BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0199%/8h= −21.8% APRnext payment −$0.25 per $10,000 · paid last 24h −0.013%

Price spread now: Phoenix against Popdex−0.095%7-day average +0.050% · 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−$29as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on Popdex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.099%−$10 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.095%, 7d avg +0.050%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.145% cheaper against Popdex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	86,621	0.0096	pay 0.0012% / 1h	33m 22s	$8.5M	$52.2M	100x
Short	Phoenix BTC	86,539	−0.0103	pay 0.0013% / 1h	33m 22s	$2.2M	$12.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Popdex. 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 PopdexbpFee PhoenixbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$41.8
Price spread: −0.095% → +0.050%: −$14.5
Slippage, 4 orders: −$0.73
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$70.43
Costs to cover: 0.141%
Break-even: never at this rate

Slippage from Popdex: live order book, 1 min ago; Phoenix: live order book, 6 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 Popdex live order book, 1 min ago	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.4 bp −$344	5.0 bp −$2,483
Sell Phoenix live order book, 6 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.4 bp −$1,036	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
Aftermath Perps BTCUSD	−0.0230%	1h	86,618.2	−0.003%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,644.6	+0.027%	$428K	$24.9M	6.7x	as long as short
Phoenix BTCshort	−0.0103%	1h	86,539	−0.095%	$2.2M	$12.4M	40x
dYdX BTC-USD	−0.0083%	1h	86,671.7	+0.059%	$17.6M	$20.5M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,624	+0.003%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,648.7	+0.032%	$363K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,654.7	+0.039%	$935.6M	$1.44B	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	86,623.7	+0.003%	$844.2M	$704.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,645.9	+0.029%	$37.0M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,621.9	+0.001%	$505.8M	$1.16B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,617.5	−0.004%	$6.7M	$144.3M	40x	as long as short
BingX BTC-USDC	+0.0022%	8h	86,613.8	−0.008%	—	$15.2M	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,610.1	−0.013%	$149.5M	$471.2M	150x	as long as short
Bitget BTCUSDT	+0.0030%	8h	86,624.9	+0.005%	$2.95B	$5.07B	150x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,627.1	+0.007%	$2.4M	$1.3M	20x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	+0.021%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0052%	8h	86,623.3	+0.003%	$5.19B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	86,620.5	−0.001%	$9.44B	$24.31B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,636.8	+0.018%	$9.2M	$42.0M	25x	as long as short
OKX BTC-USDT-SWAP	+0.0072%	8h	86,631.1	+0.012%	$2.56B	$12.70B	100x	as long as short
Gate BTC_USDT	+0.0073%	8h	86,626.5	+0.006%	$5.86B	$10.63B	200x	as long as short
Bybit BTCUSDT	+0.0082%	8h	86,624.6	+0.004%	$5.27B	$9.67B	150x	as long as short
Variational Omni BTC	+0.0092%	8h	86,584.3	−0.042%	$160.0M	$567.1M	—	as long as short
Lighter BTC	+0.0096%	1h	86,643.1	+0.026%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,648.1	+0.031%	$24.0M	$153.5M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	86,621	long leg	$8.5M	$52.2M	100x
Katana Perps BTC-USD	+0.0100%	8h	86,615	−0.007%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,680.4	+0.069%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,626	+0.006%	$21.6M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,698	+0.089%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,661	+0.046%	$41.3M	$490.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,637	+0.018%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,689.3	+0.079%	$7.5M	$93.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,606.9	−0.016%	$571.9M	$22.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,613.2	−0.009%	$38.1M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.1	−0.039%	$279.7M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,619.4	−0.002%	$217.4M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,686.6	+0.076%	$141.7M	$322.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,593.6	−0.032%	$30.8M	$205.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,683.5	+0.072%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,632	+0.013%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,624.6	+0.004%	$195K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,642.7	+0.025%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,647	+0.030%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,632.2	+0.013%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,628.9	+0.009%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,620	−0.001%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,657.7	+0.042%	$2.30B	$957.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,609.1	−0.014%	$46.4M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,645.3	+0.028%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,657.7	+0.042%	$188.8M	$930.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,656	+0.040%	$132.0M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0123%	8h	86,669	+0.055%	$9.0M	$723.4M	6.4x	as long as short
BloFin BTC-USDT	+0.0172%	8h	86,606.7	−0.017%	$416.8M	$650.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0178% / S −0.0185%	1h	86,638.2	+0.020%	$14.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,648.5	+0.032%	$614K	$7.1M	30x	as long as short