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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC−0.0188%/8h= −20.5% APRpaid last 24h −0.010%
Price spread now: Phoenix against Binance+0.053%7-day average +0.052% · you sell dearer than you buy
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$170.172% of the position
Long on BinanceShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.066%−$7 on $10k
Price spread, last 7 days+0.021%+$2 · spread now +0.053%, 7d avg +0.052%
Together, before fees−0.045%−$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBinance BTCUSDT86,384.30.0069pay 0.0069% / 8h25m 21s$9.42B$24.58B150x
ShortPhoenix BTC86,430−0.0118pay 0.0015% / 1h25m 21s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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

Funding earned
−$39.38
Price spread: +0.053% → +0.052%
$0.08
Slippage, 4 orders
−$0.24
Fee Binance: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$56.53
Costs to cover
0.172%
Break-even
never at this rate
Slippage from Binance: 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
LegHalf-spread$10k$100k$1M$5M
Buy Binance live order book, 4 min ago0.01 bp5.0 bp −$55.0 bp −$505.0 bp −$5016.1 bp −$3,041
Sell Phoenix live order book, 4 min ago0.06 bp3.7 bp −$44.8 bp −$489.3 bp −$926doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTCshort−0.0118%1h86,430+0.053%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,3840.000%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,568+0.213%$333K$26.8M52xas long as short
RISEx BTC/USDC−0.0024%1h86,392.7+0.010%$8.3M$42.8M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,396.8+0.014%$359K$2.5M50xas long as short
Aster BTCUSDT−0.0001%8h86,391.2+0.008%$501.2M$1.15B200xas long as short
Perpl BTC0.0000%43m86,390.9+0.008%$415K$23.1M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,406.9+0.026%$36.8M—200xas long as short
KuCoin XBTUSDTM+0.0017%8h86,385.6+0.002%$849.6M$715.7M125xas long as short
Deribit BTC-PERPETUAL+0.0026%1h86,422.6+0.044%$914.5M$1.48B50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0032%1h86,387.9+0.004%$6.7M$145.5M40xas long as short
BingX BTC-USDC+0.0042%8h86,379.6−0.005%—$15.4M—as long as short
Bitget BTCUSDT+0.0051%8h86,3840.000%$2.96B$5.13B150xas long as short
Phemex BTCUSDT+0.0053%8h86,396.4+0.014%$150.5M$478.5M150xas long as short
dYdX BTC-USD+0.0064%1h86,399.5+0.018%$16.9M$21.2M50xas long as short
MEXC BTC_USDT+0.0068%8h86,384.30.000%$5.16B$5.67B500xas long as short
Binance BTCUSDTlong+0.0069%8h86,384.3long leg$9.42B$24.58B150x
Aevo BTC-PERP+0.0072%1h86,409.5+0.029%$2.4M$1.3M20xas long as short
Gate BTC_USDT+0.0081%8h86,390+0.007%$5.85B$10.77B200xas long as short
SoDEX BTC-USD+0.0087%1h86,382−0.003%$60.3M$338.0M40xas long as short
Lighter BTC+0.0096%1h86,385.9+0.002%$170.4M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,402.8+0.021%$23.9M$152.4M50xas long as short
Popdex BTCUSDT+0.0096%1h86,378−0.007%$8.4M$52.4M100xas long as short
Bybit BTCUSDT+0.0097%8h86,410.5+0.030%$5.26B$9.81B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,356−0.033%$200K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,425.2+0.047%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,391.8+0.009%$22.0M$234.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,453+0.080%$3.79B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,417+0.038%$41.0M$529.8M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,429.1+0.052%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,392+0.009%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,422.4+0.044%$7.5M$95.3M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,381.6−0.003%$38.2M$155.7M75xas long as short
Variational Omni BTC+0.0100%8h86,405.8+0.025%$157.3M$568.1M—as long as short
edgeX BTCUSDC+0.0100%4h86,448.6+0.074%$279.2M$945.2M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,418.1+0.039%$217.0M$171.6M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,461.9+0.090%$141.4M$323.1M100xas long as short
StandX BTC-USD+0.0100%1h86,411+0.031%$30.6M$205.3M40xas long as short
Vest BTC-PERP+0.0100%1h86,433.5+0.057%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,385+0.001%$11.1M$13.9M50xas long as short
Bullet BTC-USD+0.0100%1h86,386.7+0.003%$189K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,411.7+0.032%$2.4M$9.3M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,422.3+0.044%$140K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,420+0.041%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,410.3+0.030%$3.4M$5.4M100xas long as short
HTX BTC-USDT+0.0100%8h86,375.1−0.011%$2.29B$969.5M200xas long as short
Bulk BTC-USD+0.0100%1h86,464.9+0.093%$572.1M$16.9M40xas long as short
Extended BTC-USD+0.0104%1h86,357.5−0.031%$45.5M$227.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,408+0.027%—$98.9M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,410.8+0.031%$192.1M$954.6M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,431.1+0.054%$132.3M$5.65B50xas long as short
Aftermath Perps BTCUSD+0.0150%1h86,473.3+0.103%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,443.5+0.069%$727K$8.0M30xas long as short
BloFin BTC-USDT+0.0189%8h86,446+0.071%$416.9M$658.5M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0196% / S −0.0219%1h86,401.8+0.020%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0207%8h86,452+0.078%$9.7M$747.5M6.4xas long as short