BTC

Alert

Funding spread now, next payment 20:00 UTC+0.0011%/8h

next payment, per $10,000+$0.11paid, last 24h0.000%paid, last 7 days+0.038%to open and close $10k−$23

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,962.2	−0.0011	get 0.0011% / 8h	5h 45m	$149.3M	$422.7M	150x
Short	Kalshi KXBTCPERP	86,004	0	get 0.0000% / 8h	1h 45m	$12.2M	$650.6M	6.4x

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee KalshibpOrdersRate

Funding earned: $2.37
Slippage, 4 orders: −$1.13
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$20.76
Break-even: 68.3 days

Slippage from Phemex: live order book, 5 min ago; Kalshi: live order book, 5 min ago.

Price risk

price view

Price gap now: +0.049%
Avg gap 7d: −0.005%

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 Phemex live order book, 5 min ago	0.16 bp	6.2 bp −$6	6.3 bp −$63	7.7 bp −$774	doesn't fit
Sell Kalshi live order book, 5 min ago	0.12 bp	5.6 bp −$6	6.4 bp −$64	7.7 bp −$769	12.9 bp −$6,452

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Perpl BTC	−0.0447%	43m	$403K	$26.3M	6.7x	as long as short
Arcus BTC-USD	−0.0299%	1h	$6.7M	$85.4M	40x	as long as short
BloFin BTC-USDT	−0.0088%	8h	$421.8M	$567.7M	150x	as long as short
Phoenix BTC	−0.0082%	1h	$1.9M	$11.0M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$4K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	$312K	$2.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.0019%	1h	$188.2M	$816.7M	100x	as long as short
Reya BTCRUSDPERP	−0.0017%	1h	$6.7M	$138.3M	40x	as long as short
Phemex BTCUSDTlong	−0.0011%	8h	$149.3M	$422.7M	150x
KuCoin XBTUSDTM	−0.0007%	8h	$805.9M	$619.0M	125x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	−0.0006%	1h	$307K	$27.0M	52x	as long as short
dYdX BTC-USD	−0.0001%	1h	$17.2M	$18.1M	50x	as long as short
BingX BTC-USDC	−0.0001%	8h	—	$14.5M	—	as long as short
Kalshi KXBTCPERPshort	0.0000%	8h	$12.2M	$650.6M	6.4x
Bitget BTCUSDT	+0.0001%	8h	$2.96B	$4.68B	150x	as long as short
Bulk BTC-USD	+0.0002%	1h	$562.2M	$127.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	$505.3M	$1.09B	200x	as long as short
OKX BTC-USDT-SWAP	+0.0023%	8h	$2.67B	$11.58B	100x	as long as short
Bybit BTCUSDT	+0.0028%	8h	$5.28B	$8.64B	150x	as long as short
SoDEX BTC-USD	+0.0031%	1h	$60.9M	$284.7M	40x	as long as short
MEXC BTC_USDT	+0.0031%	8h	$5.18B	$5.09B	500x	as long as short
RISEx BTC/USDC	+0.0031%	1h	$9.0M	$38.6M	25x	as long as short
Binance BTCUSDT	+0.0032%	8h	$9.48B	$22.04B	150x	as long as short
Aevo BTC-PERP	+0.0032%	1h	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0033%	8h	$6.06B	$9.59B	200x	as long as short
Aftermath Perps BTCUSD	+0.0033%	1h	$87K	$152K	20x	as long as short
Popdex BTCUSDT	+0.0072%	1h	$8.5M	$46.2M	100x	as long as short
Variational Omni BTC	+0.0074%	8h	$170.7M	$505.7M	—	as long as short
Extended BTC-USD	+0.0088%	1h	$48.5M	$199.0M	50x	as long as short
Lighter BTC	+0.0096%	1h	$172.2M	$944.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$24.5M	$137.4M	50x	as long as short
HTX BTC-USDT	+0.0097%	8h	$2.29B	$845.1M	200x	as long as short
ApeX Omni BTCUSDT	+0.0098%	1h	$140.0M	$320.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0098%	8h	$4.4M	$6.9M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$200K	$5.9M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.1M	$226.7M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$36.7M	$411.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$4.1M	$17.2M	25x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$37.6M	$133.0M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	$280.5M	$884.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	$30.7M	$215.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$11.5M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$234K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$144K	$411K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.4M	$58.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.4M	$5.8M	100x	as long as short
Hibachi BTC/USDT-P	+0.0104%	1h	$753K	$6.6M	30x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$83.8M	500x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0172% / S −0.0153%	1h	$12.7M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0175%	1h	$915.6M	$1.10B	50x	as long as short
Hyperliquid BTC	+0.0195%	1h	$3.97B	$4.45B	40x	as long as short
Coinbase International BTC-PERP-INTX	+0.0200%	1h	$129.2M	$5.85B	50x	as long as short