEX: live order book, 3 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, 3 min ago0.06 bp3.7 bp −$46.2 bp −$6211.9 bp −$1,191doesn't fit
Sell SoDEX live order book, 3 min ago0.06 bp4.1 bp −$44.1 bp −$415.2 bp −$51543.6 bp −$21.8K

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−0.0235%1h86,655+0.083%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,737.5+0.178%$431K$24.8M6.7xas long as short
Phoenix BTClong−0.0103%1h86,583long leg$2.2M$12.4M40x
Hotstuff BTC-PERP−0.0080%1h86,653+0.081%$9K$3K50xas long as short
dYdX BTC-USD−0.0075%1h86,733.4+0.174%$17.6M$20.5M50xas long as short
01 Exchange BTCUSD0.0000%1h86,756.3+0.200%$364K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,785.2+0.233%$935.2M$1.45B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,749.9+0.193%$845.2M$704.6M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,782.1+0.230%$36.9M—200xas long as short
Aster BTCUSDT+0.0008%8h86,741.3+0.183%$506.6M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,736.1+0.177%$6.7M$144.4M40xas long as short
Phemex BTCUSDT+0.0023%8h86,747.9+0.190%$150.3M$471.8M150xas long as short
BingX BTC-USDT+0.0025%8h86,755.2+0.199%—$1.60B—as long as short
Bitget BTCUSDT+0.0032%8h86,750.4+0.193%$2.96B$5.08B150xas long as short
Injective BTC/USDC PERP+0.0049%1h86,639+0.065%$315K$26.8M52xas long as short
MEXC BTC_USDT+0.0055%8h86,751.3+0.194%$5.19B$5.68B500xas long as short
Binance BTCUSDT+0.0055%8h86,757.3+0.201%$9.45B$24.33B150xas long as short
Aevo BTC-PERP+0.0056%1h86,754+0.198%$2.4M$1.3M20xas long as short
RISEx BTC/USDC+0.0063%1h86,726+0.165%$9.2M$42.0M25xas long as short
OKX BTC-USDT-SWAP+0.0078%8h86,763.5+0.208%$2.56B$12.74B100xas long as short
Gate BTC_USDT+0.0079%8h86,755.3+0.199%$5.86B$10.64B200xas long as short
Bybit BTCUSDT+0.0083%8h86,760.6+0.205%$5.27B$9.69B150xas long as short
Variational Omni BTC+0.0095%8h86,614.5+0.036%$160.3M$564.8M—as long as short
Lighter BTC+0.0096%1h86,765.1+0.210%$171.9M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,767.2+0.213%$24.0M$153.6M50xas long as short
Popdex BTCUSDT+0.0096%1h86,731+0.171%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,723+0.162%$195K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,752.1+0.195%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,698.7+0.134%$21.8M$235.7M50xas long as short
Hyperliquid BTC+0.0100%1h86,828+0.283%$3.82B$5.13B40xas long as short
Pacifica BTC+0.0100%1h86,757.7+0.202%$41.0M$492.6M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,718+0.156%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,787.2+0.236%$7.8M$94.0M40xas long as short
Bulk BTC-USD+0.0100%1h86,577.9−0.006%$571.8M$22.4M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,760.1+0.205%$38.2M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,587+0.005%$279.7M$950.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,622.1+0.045%$217.5M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,626.6+0.050%$141.4M$322.8M100xas long as short
StandX BTC-USD+0.0100%1h86,625.2+0.049%$30.8M$205.2M40xas long as short
Vest BTC-PERP+0.0100%1h86,777.7+0.225%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,739+0.180%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,756.5+0.200%$198K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,783.6+0.232%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,793.6+0.243%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,758.8+0.203%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,741.8+0.183%$3.4M$5.5M100xas long as short
SoDEX BTC-USDshort+0.0100%1h86,751+0.194%$60.6M$336.4M40x
HTX BTC-USDT+0.0100%8h86,759.1+0.203%$2.30B$958.2M200xas long as short
Extended BTC-USD+0.0104%1h86,738.1+0.179%$46.3M$228.1M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,759.8+0.204%—$98.4M500xas long as short
Kraken Futures PF_XBTUSD+0.0116%1h86,783.4+0.231%$188.5M$932.5M100xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,796+0.246%$132.3M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0130%8h86,763+0.208%$9.6M$725.8M6.4xas long as short
BloFin BTC-USDT+0.0175%8h86,679.4+0.111%$417.3M$653.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0179% / S −0.0201%1h86,773.4+0.220%$14.7M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,666.7+0.097%$614K$7.1M30xas long as short