BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0125%/8h= +13.6% APRnext payment +$1.25 per $10,000 · paid last 24h +0.016%

Price spread now: Phemex against BloFin+0.003%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

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

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.003%$0 · spread now +0.003%, 7d avg +0.004%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.061%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BTC-USDT	85,504.7	−0.0025	get 0.0025% / 8h	1h 18m	$420.7M	$682.8M	150x
Short	Phemex BTCUSDT	85,506.9	0.0100	get 0.0100% / 8h	1h 18m	$154.0M	$511.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now +0.003%Rate

Funding earned: $26.16
Price spread: +0.003% → +0.004%: −$0.18
Slippage, 4 orders: −$0.05
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: $1.93
Costs to cover: 0.240%
Break-even: 6.5 days

Slippage from BloFin: live order book, 5 min ago; Phemex: live order book, 5 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 BloFin live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.2 bp −$621	doesn't fit
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.9 bp −$69	7.9 bp −$793	doesn't fit

BTC on 55 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	−0.0082%	1h	85,504	−0.001%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,531	+0.031%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0040%	8h	85,501.2	−0.004%	$929.0M	$774.9M	125x	as long as short
BloFin BTC-USDTlong	−0.0025%	8h	85,504.7	long leg	$420.7M	$682.8M	150x
Aster BTCUSDT	−0.0006%	8h	85,507.4	+0.003%	$513.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,548.8	+0.052%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,515.7	+0.013%	$490K	$18.4M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,517.7	+0.015%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,512.3	+0.009%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,511.4	+0.008%	$24.3M	$222.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex BTCUSDT	+0.0056%	1h	85,528	+0.027%	$8.4M	$56.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.301%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0072%	8h	85,511.2	+0.008%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,518.5	+0.016%	$186.3M	$960.0M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,518.9	+0.017%	$2.97B	$5.18B	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,506.1	+0.002%	$5.03B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0095%	8h	85,510.8	+0.007%	$9.43B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,533.2	+0.033%	$170.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,537.8	+0.039%	$23.6M	$148.3M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,500.4	−0.005%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,510.6	+0.007%	$5.15B	$10.00B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,517	+0.014%	$242K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,586.2	+0.095%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,603	+0.115%	$3.75B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,557	+0.061%	$40.1M	$603.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,522	+0.020%	$2.60B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,516	+0.013%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,523.6	+0.022%	$5.2M	$98.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,499.5	−0.006%	$686.3M	$379.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,512.5	+0.009%	$5.57B	$11.06B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,492.5	−0.014%	$37.3M	$179.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,463.4	−0.048%	$155.5M	$557.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,436.9	−0.079%	$279.9M	$951.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,445.2	−0.070%	$214.5M	$164.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,499.2	−0.006%	$139.8M	$313.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,485	−0.023%	$30.1M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,590.7	+0.101%	—	$10.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,533	+0.033%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,519	+0.017%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,504.9	0.000%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,546	+0.048%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,500.4	−0.005%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,503	−0.002%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,501.6	−0.004%	$2.26B	$966.6M	200x	as long as short
Phemex BTCUSDTshort	+0.0100%	8h	85,506.9	+0.003%	$154.0M	$511.7M	150x
Extended BTC-USD	+0.0104%	1h	85,485.1	−0.023%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,533.7	+0.034%	—	$105.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,541	+0.042%	$114.2M	$5.50B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,547.9	+0.051%	$861.3M	$1.63B	50x	as long as short
Reya BTCRUSDPERP	+0.0131%	1h	85,517.7	+0.015%	$6.6M	$147.7M	40x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,542	+0.044%	$11.9M	$742.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,537.6	+0.038%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,522.2	+0.020%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,559.9	+0.065%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,480.5	−0.028%	$79K	$230K	20x	as long as short