BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0131%/8h= −14.4% APRnext payment −$0.16 per $10,000 · paid last 24h +0.005%

Price spread now: Phoenix against 01 Exchange−0.031%112s7-day average +0.054% · 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−$160.165% of the position

Long on 01 Exchange Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.031%, 7d avg +0.054%

Together, before fees+0.049%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.085% cheaper against 01 Exchange than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.054%). Swap the legs. The two prices were read 112 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	01 Exchange BTCUSD	85,557.9	−0.0048	get 0.0006% / 1h	3m 31s	$367K	$2.3M	50x
Short	Phoenix BTC	85,531	−0.0179	pay 0.0022% / 1h	3m 31s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against 01 Exchange. 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 01 ExchangebpFee PhoenixbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$27.57
Price spread: −0.031% → +0.054%: −$8.55
Slippage, 4 orders: −$2.48
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.59
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from 01 Exchange: live order book, 1 min ago; Phoenix: live order book, 6 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 01 Exchange live order book, 1 min ago	0.01 bp	5.0 bp −$5	10.1 bp −$101	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.4 bp −$1,141	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	−0.0179%	1h	85,531	−0.031%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,533	−0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSDlong	−0.0048%	1h	85,557.9	long leg	$367K	$2.3M	50x
KuCoin XBTUSDTM	−0.0033%	8h	85,511.1	−0.055%	$920.0M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,474.9	−0.097%	$417.1M	$668.9M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,515.8	−0.049%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0011%	1h	85,564.7	+0.008%	$16.8M	$21.3M	50x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,540.3	−0.021%	$25.0M	$221.9M	50x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,541	−0.020%	$515.6M	$1.10B	200x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,546.4	−0.013%	$4.2M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin BTC-PERP	+0.0021%	1h	85,551.8	−0.007%	$207K	$739K	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,542.5	−0.018%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0074%	8h	85,516.3	−0.049%	$148.4M	$489.2M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,547.6	−0.012%	$2.95B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0087%	1h	85,500.9	−0.067%	$6.6M	$146.8M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,557.6	0.000%	$887.7M	$1.59B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,560.3	+0.003%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,550.3	−0.009%	$23.9M	$149.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,555	−0.003%	$8.4M	$53.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,498.6	−0.069%	$2.4M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,516	−0.049%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,615.5	+0.067%	$5.2M	$9.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,619	+0.071%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,576.4	+0.022%	$40.2M	$581.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,556.3	−0.002%	$9.37B	$24.17B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,554.8	−0.004%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.1	+0.008%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.065%	$3.8M	$17.8M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,487.5	−0.082%	$672.1M	$698.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,553.5	−0.005%	$5.52B	$10.77B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,553.3	−0.005%	$5.07B	$5.66B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,496.6	−0.072%	$35.1M	$177.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,444.6	−0.132%	$153.4M	$564.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,454.2	−0.121%	$279.2M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,487.4	−0.082%	$214.6M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,480.6	−0.090%	$139.8M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,484.2	−0.086%	$30.2M	$208.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,549.3	−0.010%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,496	−0.072%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,505.5	−0.061%	$193K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,506	−0.061%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,496.7	−0.072%	$30.0M	$50.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,460.6	−0.114%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,518	−0.047%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,510.3	−0.056%	$2.26B	$942.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,530.5	−0.032%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,488.9	−0.081%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,561.9	+0.005%	$117.6M	$5.19B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,556	−0.002%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,545.8	−0.014%	$187.5M	$953.7M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,514.4	−0.051%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,576.8	+0.022%	$8.4M	$42.7M	25x	as long as short
Aftermath Perps BTCUSD	+0.0216%	1h	85,500.8	−0.067%	$78K	$220K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,515	−0.050%	$10.3M	$755.2M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0248%	1h	85,503.6	−0.063%	$701K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,493.6	−0.075%	$496K	$18.7M	6.7x	as long as short