BTC

Alert

Funding spread now, next payment 16:00 UTC−0.0216%/8h

next payment, per $10,000−$0.27paid, last 24h−0.004%paid, last 3 days+0.016%to open and close $10k−$17

The current rate is far above what this pair has been paying: over the last 3 days it paid 0.016% in total (about 2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,869	0.0100	pay 0.0013% / 1h	56m 24s	$243K	$3.3M	20x
Short	Phoenix BTC	85,904	−0.0116	pay 0.0015% / 1h	56m 24s	$1.8M	$10.7M	40x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee BulletbpFee PhoenixbpOrdersRate

Funding earned: −$45.45
Slippage, 4 orders: −$2.06
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$62.5
Break-even: never at this rate

Slippage from Bullet: live order book, 4 min ago; Phoenix: live order book, 4 min ago.

Price risk

price view

Price gap now: +0.041%
Avg gap 7d: +0.049%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Bullet live order book, 4 min ago	0.12 bp	4.5 bp −$5	6.8 bp −$68	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	5.2 bp −$52	9.8 bp −$981	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.0137%	1h	$308K	$27.0M	52x	as long as short
Phoenix BTCshort	−0.0116%	1h	$1.8M	$10.7M	40x
ApeX Omni BTCUSDT	−0.0113%	1h	$139.4M	$318.1M	100x	as long as short
Perpl BTC	−0.0112%	43m	$404K	$29.3M	6.7x	as long as short
Gate BTC_USDT	−0.0099%	8h	$6.12B	$9.26B	200x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
SoDEX BTC-USD	−0.0075%	1h	$60.9M	$283.6M	40x	as long as short
BloFin BTC-USDT	−0.0066%	8h	$422.1M	$568.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	$287K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$187.7M	$824.2M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	−0.0020%	1h	$6.7M	$137.9M	40x	as long as short
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.70B	150x	as long as short
BingX BTC-USDT	−0.0004%	8h	—	$1.40B	—	as long as short
dYdX BTC-USD	0.0000%	1h	$17.3M	$17.5M	50x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	$12.8M	$585.6M	6.4x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
Popdex BTCUSDT	+0.0016%	1h	$8.5M	$45.8M	100x	as long as short
Bybit BTCUSDT	+0.0016%	8h	$5.21B	$8.60B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0020%	8h	$2.66B	$11.69B	100x	as long as short
KuCoin XBTUSDTM	+0.0020%	8h	$790.1M	$617.3M	125x	as long as short
Aftermath Perps BTCUSD	+0.0028%	1h	$87K	$155K	20x	as long as short
Aster BTCUSDT	+0.0037%	8h	$487.5M	$1.13B	200x	as long as short
HTX BTC-USDT	+0.0041%	8h	$2.29B	$853.8M	200x	as long as short
MEXC BTC_USDT	+0.0053%	8h	$5.11B	$5.13B	500x	as long as short
Binance BTCUSDT	+0.0053%	8h	$9.49B	$22.05B	150x	as long as short
Aevo BTC-PERP	+0.0056%	1h	$2.4M	$1.5M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0060%	1h	$910.8M	$1.12B	50x	as long as short
Derive BTC-PERP	+0.0091%	1h	$30.3M	$59.5M	15x	as long as short
Paradex BTC-USD-PERP	+0.0091%	8h	$4.4M	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0094%	1h	$23.8M	$230.3M	50x	as long as short
Lighter BTC	+0.0096%	1h	$172.9M	$898.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.8M	$132.6M	50x	as long as short
Extended BTC-USD	+0.0096%	1h	$48.9M	$209.5M	50x	as long as short
Variational Omni BTC	+0.0098%	8h	$172.1M	$512.2M	—	as long as short
StandX BTC-USD	+0.0099%	1h	$30.6M	$230.0M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$197K	$5.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$37.0M	$362.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.4M	$84.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	$558.9M	$144.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$38.6M	$110.4M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$278.4M	$884.5M	100x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.7M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	$243K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.3M	$7.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$143K	$408K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$6.2M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	$152.7M	$410.2M	150x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$89.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$151.6M	$6.23B	50x	as long as short
RISEx BTC/USDC	+0.0132%	1h	$8.8M	$38.7M	25x	as long as short
Hyperliquid BTC	+0.0144%	1h	$3.91B	$4.51B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	$12.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	$705K	$7.4M	30x	as long as short