BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0181%/8h= −19.8% APRnext payment −$0.23 per $10,000 · paid last 24h +0.022%

Price spread now: Phoenix against Reya+0.211%59s7-day average +0.091% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 7 days−0.122%−$12 · spread now +0.211%, 7d avg +0.091%

Together, before fees−0.202%+ Points / potential airdropReya: Active · farm board−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.120% dearer against Reya than usual: you sell high and buy low (spread +0.211% now, against its 7-day average of +0.091%): +$12 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 3 days (−0.079% in total) that is about 4.8 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BTCRUSDPERP	86,444.9	0.0022	pay 0.0003% / 1h	34m 34s	$6.7M	$144.9M	40x
Short	Phoenix BTC	86,627	−0.0159	pay 0.0020% / 1h	34m 34s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee PhoenixbpOrdersPrice spread, now +0.211%Rate

Funding earned: −$38.03
Price spread: +0.211% → +0.091%: $12.01
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.02
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 4 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$971	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0657%	1h	86,553.8	+0.126%	$140K	$618K	40x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,627	+0.211%	$2.2M	$11.8M	40x
Aftermath Perps BTCUSD	−0.0130%	1h	86,615.5	+0.197%	$83K	$216K	20x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,522	+0.089%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0010%	1h	86,530.8	+0.099%	$17.3M	$20.5M	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,489.8	+0.052%	$504.7M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,494	+0.057%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,509.2	+0.074%	$851.1M	$708.6M	125x	as long as short
Perpl BTC	0.0000%	43m	86,522.6	+0.090%	$419K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,565.4	+0.139%	$924.2M	$1.47B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,557.8	+0.131%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,484.3	+0.046%	$8.5M	$43.2M	25x	as long as short
Reya BTCRUSDPERPlong	+0.0022%	1h	86,444.9	long leg	$6.7M	$144.9M	40x
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.132%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0030%	8h	86,533.7	+0.103%	$150.2M	$475.4M	150x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,516.5	+0.083%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,457.9	+0.015%	$2.95B	$5.08B	150x	as long as short
Hibachi BTC/USDT-P	+0.0048%	1h	86,562.5	+0.136%	$729K	$8.2M	30x	as long as short
MEXC BTC_USDT	+0.0060%	8h	86,455.8	+0.013%	$5.17B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0060%	8h	86,472	+0.031%	$9.41B	$24.32B	150x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,528.8	+0.097%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0075%	8h	86,506.7	+0.071%	$5.85B	$10.66B	200x	as long as short
Bybit BTCUSDT	+0.0089%	8h	86,470.8	+0.030%	$5.27B	$9.70B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,526.1	+0.094%	$171.6M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,527.3	+0.095%	$24.0M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,476	+0.036%	$8.5M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	86,530	+0.098%	$60.5M	$337.1M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,468	+0.027%	$201K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,551.7	+0.124%	$4.8M	$8.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,495.2	+0.058%	$21.8M	$233.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,549	+0.120%	$3.81B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,549.1	+0.121%	$41.1M	$505.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,469.6	+0.029%	$2.54B	$12.68B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,496	+0.059%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,570.7	+0.146%	$7.4M	$93.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,703.1	+0.299%	$573.0M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,519.1	+0.086%	$38.4M	$153.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,541.3	+0.112%	$156.5M	$566.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,594.3	+0.173%	$279.8M	$944.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.5	+0.171%	$217.3M	$173.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,642.9	+0.229%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,563.2	+0.137%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,530.5	+0.099%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,467	+0.026%	$11.1M	$13.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,463.4	+0.021%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.8	+0.113%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,538.9	+0.109%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,536.8	+0.106%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,527.7	+0.096%	$2.30B	$964.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,476.9	+0.037%	$46.4M	$225.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,541.9	+0.112%	—	$98.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,571.3	+0.146%	$131.6M	$5.71B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,562.4	+0.136%	$191.6M	$937.1M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0208%	1h	86,552.2	+0.124%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,533.4	+0.102%	$414.3M	$651.5M	150x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,554	+0.126%	$9.6M	$728.5M	6.4x	as long as short