BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0197%/8h= −21.6% APRnext payment −$0.25 per $10,000 · paid last 24h −0.029%

Price spread now: Phoenix against Nado+0.112%57s7-day average +0.045% · you sell dearer than you buy

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−$140.144% of the position

Long on Nado Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.109%−$11 on $10k

Price spread, last 7 days−0.069%−$7 · spread now +0.112%, 7d avg +0.045%

Together, before fees−0.178%+ Points / potential airdropNado: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.067% dearer against Nado than usual: you sell high and buy low (spread +0.112% now, against its 7-day average of +0.045%): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 27 hours. The two prices were read 57 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	Nado BTC-PERP	85,434.4	0.0018	pay 0.0002% / 1h	15m 47s	$25.3M	$221.9M	50x
Short	Phoenix BTC	85,530	−0.0179	pay 0.0022% / 1h	15m 47s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Nado. 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 NadobpFee PhoenixbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$41.45
Price spread: +0.112% → +0.045%: $6.7
Slippage, 4 orders: −$0.41
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$49.16
Costs to cover: 0.144%
Break-even: never at this rate

Slippage from Nado: 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 Nado live order book, 3 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.4 bp −$440	10.5 bp −$5,263
Sell Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.5 bp −$1,146	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	−0.0179%	1h	85,530	+0.112%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,457	+0.027%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,440.3	+0.007%	$364K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0025%	8h	85,396.6	−0.044%	$918.8M	$752.0M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,457.9	+0.028%	$417.9M	$668.5M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,451.6	+0.020%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,439.9	+0.006%	$515.0M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0012%	1h	85,459.5	+0.029%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERPlong	+0.0018%	1h	85,434.4	long leg	$25.3M	$221.9M	50x
Arcus BTC-USD	+0.0021%	1h	85,430.3	−0.005%	$4.6M	$98.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,442.6	+0.010%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,439.4	+0.006%	$147.6M	$488.0M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,444.6	+0.012%	$2.94B	$5.08B	150x	as long as short
Reya BTCRUSDPERP	+0.0084%	1h	85,429.4	−0.006%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,461.9	+0.032%	$172.4M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,461.5	+0.032%	$23.9M	$149.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	+0.009%	$8.6M	$53.2M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,435.9	+0.002%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,432.5	−0.002%	$5.06B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	85,449.3	+0.017%	$9.36B	$24.16B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	−0.020%	$211K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,517.2	+0.097%	$5.0M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,521	+0.101%	$3.75B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,478	+0.051%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,444.6	+0.012%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,461.4	+0.032%	$2.58B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,442	+0.009%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.096%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,448.4	+0.016%	$5.51B	$10.74B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,423.7	−0.012%	$35.6M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,420.9	−0.016%	$153.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,443.2	+0.010%	$279.1M	$922.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,460.3	+0.030%	$214.5M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,462.1	+0.032%	$139.7M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436.8	+0.003%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,498.2	+0.075%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,433	−0.002%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,423	−0.013%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,440.8	+0.008%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,483	+0.057%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,427.9	−0.008%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,422.5	−0.014%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,441	+0.008%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,425.1	−0.011%	$2.26B	$942.9M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,394.3	−0.047%	$44.6M	$231.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,451.8	+0.020%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481.5	+0.055%	$117.3M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,485.3	+0.060%	$891.4M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,470	+0.042%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,458.7	+0.028%	$187.3M	$955.3M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0152%	1h	85,447	+0.015%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,463.6	+0.034%	$8.2M	$42.5M	25x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,471	+0.043%	$10.4M	$756.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0223%	1h	85,475.6	+0.048%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,494.4	+0.070%	$702K	$7.9M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,477.8	+0.051%	$496K	$18.8M	6.7x	as long as short