BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0094%/8h= −10.3% APRnext payment −$0.12 per $10,000 · paid last 24h −0.015%

Price spread now: Phoenix against RISEx−0.013%50s7-day average +0.046% · 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—prices read too far apart to compare

costs, in and out, $10k−$140.144% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.096%−$10 on $10k

Price spread, last 7 days+0.055%+$6 · spread now −0.013%, 7d avg +0.046%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.059% cheaper against RISEx than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.046%). Swap the legs. The two prices were read 50 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	RISEx BTC/USDC	86,554.7	−0.0024	get 0.0003% / 1h	52m 30s	$8.3M	$42.9M	25x
Short	Phoenix BTC	86,543	−0.0118	pay 0.0015% / 1h	52m 30s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$19.84
Price spread: −0.013% → +0.046%: −$5.9
Slippage, 4 orders: −$1.36
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.09
Costs to cover: 0.144%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 min ago; Phoenix: live order book, 7 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 RISEx live order book, 2 min ago	0.01 bp	3.9 bp −$4	4.0 bp −$40	10.8 bp −$1,078	doesn't fit
Sell Phoenix live order book, 7 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$973	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 BTCshort	−0.0118%	1h	86,543	−0.013%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,521	−0.039%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	+0.054%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDClong	−0.0024%	1h	86,554.7	long leg	$8.3M	$42.9M	25x
01 Exchange BTCUSD	−0.0016%	1h	86,562.9	+0.010%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,550.7	−0.005%	$503.9M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,585.3	+0.035%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0009%	8h	86,548.7	−0.007%	$850.6M	$713.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,550.1	−0.005%	$6.7M	$145.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0029%	1h	86,610.2	+0.064%	$917.1M	$1.49B	50x	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	+0.0040%	8h	86,551	−0.004%	—	$1.59B	—	as long as short
dYdX BTC-USD	+0.0044%	1h	86,591.4	+0.042%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,574.7	+0.023%	$149.8M	$478.4M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,549.7	−0.006%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,536.9	−0.021%	$5.13B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,550.1	−0.005%	$9.43B	$24.53B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,556.5	+0.002%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,549.5	−0.006%	$5.88B	$10.71B	200x	as long as short
Aftermath Perps BTCUSD	+0.0091%	1h	86,502.3	−0.061%	$79K	$220K	20x	as long as short
Lighter BTC	+0.0096%	1h	86,545.5	−0.011%	$170.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,573.7	+0.022%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,550	−0.005%	$8.5M	$52.5M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,554.2	−0.001%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,525	−0.034%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,575.6	+0.024%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,550.1	−0.005%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,627	+0.084%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,572.1	+0.020%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,556	+0.002%	$2.54B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,556	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,583.4	+0.033%	$7.6M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,382.9	−0.198%	$571.1M	$18.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,575.6	+0.024%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.106%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,512.3	−0.049%	$279.6M	$945.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	−0.019%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,442	−0.130%	$141.3M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,570.1	+0.018%	$30.7M	$204.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,602.7	+0.055%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,554	−0.001%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,571.7	+0.020%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,565	+0.012%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,594.8	+0.046%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,597.7	+0.050%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,580.1	+0.029%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,574	+0.022%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,550	−0.005%	$2.30B	$969.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,512.7	−0.049%	$45.3M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,595.7	+0.047%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,607.7	+0.061%	$192.0M	$949.2M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,582.9	+0.033%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,618.7	+0.074%	$132.8M	$5.69B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,561.3	+0.008%	$718K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0190% / S −0.0213%	1h	86,582.8	+0.033%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0191%	8h	86,574.8	+0.023%	$414.3M	$658.4M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	86,581	+0.030%	$9.8M	$739.4M	6.4x	as long as short