BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0178%/8h= −19.4% APRnext payment −$0.22 per $10,000 · paid last 24h −0.034%

Price spread now: Phoenix against Aevo+0.170%7-day average +0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on Aevo Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.194%−$19 · spread now +0.170%, 7d avg +0.040%

Together, before fees−0.281%−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.130% dearer against Aevo than usual: you sell high and buy low (spread +0.170% now, against its 7-day average of +0.040%): +$13 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.4 days. At the pace of the last 7 days (−0.087% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo BTC-PERP	85,374.9	0.0096	pay 0.0012% / 1h	3m 04s	$2.4M	$6.7M	20x
Short	Phoenix BTC	85,520	−0.0082	pay 0.0010% / 1h	3m 04s	$2.3M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aevo. 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 AevobpFee PhoenixbpOrdersPrice spread, now +0.170%Rate

Funding earned: −$37.28
Price spread: +0.170% → +0.040%: $13
Slippage, 4 orders: −$4.44
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.73
Costs to cover: 0.274%
Break-even: never at this rate

Slippage from Aevo: 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 Aevo live order book, 1 min ago	1.24 bp	9.7 bp −$10	11.2 bp −$112	16.7 bp −$1,671	doesn't fit
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	12.2 bp −$1,217	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	−0.0082%	1h	85,520	+0.170%	$2.3M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,392	+0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0032%	8h	85,377.2	+0.003%	$928.5M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,381.7	+0.008%	$421.4M	$680.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,355	−0.023%	$512.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,411.1	+0.042%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,421.5	+0.055%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.1	+0.065%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.4	+0.051%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0047%	1h	85,400.1	+0.029%	$24.1M	$219.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,420	+0.053%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0074%	8h	85,365.7	−0.011%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,394.2	+0.023%	$186.0M	$951.7M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,342.8	−0.038%	$2.96B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0092%	8h	85,338.3	−0.043%	$5.13B	$9.97B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,375	0.000%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,392.6	+0.021%	$169.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,392.6	+0.021%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	+0.046%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERPlong	+0.0096%	1h	85,374.9	long leg	$2.4M	$6.7M	20x
MEXC BTC_USDT	+0.0097%	8h	85,375.1	0.000%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,352.7	−0.026%	$9.42B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,382	+0.008%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,442.8	+0.080%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,444	+0.081%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.1	+0.067%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,352.2	−0.027%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,384	+0.011%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,395.4	+0.024%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,378.9	+0.005%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,351.7	−0.027%	$37.4M	$182.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	+0.068%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.6	+0.069%	$279.9M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439	+0.075%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.069%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,401.3	+0.031%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,437	+0.073%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,384	+0.011%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,366.7	−0.010%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,379.2	+0.005%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,403	+0.033%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	+0.010%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,385.9	+0.013%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,363.7	−0.013%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,391.8	+0.020%	$157.4M	$512.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.045%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,318.5	−0.066%	$45.3M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.9	+0.042%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,419.8	+0.053%	$112.9M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,421	+0.054%	$852.7M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,360.1	−0.017%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,372.4	−0.003%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,403	+0.033%	$11.9M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,427.1	+0.061%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,443.3	+0.080%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0271%	1h	85,444.3	+0.081%	$79K	$246K	20x	as long as short