BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.33 per $10,000 · paid last 24h −0.001%

Price spread now: Bitget against Phemex+0.037%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.037%, 7d avg −0.004%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.041% dearer against Phemex than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.004%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,782.4	0.0100	pay 0.0100% / 8h	6h 46m	$154.0M	$477.6M	150x
Short	Bitget BTCUSDT	85,814	0.0067	get 0.0067% / 8h	6h 46m	$2.95B	$5.13B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$6.93
Price spread: +0.037% → −0.004%: $4.08
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$26.87
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bitget: live order book, 2 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 Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.7 bp −$768	doesn't fit
Sell Bitget live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.4 bp −$740	8.5 bp −$4,235

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	−0.0144%	1h	85,788	+0.007%	$2.2M	$10.5M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,824	+0.048%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.082%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,804.1	+0.025%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,814.4	+0.037%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,819.5	+0.043%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,796.4	+0.016%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.032%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0036%	8h	85,815.3	+0.038%	$497.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0041%	8h	85,773.6	−0.010%	$894.2M	$757.2M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,820.2	+0.044%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,824.4	+0.049%	—	$1.59B	—	as long as short
Reya BTCRUSDPERP	+0.0053%	1h	85,786.9	+0.005%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDTshort	+0.0067%	8h	85,814	+0.037%	$2.95B	$5.13B	150x
ApeX Omni BTCUSDT	+0.0075%	1h	85,863.8	+0.095%	$140.4M	$320.9M	100x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,780.6	−0.002%	$2.5M	$1.8M	20x	as long as short
HTX BTC-USDT	+0.0080%	8h	85,784	+0.002%	$2.27B	$968.8M	200x	as long as short
Nado BTC-PERP	+0.0082%	1h	85,804.1	+0.025%	$22.4M	$228.8M	50x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,808.7	+0.031%	$5.09B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,813.6	+0.036%	$9.34B	$24.59B	150x	as long as short
Gate BTC_USDT	+0.0088%	8h	85,818.9	+0.043%	$5.66B	$10.38B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,798.8	+0.019%	$170.6M	$977.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,799.1	+0.019%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,810	+0.032%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,781	−0.002%	$209K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,840.7	+0.068%	$3.8M	$8.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,852	+0.081%	$3.77B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,813.8	+0.037%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,828	+0.053%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,819.9	+0.044%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,789	+0.008%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,792.2	+0.011%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,778.2	−0.005%	$35.1M	$163.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,782.9	+0.001%	$155.6M	$556.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,838.8	+0.066%	$278.1M	$943.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.087%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,854.5	+0.084%	$30.4M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,856.4	+0.086%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,797	+0.017%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792	+0.011%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,779.2	−0.004%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,840.8	+0.068%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,787.8	+0.006%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,776.6	−0.007%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,782	0.000%	$60.1M	$338.0M	40x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,782.4	long leg	$154.0M	$477.6M	150x
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.026%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,762.6	−0.023%	$44.7M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,817.8	+0.041%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,824.5	+0.049%	$131.6M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	85,874.1	+0.107%	$710K	$8.0M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,812.5	+0.035%	$189.1M	$970.2M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,830.6	+0.056%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0153%	1h	85,829	+0.054%	$895.4M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,796.2	+0.016%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,822	+0.046%	$9.9M	$769.1M	6.4x	as long as short