Funding you earn now, next payment 05:00 UTC−0.0211%/8h= −23.0% APRnext payment −$0.26 per $10,000 · paid last 24h −0.039%
Price spread now: Phoenix against Vest−0.145%58s7-day average +0.041% · 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)−0.080%−$8 on $10k
+Price spread, last 7 days+0.172%+$17 · spread now −0.145%, 7d avg +0.041%
=Together, before fees+0.092%+ Points / potential airdropVest: Active · farm board+$9 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 0.185% cheaper against Vest than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.041%). Swap the legs. The two prices were read 58 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 | Vest BTC-PERP | 85,257.2 | 0.0100 | pay 0.0013% / 1h | 21m 52s | — | $10.9M | 50x |
| Short | Phoenix BTC | 85,134 | −0.0111 | pay 0.0014% / 1h | 21m 52s | $2.1M | $10.4M | 40x |
Vest BTC-PERP
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Vest. 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
- −$44.21
- Price spread: −0.145% → +0.041%
- −$18.55
- Slippage, 4 orders
- no order book: not counted
- Fee Vest: 1 bp × 2 orders
- −$2
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$71.75
- Costs to cover
- 0.090%
- Break-even
- never at this rate
Slippage unknown: Vest: no order-book sample; Phoenix: live order book, 2 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 Vest no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 2 min ago | 0.06 bp | 3.6 bp −$4 | 6.9 bp −$69 | 12.9 bp −$1,294 | doesn't fit |
Vest: 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 | |
|---|---|---|---|---|---|---|---|---|
| Perpl BTC | −0.0112% | 43m | 85,202.2 | −0.065% | $525K | $18.4M | 6.7x | as long as short |
| Phoenix BTCshort | −0.0111% | 1h | 85,134 | −0.145% | $2.1M | $10.4M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,179 | −0.092% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,237.9 | −0.023% | $922.9M | $764.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0035% | 8h | 85,137.3 | −0.141% | $419.2M | $679.4M | 150x | as long as short |
| Aster BTCUSDT | −0.0017% | 8h | 85,244.7 | −0.015% | $512.2M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,220.7 | −0.043% | $354K | $2.4M | 50x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,162.9 | −0.111% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,214.5 | −0.050% | $36.4M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.038% | $338K | $26.8M | 52x | as long as short |
Perpl BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0035% | 1h | 85,169.9 | −0.102% | $24.8M | $222.4M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0056% | 1h | 85,264.8 | +0.009% | $187.2M | $954.1M | 100x | as long as short |
| BingX BTC-USDT | +0.0068% | 8h | 85,253.6 | −0.004% | — | $1.56B | — | as long as short |
| Phemex BTCUSDT | +0.0078% | 8h | 85,248.8 | −0.010% | $147.3M | $505.1M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,233.3 | −0.028% | $2.4M | $6.7M | 20x | as long as short |
| Binance BTCUSDT | +0.0085% | 8h | 85,257.9 | +0.001% | $9.42B | $24.82B | 150x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,256.6 | −0.001% | $5.05B | $5.73B | 500x | as long as short |
| Bitget BTCUSDT | +0.0085% | 8h | 85,248.7 | −0.010% | $2.95B | $5.16B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,248.1 | −0.011% | $171.0M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,263.3 | +0.007% | $23.7M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,204 | −0.062% | $8.3M | $55.7M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,281.8 | +0.029% | $117.0M | $5.39B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,174 | −0.098% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,228.5 | −0.034% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,334 | +0.090% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,199.7 | −0.067% | $40.1M | $599.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,250 | −0.008% | $5.15B | $9.94B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,250.1 | −0.008% | $2.58B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,176 | −0.095% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,192.7 | −0.076% | $4.6M | $99.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.110% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,252.7 | −0.005% | $5.49B | $10.99B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,249.3 | −0.009% | $36.3M | $176.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,082 | −0.205% | $154.2M | $566.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,094.5 | −0.191% | $278.9M | $945.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,181.8 | −0.088% | $213.9M | $166.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,090.5 | −0.196% | $139.1M | $315.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,105.9 | −0.178% | $30.0M | $207.1M | 40x | as long as short |
| Vest BTC-PERPlong | +0.0100% | 1h | 85,257.2 | long leg | — | $10.9M | 50x | |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,196 | −0.072% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,205.6 | −0.061% | $205K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,224.1 | −0.039% | $2.5M | $9.3M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,274.6 | +0.020% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,218.1 | −0.046% | $29.9M | $48.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,101.4 | −0.183% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,247 | −0.012% | $59.7M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,225 | −0.038% | $2.26B | $941.4M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,229.4 | −0.033% | $45.2M | $239.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,212.5 | −0.052% | — | $106.9M | 500x | as long as short |
| Deribit BTC-PERPETUAL | +0.0106% | 1h | 85,278.7 | +0.025% | $866.9M | $1.61B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0116% | 1h | 85,199.7 | −0.067% | $6.6M | $147.4M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,207.5 | −0.058% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0181% | 8h | 85,207 | −0.059% | $11.6M | $743.5M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0225% | 1h | 85,186.2 | −0.083% | $78K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,144.1 | −0.133% | $686K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,213.9 | −0.051% | $8.7M | $43.2M | 25x | as long as short |
Nado BTC-PERP
Kraken Futures PF_XBTUSD
BingX BTC-USDT
Phemex BTCUSDT
Aevo BTC-PERP
Binance BTCUSDT
MEXC BTC_USDT
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC