BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0115%/8h= −12.6% APRnext payment −$0.14 per $10,000 · paid last 24h −0.010%

Price spread now: Phoenix against gTrade (Gains Network)−0.084%63s7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.155% of the position

Long on gTrade (Gains Network)Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.084%, 7d avg +0.055%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.139% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.055%). Swap the legs. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) BTC/USD	85,475.8	L +0.0004% / S −0.0004%	pay 0.0001% / 1h	50m 05s	$36.5M	—	200x
Short	Phoenix BTC	85,404	−0.0111	pay 0.0014% / 1h	50m 05s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhoenixbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$24.14
Price spread: −0.084% → +0.055%: −$13.87
Slippage, 4 orders: −$1.46
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53.48
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from gTrade (Gains Network): virtual book (oracle venue), 4 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 gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181
Sell Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	10.5 bp −$1,050	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
Phoenix BTCshort	−0.0111%	1h	85,404	−0.084%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,484	+0.010%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,438.3	−0.044%	$921.1M	$760.8M	125x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,478.3	+0.003%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,477.4	+0.002%	$421.3M	$677.4M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,429.5	−0.054%	$514.0M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,452.6	−0.027%	$16.8M	$21.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,475.6	0.000%	$533K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USDlong	L +0.0004% / S −0.0004%	1h	85,475.8	long leg	$36.5M	—	200x
Nado BTC-PERP	+0.0012%	1h	85,464.9	−0.013%	$24.7M	$223.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,449	−0.031%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,442.4	−0.039%	$187.7M	$954.6M	100x	as long as short
ApeX Omni BTCUSDT	+0.0060%	1h	85,397.6	−0.091%	$139.6M	$315.6M	100x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,419.2	−0.066%	—	$17.3M	—	as long as short
Bullet BTC-USD	+0.0068%	1h	85,460	−0.018%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,438.9	−0.043%	$149.5M	$500.4M	150x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,432.5	−0.051%	$2.95B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0087%	1h	85,418	−0.068%	$59.9M	$335.9M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,440.2	−0.042%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,427.8	−0.056%	$5.08B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,425.7	−0.059%	$9.44B	$24.71B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,442.1	−0.039%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,438	−0.044%	$23.9M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,477	+0.001%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,460	−0.018%	$117.2M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,451	−0.029%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,524.7	+0.057%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,513	+0.044%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,505.2	+0.034%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,427.7	−0.056%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,432.5	−0.051%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,466	−0.011%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,475.7	0.000%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,438.2	−0.044%	$5.54B	$10.80B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,420.5	−0.065%	$36.6M	$175.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	−0.026%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.3	−0.122%	$279.2M	$937.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,404.6	−0.083%	$214.6M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,465.9	−0.012%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,533.4	+0.067%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,470	−0.007%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,443.8	−0.037%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,490.5	+0.017%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.2	−0.057%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,448.1	−0.032%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,426.3	−0.058%	$2.26B	$952.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	−0.055%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,416.1	−0.070%	$45.8M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,479.8	+0.005%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0109%	1h	85,464.3	−0.013%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,476.2	0.000%	$872.2M	$1.60B	50x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,501	+0.029%	$11.4M	$750.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,473.9	−0.002%	$13.0M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0237%	1h	85,451.1	−0.029%	$78K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,486.9	+0.013%	$695K	$7.9M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,503.5	+0.032%	$8.8M	$43.1M	25x	as long as short