BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0060%/8h= −6.5% APRnext payment −$0.60 per $10,000 · paid last 24h −0.018%

Price spread now: Phemex against Paradex+0.007%7-day average −0.029% · 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−$14as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Paradex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$4 on $10k

Price spread, last 3 days (all we have)−0.060%−$6 · spread now +0.007%, 7d avg −0.029%

Together, before fees−0.105%+ Points / potential airdropParadex: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.036% dearer against Paradex than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.029%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex BTC-USD-PERP	86,653.2	0.0100	pay 0.0100% / 8h	43m 26s	$4.8M	$8.5M	50x
Short	Phemex BTCUSDT	86,659.4	0.0040	get 0.0040% / 8h	43m 26s	$150.6M	$479.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Paradex. 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 ParadexbpFee PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$12.51
Price spread: +0.007% → −0.029%: $3.61
Slippage, 4 orders: −$1.94
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.84
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Paradex: live order book, 1 min ago; Phemex: live order book, 6 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 Paradex live order book, 1 min ago	0.95 bp	3.0 bp −$3	3.0 bp −$30	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.9 bp −$793	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 BTC	−0.0118%	1h	86,580	−0.085%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,613	−0.046%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,568	−0.098%	$333K	$26.8M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,617.8	−0.041%	$8.3M	$42.9M	25x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,617.4	−0.041%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,600.4	−0.061%	$916.4M	$1.49B	50x	as long as short
Aster BTCUSDT	+0.0001%	8h	86,611.3	−0.048%	$502.6M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,621.5	−0.037%	$36.9M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	86,610.4	−0.049%	$851.6M	$714.9M	125x	as long as short
Reya BTCRUSDPERP	+0.0027%	1h	86,600.9	−0.060%	$6.7M	$145.4M	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	+0.0027%	1h	86,674.3	+0.024%	$17.0M	$21.1M	50x	as long as short
Phemex BTCUSDTshort	+0.0040%	8h	86,659.4	+0.007%	$150.6M	$479.8M	150x
BingX BTC-USDT	+0.0042%	8h	86,601.5	−0.060%	—	$1.59B	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,568.2	−0.098%	$2.96B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0072%	8h	86,600	−0.061%	$5.15B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,591.9	−0.071%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0073%	8h	86,600.1	−0.061%	$9.44B	$24.57B	150x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,601.2	−0.060%	$5.88B	$10.74B	200x	as long as short
SoDEX BTC-USD	+0.0089%	1h	86,565	−0.102%	$60.5M	$337.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,630.5	−0.026%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,640.4	−0.015%	$24.1M	$151.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,601	−0.060%	$8.5M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,589	−0.074%	$200K	$7.0M	50x	as long as short
Paradex BTC-USD-PERPlong	+0.0100%	8h	86,653.2	long leg	$4.8M	$8.5M	50x
Nado BTC-PERP	+0.0100%	1h	86,633.9	−0.022%	$22.0M	$234.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,674	+0.024%	$3.80B	$5.11B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,657.1	+0.004%	$40.9M	$524.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,583.8	−0.080%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,580.3	−0.084%	$2.55B	$12.77B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,608	−0.052%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,641.8	−0.013%	$7.6M	$95.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,560.7	−0.107%	$572.5M	$17.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,657.9	+0.005%	$38.5M	$156.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,628.8	−0.028%	$157.3M	$569.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,643	−0.012%	$279.9M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,648.3	−0.006%	$217.6M	$172.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,662	+0.010%	$141.6M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,624.8	−0.033%	$30.7M	$204.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,656.8	+0.004%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,601	−0.060%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,601.5	−0.060%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,585.4	−0.078%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,609.1	−0.051%	$140K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,604	−0.057%	$30.6M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,626	−0.031%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,645.5	−0.009%	$2.30B	$970.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,550.5	−0.119%	$45.5M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,617.7	−0.041%	—	$98.9M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,587.4	−0.076%	$193.5M	$951.7M	100x	as long as short
Perpl BTC	+0.0112%	43m	86,627.7	−0.029%	$419K	$23.2M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,698.3	+0.052%	$132.9M	$5.69B	50x	as long as short
Aftermath Perps BTCUSD	+0.0117%	1h	86,627.6	−0.030%	$79K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,688.4	+0.041%	$729K	$8.1M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0192% / S −0.0216%	1h	86,615.2	−0.044%	$15.1M	—	200x	as long as short
BloFin BTC-USDT	+0.0193%	8h	86,638.8	−0.017%	$414.6M	$659.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,670	+0.019%	$9.7M	$743.0M	6.4x	as long as short