BTC

Alert

Funding spread now, next payment 16:00 UTC−0.0212%/8h

next payment, per $10,000−$0.27paid, last 24h−0.008%paid, last 7 days−0.093%to open and close $10k−$9

The current rate is far above what this pair has been paying: over the last 7 days it paid -0.093% in total (about -4.8% 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	Lighter BTC	85,951.8	0.0096	pay 0.0012% / 1h	0m 37s	$172.4M	$945.1M	50x
Short	Phoenix BTC	86,087	−0.0116	pay 0.0015% / 1h	0m 37s	$1.9M	$11.4M	40x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee PhoenixbpOrdersRate

Funding earned: −$44.61
Slippage, 4 orders: −$1.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$53.16
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 5 min ago.

Price risk

price view

Price gap now: +0.157%
Avg gap 7d: +0.046%

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 Lighter live order book, 5 min ago	0.21 bp	0.4 bp $0	0.4 bp −$4	0.9 bp −$94	3.0 bp −$1,498
Sell Phoenix live order book, 5 min ago	0.12 bp	4.3 bp −$4	6.3 bp −$63	12.3 bp −$1,226	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bluefin BTC-PERP	−0.6554%	1h	$142K	$367K	40x	as long as short
Perpl BTC	−0.0335%	43m	$406K	$27.5M	6.7x	as long as short
Injective BTC/USDC PERP	−0.0137%	1h	$309K	$27.0M	52x	as long as short
Phoenix BTCshort	−0.0116%	1h	$1.9M	$11.4M	40x
BloFin BTC-USDT	−0.0083%	8h	$420.9M	$563.6M	150x	as long as short
Phemex BTCUSDT	−0.0083%	8h	$148.8M	$413.7M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	$294K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0040%	1h	$189.2M	$812.2M	100x	as long as short
SoDEX BTC-USD	−0.0027%	1h	$60.9M	$284.0M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Extended BTC-USD	−0.0024%	1h	$48.7M	$201.8M	50x	as long as short
Reya BTCRUSDPERP	−0.0018%	1h	$6.7M	$138.1M	40x	as long as short
dYdX BTC-USD	−0.0011%	1h	$17.4M	$17.7M	50x	as long as short
Bulk BTC-USD	−0.0010%	1h	$560.4M	$140.4M	40x	as long as short
Bitget BTCUSDT	−0.0003%	8h	$2.95B	$4.68B	150x	as long as short
BingX BTC-USDC	−0.0003%	8h	—	$14.7M	—	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	$793.7M	$610.6M	125x	as long as short
ApeX Omni BTCUSDT	+0.0005%	1h	$139.1M	$318.5M	100x	as long as short
OKX BTC-USDT-SWAP	+0.0013%	8h	$2.66B	$11.53B	100x	as long as short
Bybit BTCUSDT	+0.0022%	8h	$5.25B	$8.57B	150x	as long as short
Aster BTCUSDT	+0.0026%	8h	$505.2M	$1.12B	200x	as long as short
Binance BTCUSDT	+0.0036%	8h	$9.49B	$21.91B	150x	as long as short
MEXC BTC_USDT	+0.0036%	8h	$5.17B	$5.31B	500x	as long as short
Aevo BTC-PERP	+0.0040%	1h	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0049%	8h	$6.05B	$9.59B	200x	as long as short
Derive BTC-PERP	+0.0074%	1h	$30.4M	$59.8M	15x	as long as short
Variational Omni BTC	+0.0085%	8h	$172.6M	$507.8M	—	as long as short
Paradex BTC-USD-PERP	+0.0094%	8h	$4.4M	$6.8M	50x	as long as short
StandX BTC-USD	+0.0095%	1h	$30.6M	$228.1M	40x	as long as short
Lighter BTClong	+0.0096%	1h	$172.4M	$945.1M	50x
Lighter RH BTC	+0.0096%	1h	$24.6M	$137.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$46.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0097%	1h	$87K	$150K	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$213K	$5.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.3M	$227.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.6M	$384.2M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.0M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$6.6M	$84.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.5M	$123.2M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$278.8M	$888.8M	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	$11.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$232K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.3M	$7.3M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.3M	$5.9M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	$2.29B	$839.7M	200x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	$751K	$7.4M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$85.7M	500x	as long as short
Kalshi KXBTCPERP	+0.0104%	8h	$14.5M	$616.1M	6.4x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	$128.6M	$6.03B	50x	as long as short
RISEx BTC/USDC	+0.0132%	1h	$9.1M	$38.8M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0134%	1h	$912.2M	$1.11B	50x	as long as short
Hyperliquid BTC	+0.0138%	1h	$3.89B	$4.38B	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0171% / S −0.0149%	1h	$12.5M	—	200x	as long as short