Funding you earn now, next payment 00:00 UTC−0.0065%/8h= −7.1% APRnext payment −$0.65 per $10,000 · paid last 24h −0.016%
Price spread now: Phemex against Variational Omni−0.030%7-day average +0.010% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 3 days (all we have)−0.033%−$3 on $10k
+Price spread, last 3 days (all we have)−0.020%−$2 · spread now −0.030%, 7d avg +0.010%
=Together, before fees−0.053%+ Points / potential airdropVariational Omni: Active · farm board−$5 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.040% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.010%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Variational Omni BTC | 86,618.2 | 0.0089 | pay 0.0089% / 8h | 2h 45m | $160.7M | $567.1M | — |
| Short | Phemex BTCUSDT | 86,592.1 | 0.0025 | get 0.0025% / 8h | 2h 45m | $149.4M | $470.7M | 150x |
Variational Omni BTC
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Variational Omni. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$13.59
- Price spread: −0.030% → +0.010%
- −$4.03
- Slippage, 4 orders
- no order book: not counted
- Fee Variational Omni: 0 bp × 2 orders
- $0
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$29.62
- Costs to cover
- 0.120%
- Break-even
- never at this rate
Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: 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 Variational Omni RFQ quote, 4 min ago | 0.52 bp | doesn't fit | 0.5 bp −$5 | 0.5 bp −$52 | doesn't fit |
| Sell Phemex live order book, 4 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 6.6 bp −$657 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0335% | 43m | 86,600.4 | −0.021% | $431K | $25.1M | 6.7x | as long as short |
| Aftermath Perps BTCUSD | −0.0208% | 1h | 86,662 | +0.051% | $85K | $188K | 20x | as long as short |
| dYdX BTC-USD | −0.0108% | 1h | 86,607.2 | −0.013% | $18.0M | $20.0M | 50x | as long as short |
| Phoenix BTC | −0.0103% | 1h | 86,591 | −0.031% | $2.2M | $12.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,568 | −0.058% | $9K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0002% | 8h | 86,561.1 | −0.066% | $846.0M | $707.9M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 86,606.1 | −0.014% | $361K | $2.4M | 50x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,626.8 | +0.010% | $938.6M | $1.42B | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0005% | 1h | 86,631 | +0.015% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0011% | 8h | 86,549.3 | −0.080% | $505.3M | $1.16B | 200x | as long as short |
Perpl BTC
Aftermath Perps BTCUSD
dYdX BTC-USD
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
01 Exchange BTCUSD
Deribit BTC-PERPETUAL
gTrade (Gains Network) BTC/USD
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0021% | 1h | 86,565.3 | −0.061% | $6.7M | $144.0M | 40x | as long as short |
| BingX BTC-USDC | +0.0021% | 8h | 86,564.3 | −0.062% | — | $15.3M | — | as long as short |
| Phemex BTCUSDTshort | +0.0025% | 8h | 86,592.1 | −0.030% | $149.4M | $470.7M | 150x | |
| Bitget BTCUSDT | +0.0027% | 8h | 86,563.1 | −0.064% | $2.94B | $5.07B | 150x | as long as short |
| MEXC BTC_USDT | +0.0048% | 8h | 86,565.9 | −0.060% | $5.19B | $5.64B | 500x | as long as short |
| Aevo BTC-PERP | +0.0048% | 1h | 86,596.8 | −0.025% | $2.4M | $1.3M | 20x | as long as short |
| Binance BTCUSDT | +0.0049% | 8h | 86,567.4 | −0.059% | $9.43B | $24.29B | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0049% | 1h | 86,732 | +0.131% | $315K | $26.8M | 52x | as long as short |
| OKX BTC-USDT-SWAP | +0.0062% | 8h | 86,575.8 | −0.049% | $2.57B | $12.69B | 100x | as long as short |
| RISEx BTC/USDC | +0.0063% | 1h | 86,582.4 | −0.041% | $9.2M | $42.1M | 25x | as long as short |
| Gate BTC_USDT | +0.0066% | 8h | 86,566.9 | −0.059% | $5.85B | $10.59B | 200x | as long as short |
| Bybit BTCUSDT | +0.0079% | 8h | 86,564.8 | −0.062% | $5.27B | $9.65B | 150x | as long as short |
| Variational Omni BTClong | +0.0089% | 8h | 86,618.2 | long leg | $160.7M | $567.1M | — | |
| Lighter BTC | +0.0096% | 1h | 86,579.7 | −0.044% | $171.8M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,587.8 | −0.035% | $24.0M | $152.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,568 | −0.058% | $8.5M | $52.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0098% | 8h | 86,607.9 | −0.012% | $217.4M | $189.0M | 50x | as long as short |
| Orderly PERP_BTC_USDC | +0.0099% | 8h | 86,615.1 | −0.004% | $2.5M | $8.5M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,613.1 | −0.006% | $4.8M | $8.2M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,562 | −0.065% | $199K | $6.8M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,565.5 | −0.061% | $21.7M | $235.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,639 | +0.024% | $3.83B | $5.11B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,601.4 | −0.019% | $40.9M | $485.8M | 50x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,572 | −0.053% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,640.8 | +0.026% | $7.4M | $94.3M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,665 | +0.054% | $572.2M | $23.5M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,577.3 | −0.047% | $38.1M | $148.2M | 75x | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,605.1 | −0.015% | $279.8M | $948.5M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,599.3 | −0.022% | $141.5M | $322.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,606.9 | −0.013% | $30.8M | $205.8M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,637.4 | +0.022% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,571 | −0.054% | $11.0M | $13.7M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,607.9 | −0.012% | $198K | $3.4M | 20x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 86,623.5 | +0.006% | $141K | $619K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,602.4 | −0.018% | $30.0M | $61.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,615.9 | −0.003% | $3.4M | $5.6M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,588 | −0.035% | $60.4M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,589 | −0.034% | $2.30B | $955.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,548.6 | −0.080% | $46.5M | $229.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,646.7 | +0.033% | — | $98.0M | 500x | as long as short |
| Kalshi KXBTCPERP | +0.0113% | 8h | 86,648 | +0.034% | $8.8M | $723.0M | 6.4x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0117% | 1h | 86,618.9 | +0.001% | $191.3M | $927.5M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0120% | 1h | 86,635.6 | +0.020% | $131.9M | $5.88B | 50x | as long as short |
| BloFin BTC-USDT | +0.0168% | 8h | 86,618.6 | 0.000% | $418.8M | $642.0M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0181% / S −0.0198% | 1h | 86,626.3 | +0.009% | $15.4M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0216% | 1h | 86,645.7 | +0.032% | $600K | $7.2M | 30x | as long as short |
Reya BTCRUSDPERP
BingX BTC-USDC
Bitget BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Injective BTC/USDC PERP
OKX BTC-USDT-SWAP
RISEx BTC/USDC
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
GRVT BTC_USDT_Perp
Orderly PERP_BTC_USDC
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
edgeX BTCUSDC
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Kalshi KXBTCPERP
Kraken Futures PF_XBTUSD
Coinbase International BTC-PERP-INTX
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P