BTC

Alert: funding

Alert: spread

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: Phoenix against SoDEX−0.194%70s7-day average +0.036% · 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−$150.155% of the position

Long on SoDEX Short on Phoenix

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 against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.229% cheaper against SoDEX than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.036%). Swap the legs. 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	86,751	0.0100	pay 0.0013% / 1h	25m 31s	$60.6M	$336.4M	40x
Short	Phoenix BTC	86,583	−0.0103	pay 0.0013% / 1h	25m 31s	$2.2M	$12.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SoDEX. 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 SoDEXbpFee PhoenixbpOrdersPrice spread, now −0.194%Rate

Funding earned: −$42.64
Price spread: −0.194% → +0.036%: −$22.92
Slippage, 4 orders: −$0.47
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.02
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from SoDEX: live order book, 4 min ago; Phoenix: live order book, 4 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 SoDEX live order book, 4 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$508	42.5 bp −$21.3K
Sell Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	9.5 bp −$951	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	−0.0235%	1h	86,655	−0.111%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,737.5	−0.016%	$431K	$24.8M	6.7x	as long as short
Phoenix BTCshort	−0.0103%	1h	86,583	−0.194%	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,653	−0.113%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0073%	1h	86,784.5	+0.039%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,779.3	+0.033%	$364K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,785.2	+0.039%	$935.2M	$1.45B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,735.1	−0.018%	$847.5M	$704.9M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,782.1	+0.036%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	86,741.1	−0.011%	$506.6M	$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	86,736.1	−0.017%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,747.9	−0.004%	$150.3M	$471.8M	150x	as long as short
BingX BTC-USDC	+0.0025%	8h	86,747.9	−0.004%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0033%	8h	86,755.1	+0.005%	$2.96B	$5.08B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,639	−0.129%	$315K	$26.8M	52x	as long as short
MEXC BTC_USDT	+0.0055%	8h	86,745.6	−0.006%	$5.19B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,754	+0.003%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0057%	8h	86,751.3	0.000%	$9.45B	$24.33B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,762.7	+0.013%	$9.2M	$42.0M	25x	as long as short
Gate BTC_USDT	+0.0079%	8h	86,757.8	+0.008%	$5.86B	$10.64B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0079%	8h	86,767.4	+0.019%	$2.56B	$12.74B	100x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,753.1	+0.002%	$5.28B	$9.69B	150x	as long as short
Variational Omni BTC	+0.0095%	8h	86,614.5	−0.157%	$160.3M	$564.8M	—	as long as short
Lighter BTC	+0.0096%	1h	86,758.4	+0.009%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,760.1	+0.010%	$24.0M	$153.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,752	+0.001%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,741	−0.012%	$194K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,795.9	+0.052%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,698.7	−0.060%	$21.8M	$235.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,812	+0.070%	$3.82B	$5.13B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,776.9	+0.030%	$41.0M	$492.6M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,755	+0.005%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,819.4	+0.079%	$7.8M	$94.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,577.9	−0.200%	$571.8M	$22.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,760.1	+0.010%	$38.2M	$148.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,653.8	−0.112%	$280.0M	$950.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,676.9	−0.085%	$217.6M	$187.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,687.3	−0.073%	$141.5M	$322.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,625.2	−0.145%	$30.8M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,777.7	+0.031%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,739	−0.014%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,756.5	+0.006%	$198K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,783.6	+0.038%	$2.5M	$8.5M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,793.6	+0.049%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,758.8	+0.009%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,741.8	−0.011%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,751	long leg	$60.6M	$336.4M	40x
HTX BTC-USDT	+0.0100%	8h	86,759.1	+0.009%	$2.30B	$958.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,742.6	−0.010%	$46.3M	$228.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,759.8	+0.010%	—	$98.4M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0116%	1h	86,783.4	+0.037%	$188.5M	$932.5M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,796	+0.052%	$132.3M	$5.86B	50x	as long as short
Kalshi KXBTCPERP	+0.0130%	8h	86,763	+0.014%	$9.6M	$725.8M	6.4x	as long as short
BloFin BTC-USDT	+0.0175%	8h	86,679.4	−0.083%	$417.3M	$653.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0201%	1h	86,773.4	+0.026%	$14.7M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	86,666.7	−0.097%	$614K	$7.1M	30x	as long as short