BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0218%/8h= −23.9% APRnext payment −$0.27 per $10,000 · paid last 24h −0.040%

Price spread now: Phoenix against Hyperliquid−0.112%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days+0.179%+$18 · spread now −0.112%, 7d avg +0.013%

Together, before fees+0.044%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.125% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.135% in total (about -7.1% 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	Hyperliquid BTC	86,640	0.0100	pay 0.0013% / 1h	50m 44s	$3.80B	$5.11B	40x
Short	Phoenix BTC	86,543	−0.0118	pay 0.0015% / 1h	50m 44s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hyperliquid. 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 HyperliquidbpFee PhoenixbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$45.88
Price spread: −0.112% → +0.013%: −$12.51
Slippage, 4 orders: −$0.53
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$74.93
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Phoenix: live order book, 3 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 Hyperliquid live order book, 3 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	5.2 bp −$2,619
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.4 bp −$1,036	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	−0.0118%	1h	86,543	−0.112%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,565	−0.087%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,601	−0.045%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,559.3	−0.093%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,556.1	−0.097%	$358K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0002%	8h	86,558.3	−0.094%	$502.5M	$1.15B	200x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,569.8	−0.081%	$916.8M	$1.49B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,558.5	−0.094%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0010%	8h	86,555.7	−0.097%	$850.4M	$714.3M	125x	as long as short
Reya BTCRUSDPERP	+0.0024%	1h	86,533.6	−0.123%	$6.7M	$145.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BTC-USD	+0.0040%	1h	86,591.4	−0.056%	$17.0M	$21.1M	50x	as long as short
BingX BTC-USDT	+0.0041%	8h	86,550.2	−0.104%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0045%	8h	86,537.8	−0.118%	$149.6M	$479.5M	150x	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,545.9	−0.109%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0071%	8h	86,552.1	−0.101%	$5.16B	$5.63B	500x	as long as short
Binance BTCUSDT	+0.0072%	8h	86,557	−0.096%	$9.43B	$24.54B	150x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,532.7	−0.124%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,567.5	−0.084%	$5.88B	$10.71B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,569.6	−0.081%	$170.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,589	−0.059%	$24.1M	$151.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,537	−0.119%	$8.5M	$52.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0097%	1h	86,536.1	−0.120%	$79K	$220K	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,550.7	−0.103%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,522	−0.136%	$199K	$7.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,602.8	−0.043%	$4.8M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,559.1	−0.093%	$21.8M	$234.7M	50x	as long as short
Hyperliquid BTClong	+0.0100%	1h	86,640	long leg	$3.80B	$5.11B	40x
Pacifica BTC	+0.0100%	1h	86,594	−0.053%	$41.2M	$521.5M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,552.3	−0.101%	$2.55B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,566	−0.085%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,582	−0.067%	$7.6M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.092%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,530.4	−0.127%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,463.3	−0.204%	$155.7M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,512.3	−0.147%	$279.6M	$945.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,538.5	−0.117%	$217.2M	$173.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,585.9	−0.062%	$141.5M	$323.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,534.4	−0.122%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,593.7	−0.053%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,538	−0.118%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,538	−0.118%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,542.3	−0.113%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,570.9	−0.080%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,571.2	−0.079%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,524.7	−0.133%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,536	−0.120%	$60.5M	$337.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,532.8	−0.124%	$2.30B	$969.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,526.9	−0.131%	$45.4M	$227.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,557.8	−0.095%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,564	−0.088%	$191.9M	$949.5M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,589.7	−0.058%	$417K	$23.4M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,578.6	−0.071%	$132.8M	$5.68B	50x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,592.1	−0.055%	$718K	$8.0M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0191% / S −0.0213%	1h	86,554.2	−0.099%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0192%	8h	86,530.5	−0.126%	$414.3M	$658.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,583	−0.066%	$9.7M	$740.2M	6.4x	as long as short