BTC

Alert

Funding spread now, next payment 15:00 UTC−0.0190%/8h

next payment, per $10,000−$0.24paid, last 24h−0.009%paid, last 7 days−0.053%to open and close $10k−$17

Long on Coinbase International Short on Phoenix

The current rate is far above what this pair has been paying: over the last 7 days it paid -0.053% in total (about -2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 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	Coinbase International BTC-PERP-INTX	86,201	0.0104	pay 0.0013% / 1h	47m 29s	$150.7M	$6.24B	50x
Short	Phoenix BTC	86,133	−0.0086	pay 0.0011% / 1h	47m 29s	$2.0M	$10.8M	40x

Funding history

latest

Range statsloading…

Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Coinbase InternationalbpFee PhoenixbpOrdersRate

Funding earned: −$39.85
Slippage, 4 orders: −$0.46
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$57.3
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phoenix: live order book, 8 min ago.

Price risk

price view

Price gap now: −0.079%
Avg gap 7d: −0.006%

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 Coinbase International live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$544	10.6 bp −$5,280
Sell Phoenix live order book, 8 min ago	0.06 bp	3.7 bp −$4	5.7 bp −$57	10.7 bp −$1,072	283.8 bp −$141.9K

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Perpl BTC	−0.0223%	43m	$445K	$30.1M	6.7x	as long as short
edgeX BTCUSDC	−0.0091%	4h	$278.7M	$860.1M	100x	as long as short
01 Exchange BTCUSD	−0.0088%	1h	$282K	$2.4M	50x	as long as short
Phoenix BTCshort	−0.0086%	1h	$2.0M	$10.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0078%	1h	$87K	$154K	20x	as long as short
Reya BTCRUSDPERP	−0.0024%	1h	$6.7M	$137.5M	40x	as long as short
Phemex BTCUSDT	−0.0024%	8h	$157.8M	$394.8M	150x	as long as short
Gate BTC_USDT	−0.0009%	8h	$6.15B	$9.20B	200x	as long as short
BingX BTC-USDT	−0.0006%	8h	—	$1.37B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.61B	150x	as long as short
dYdX BTC-USD	0.0000%	1h	$16.9M	$16.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0002%	1h	$139.3M	$318.5M	100x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.9M	—	200x	as long as short
OKX BTC-USDT-SWAP	+0.0035%	8h	$2.62B	$11.48B	100x	as long as short
BloFin BTC-USDT	+0.0037%	8h	$430.2M	$535.2M	150x	as long as short
Aster BTCUSDT	+0.0048%	8h	$489.5M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	$792.1M	$614.6M	125x	as long as short
HTX BTC-USDT	+0.0056%	8h	$2.30B	$820.2M	200x	as long as short
Kraken Futures PF_XBTUSD	+0.0071%	1h	$183.7M	$802.4M	100x	as long as short
SoDEX BTC-USD	+0.0078%	1h	$61.1M	$283.2M	40x	as long as short
MEXC BTC_USDT	+0.0079%	8h	$5.01B	$4.97B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	$9.61B	$21.29B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	$2.4M	$1.6M	20x	as long as short
Paradex BTC-USD-PERP	+0.0082%	8h	$4.4M	$6.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	$171.9M	$909.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$25.0M	$136.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$44.6M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$190K	$5.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.5M	$230.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$37.1M	$342.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	$5.15B	$8.37B	150x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$5.4M	$81.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$39.3M	$103.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	$172.0M	$502.1M	—	as long as short
StandX BTC-USD	+0.0100%	1h	$30.7M	$238.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$12.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$245K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$144K	$405K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.3M	$58.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	$541.8M	$78.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	$48.3M	$207.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$87.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	$150.7M	$6.24B	50x
Injective BTC/USDC PERP	+0.0108%	1h	$305K	$27.0M	52x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	$10.1M	$553.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0128%	1h	$8.5M	$38.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	$627K	$7.3M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0150%	1h	$12.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0276%	1h	$882.2M	$1.03B	50x	as long as short
Hyperliquid BTC	+0.0309%	1h	$3.93B	$4.32B	40x	as long as short