BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0033%/8h= +3.6% APRnext payment +$0.33 per $10,000 · paid last 24h +0.001%

Price spread now: Phemex against Bitget+0.071%56s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.240% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.092%−$9 · spread now +0.071%, 7d avg +0.004%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.067% dearer against Bitget than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.004%. The two prices were read 56 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	Bitget BTCUSDT	85,800	0.0067	pay 0.0067% / 8h	6h 48m	$2.95B	$5.13B	150x
Short	Phemex BTCUSDT	85,861.3	0.0100	get 0.0100% / 8h	6h 48m	$153.9M	$477.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.071%Rate

Funding earned: $6.93
Price spread: +0.071% → +0.004%: $6.75
Slippage, 4 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$10.35
Costs to cover: 0.240%
Break-even: 17.5 days

Slippage from Bitget: live order book, 6 min ago; Phemex: 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 Bitget live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	7.4 bp −$745	8.1 bp −$4,041
Sell Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.8 bp −$68	8.3 bp −$829	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 BTC	−0.0144%	1h	85,788	−0.014%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,897	+0.113%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.062%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,814.1	+0.016%	$364K	$2.3M	50x	as long as short
ApeX Omni BTCUSDT	−0.0018%	1h	85,787.3	−0.015%	$140.3M	$320.8M	100x	as long as short
dYdX BTC-USD	0.0000%	1h	85,880.2	+0.093%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,857.1	+0.067%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.6	−0.014%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.012%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0034%	8h	85,826.3	+0.031%	$498.0M	$1.13B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0041%	8h	85,777.4	−0.026%	$893.9M	$757.1M	125x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,836.7	+0.043%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0052%	8h	85,786.3	−0.016%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,765.5	−0.040%	$6.7M	$146.0M	40x	as long as short
HTX BTC-USDT	+0.0067%	8h	85,832.7	+0.038%	$2.28B	$968.8M	200x	as long as short
Bitget BTCUSDTlong	+0.0067%	8h	85,800	long leg	$2.95B	$5.13B	150x
Nado BTC-PERP	+0.0078%	1h	85,793.4	−0.008%	$22.5M	$228.8M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,797.9	−0.002%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,772.2	−0.032%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,784.9	−0.018%	$9.34B	$24.58B	150x	as long as short
Gate BTC_USDT	+0.0087%	8h	85,785.7	−0.017%	$5.66B	$10.37B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,862.8	+0.073%	$170.9M	$976.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,867.7	+0.079%	$23.4M	$145.1M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	85,757.5	−0.050%	$215.4M	$162.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,833	+0.038%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,801	+0.001%	$200K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,865	+0.076%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,861	+0.071%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,881.2	+0.095%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,800.3	0.000%	$5.26B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,810.2	+0.012%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,842	+0.049%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,812.5	+0.015%	$7.2M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,888.3	+0.103%	$579.3M	$92.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,869.1	+0.081%	$35.2M	$163.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	−0.020%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,687.9	−0.131%	$277.7M	$941.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.063%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,857.7	+0.067%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,800	0.000%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,780.3	−0.023%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,797.6	−0.003%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,830.8	+0.036%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,805.1	+0.006%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,845.8	+0.053%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,798	−0.002%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,861.3	+0.071%	$153.9M	$477.1M	150x
Extended BTC-USD	+0.0104%	1h	85,785.4	−0.017%	$44.8M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,897.4	+0.114%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,839	+0.045%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.086%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,820.4	+0.024%	$189.2M	$970.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,834.6	+0.040%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0186%	1h	85,841.4	+0.048%	$895.2M	$1.54B	50x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,890	+0.105%	$9.9M	$768.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,786.2	−0.016%	$13.8M	—	200x	as long as short