Funding you earn now, next payment 01:00 UTC−0.0244%/8h= −26.8% APRnext payment −$0.31 per $10,000 · paid last 24h −0.019%
Price spread now: Phoenix against Bulk+0.027%7-day average +0.051% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$140.143% of the position
Funding, last 3 days (all we have)−0.113%−$11 on $10k
+Price spread, last 7 days+0.028%+$3 · spread now +0.027%, 7d avg +0.051%
=Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.024% cheaper against Bulk than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.051%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk BTC-USD | 85,593.2 | 0.0100 | pay 0.0013% / 1h | 3m 12s | $605.0M | $283.5M | 40x |
| Short | Phoenix BTC | 85,616 | −0.0144 | pay 0.0018% / 1h | 3m 12s | $2.1M | $10.5M | 40x |
Bulk BTC-USD
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Bulk. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$51.33
- Price spread: +0.027% → +0.051%
- −$2.41
- Slippage, 4 orders
- −$0.26
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$68
- Costs to cover
- 0.143%
- Break-even
- never at this rate
Slippage from Bulk: 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 Bulk live order book, 1 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.9 bp −$390 | 4.8 bp −$2,404 |
| Sell Phoenix live order book, 6 min ago | 0.06 bp | 3.7 bp −$4 | 5.0 bp −$50 | 9.5 bp −$947 | 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 BTCshort | −0.0144% | 1h | 85,616 | +0.027% | $2.1M | $10.5M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,647 | +0.063% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,633.2 | +0.047% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,643.5 | +0.059% | $16.8M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,636.5 | +0.051% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,661 | +0.079% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0024% | 8h | 85,618.2 | +0.029% | $516.2M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0025% | 8h | 85,608.4 | +0.018% | $902.2M | $748.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0031% | 1h | 85,638.8 | +0.053% | $22.6M | $225.6M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,651.3 | +0.068% | $8.4M | $42.2M | 25x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0056% | 8h | 85,600.6 | +0.009% | — | $1.55B | — | as long as short |
| HTX BTC-USDT | +0.0059% | 8h | 85,627.2 | +0.040% | $2.27B | $934.3M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0062% | 1h | 85,611.3 | +0.021% | $6.7M | $146.3M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,579.7 | −0.016% | $2.94B | $5.04B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,626.5 | +0.039% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0081% | 8h | 85,609.7 | +0.019% | $2.9M | $6.6M | 100x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,600.1 | +0.008% | $5.08B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,604.4 | +0.013% | $9.33B | $23.99B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,630.7 | +0.044% | $170.5M | $996.7M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,629.2 | +0.042% | $23.9M | $148.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,627 | +0.039% | $8.4M | $51.7M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0097% | 1h | 85,611.5 | +0.021% | $140.0M | $317.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,684.7 | +0.107% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,601 | +0.009% | $206K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,680 | +0.101% | $3.77B | $4.91B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,661.2 | +0.079% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,608.1 | +0.017% | $5.32B | $9.63B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,604.3 | +0.013% | $2.55B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,623 | +0.035% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,596 | +0.003% | $7.2M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,649.8 | +0.066% | $5.59B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,584.9 | −0.010% | $35.0M | $167.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,602.8 | +0.011% | $154.0M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,588.5 | −0.005% | $278.4M | $938.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,608.4 | +0.018% | $214.9M | $162.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,627.7 | +0.040% | $30.3M | $210.3M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,678.2 | +0.099% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,618 | +0.029% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,620 | +0.031% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,633.7 | +0.047% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,671.9 | +0.092% | $197K | $722K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,634.2 | +0.048% | $30.0M | $56.1M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,638 | +0.052% | $60.0M | $336.5M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,595.1 | +0.002% | $150.7M | $480.1M | 150x | as long as short |
| Bulk BTC-USDlong | +0.0100% | 1h | 85,593.2 | long leg | $605.0M | $283.5M | 40x | |
| Extended BTC-USD | +0.0104% | 1h | 85,612.7 | +0.023% | $44.1M | $227.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,632.2 | +0.046% | — | $101.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,667 | +0.086% | $130.8M | $5.09B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0146% | 1h | 85,653.9 | +0.071% | $187.1M | $952.9M | 100x | as long as short |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 85,669.3 | +0.089% | $682K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0181% | 1h | 85,648.7 | +0.065% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,627.8 | +0.040% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,650 | +0.066% | $10.2M | $765.4M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0257% | 1h | 85,688.7 | +0.112% | $895.0M | $1.52B | 50x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,651.5 | +0.068% | $512K | $19.9M | 6.7x | as long as short |
BingX BTC-USDT
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
ApeX Omni BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
Perpl BTC