BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0207%/8h= −22.7% APRnext payment −$0.26 per $10,000 · paid last 24h −0.016%

Price spread now: Phoenix against Extended+0.002%48s7-day average +0.090% · 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−$140.143% of the position

Long on Extended Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 7 days+0.064%+$6 · spread now +0.002%, 7d avg +0.090%

Together, before fees−0.058%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.088% cheaper against Extended than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.090%). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 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	Extended BTC-USD	86,552.1	0.0104	pay 0.0013% / 1h	4m 39s	$46.4M	$226.6M	50x
Short	Phoenix BTC	86,554	−0.0103	pay 0.0013% / 1h	4m 39s	$2.2M	$12.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Extended. 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 ExtendedbpFee PhoenixbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$43.48
Price spread: +0.002% → +0.090%: −$8.8
Slippage, 4 orders: −$2.28
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$66.55
Costs to cover: 0.143%
Break-even: never at this rate

Slippage from Extended: live order book, 5 min ago; Phoenix: live order book, 4 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 Extended live order book, 5 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	2.6 bp −$258	7.1 bp −$3,562
Sell Phoenix live order book, 4 min ago	0.87 bp	4.4 bp −$4	5.8 bp −$58	10.5 bp −$1,053	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
Aftermath Perps BTCUSD	−0.0253%	1h	86,631.5	+0.092%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,580.9	+0.033%	$425K	$24.6M	6.7x	as long as short
Phoenix BTCshort	−0.0103%	1h	86,554	+0.002%	$2.2M	$12.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,552	0.000%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0064%	1h	86,591.4	+0.045%	$17.6M	$20.6M	50x	as long as short
Aster BTCUSDT	−0.0003%	8h	86,548.4	−0.004%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,579.9	+0.032%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,595.1	+0.050%	$927.3M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,586.1	+0.039%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,545.9	−0.007%	$850.6M	$709.5M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0022%	1h	86,556.3	+0.005%	$6.7M	$144.5M	40x	as long as short
BingX BTC-USDT	+0.0029%	8h	86,563	+0.013%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,563.2	+0.013%	$149.6M	$472.0M	150x	as long as short
Bitget BTCUSDT	+0.0037%	8h	86,559.4	+0.008%	$2.95B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,770	+0.252%	$316K	$26.8M	52x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,559.6	+0.009%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0057%	8h	86,558.8	+0.008%	$5.18B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0058%	8h	86,558.5	+0.007%	$9.42B	$24.39B	150x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,586.2	+0.039%	$8.9M	$42.7M	25x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,562.1	+0.012%	$5.84B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0083%	8h	86,563.9	+0.014%	$5.27B	$9.74B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,571.8	+0.023%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,581	+0.033%	$24.1M	$154.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,560	+0.009%	$8.5M	$52.3M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0096%	8h	86,567.9	+0.018%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,549	−0.004%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,610.9	+0.068%	$4.8M	$8.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,560.8	+0.010%	$21.7M	$234.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,630	+0.090%	$3.81B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,594.1	+0.049%	$40.9M	$498.0M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,574	+0.025%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,633.5	+0.094%	$7.4M	$94.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,682.4	+0.150%	$572.6M	$21.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,562.7	+0.012%	$38.5M	$151.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,546.2	−0.007%	$159.9M	$565.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,621.5	+0.080%	$279.7M	$941.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,613.4	+0.071%	$217.6M	$186.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,593.8	+0.048%	$141.7M	$322.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,597.5	+0.052%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,613.5	+0.071%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,560	+0.009%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,559.9	+0.009%	$190K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,573.4	+0.025%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,586.2	+0.039%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,568	+0.018%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,562.4	+0.012%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,559	+0.008%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,553.3	+0.001%	$2.30B	$960.5M	200x	as long as short
Extended BTC-USDlong	+0.0104%	1h	86,552.1	long leg	$46.4M	$226.6M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,585.9	+0.039%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0117%	1h	86,596	+0.051%	$187.1M	$934.8M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,612.4	+0.070%	$131.8M	$5.83B	50x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	86,598	+0.053%	$9.5M	$727.6M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0176%	1h	86,580.5	+0.033%	$780K	$7.9M	30x	as long as short
BloFin BTC-USDT	+0.0178%	8h	86,558.6	+0.007%	$416.4M	$655.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,580.7	+0.033%	$15.0M	—	200x	as long as short