Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.014%
Price spread now: Popdex against Phemex+0.008%7-day average +0.005% · 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−$19as in the Price arb table
costs, in and out, $10k−$190.188% of the position
Funding, last 4 days (all we have)+0.044%+$4 on $10k
+Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.008%, 7d avg +0.005%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,490.5 | 0.0100 | pay 0.0100% / 8h | 1h 20m | $153.5M | $511.0M | 150x |
| Short | Popdex BTCUSDT | 85,497 | 0.0096 | get 0.0012% / 1h | 20m 58s | $8.4M | $56.5M | 100x |
Phemex BTCUSDT
Popdex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Popdex against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.84
- Price spread: +0.008% → +0.005%
- $0.3
- Slippage, 4 orders
- −$0.43
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Net
- −$19.37
- Costs to cover
- 0.188%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 3 min ago; Popdex: 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 Phemex live order book, 3 min ago | 0.01 bp | 6.0 bp −$6 | 6.1 bp −$61 | 7.2 bp −$724 | doesn't fit |
| Sell Popdex live order book, 3 min ago | 0.06 bp | 3.6 bp −$4 | 3.6 bp −$36 | 3.8 bp −$383 | 5.3 bp −$2,638 |
BTC on 55 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 | −0.0082% | 1h | 85,446 | −0.052% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,442 | −0.057% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0042% | 8h | 85,496.9 | +0.007% | $928.0M | $773.4M | 125x | as long as short |
| BloFin BTC-USDT | −0.0025% | 8h | 85,495.3 | +0.006% | $420.7M | $684.5M | 150x | as long as short |
| Aster BTCUSDT | −0.0007% | 8h | 85,480.6 | −0.012% | $513.5M | $1.09B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,509.6 | +0.022% | $353K | $2.4M | 50x | as long as short |
| Perpl BTC | 0.0000% | 43m | 85,511.6 | +0.025% | $490K | $18.5M | 6.7x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,517.7 | +0.032% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,512.3 | +0.025% | $36.6M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0039% | 1h | 85,479 | −0.014% | $24.4M | $222.6M | 50x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
Aster BTCUSDT
01 Exchange BTCUSD
Perpl BTC
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERPShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0057% | 1h | 85,247 | −0.285% | $338K | $26.8M | 52x | as long as short |
| BingX BTC-USDC | +0.0071% | 8h | 85,475.6 | −0.017% | — | $17.5M | — | as long as short |
| Kraken Futures PF_XBTUSD | +0.0089% | 1h | 85,503 | +0.015% | $186.2M | $960.1M | 100x | as long as short |
| Bitget BTCUSDT | +0.0090% | 8h | 85,494 | +0.004% | $2.97B | $5.17B | 150x | as long as short |
| MEXC BTC_USDT | +0.0093% | 8h | 85,490.2 | 0.000% | $5.02B | $5.77B | 500x | as long as short |
| Binance BTCUSDT | +0.0095% | 8h | 85,490.7 | 0.000% | $9.43B | $24.99B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,505.3 | +0.017% | $170.3M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,507.1 | +0.019% | $23.6M | $148.3M | 50x | as long as short |
| Popdex BTCUSDTshort | +0.0096% | 1h | 85,497 | +0.008% | $8.4M | $56.5M | 100x | |
| Aevo BTC-PERP | +0.0096% | 1h | 85,489.5 | −0.001% | $2.4M | $6.7M | 20x | as long as short |
| Bybit BTCUSDT | +0.0099% | 8h | 85,487.8 | −0.003% | $5.15B | $9.99B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,479 | −0.013% | $244K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,552.3 | +0.072% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,577 | +0.101% | $3.75B | $5.07B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,533.2 | +0.050% | $40.0M | $602.6M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,496.2 | +0.007% | $2.60B | $12.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,509 | +0.022% | $3.8M | $17.1M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,490.8 | 0.000% | $5.2M | $98.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,499.5 | +0.010% | $686.3M | $379.3M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,499.9 | +0.011% | $5.56B | $11.04B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,487.7 | −0.003% | $37.4M | $178.8M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,436.8 | −0.063% | $154.6M | $558.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,436.9 | −0.063% | $279.9M | $951.7M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,445.2 | −0.053% | $214.5M | $164.2M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,447.2 | −0.051% | $139.7M | $313.5M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,458.6 | −0.037% | $30.1M | $205.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,553.1 | +0.073% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,499 | +0.010% | $11.0M | $14.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,500.9 | +0.012% | $200K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,493.4 | +0.003% | $2.6M | $9.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,534.1 | +0.051% | $194K | $796K | 40x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,481.6 | −0.010% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,489 | −0.002% | $59.8M | $336.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,487.4 | −0.004% | $2.26B | $966.9M | 200x | as long as short |
| Phemex BTCUSDTlong | +0.0100% | 8h | 85,490.5 | long leg | $153.5M | $511.0M | 150x | |
| Extended BTC-USD | +0.0104% | 1h | 85,472.3 | −0.021% | $44.9M | $240.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,501.3 | +0.013% | — | $105.6M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,525.7 | +0.041% | $114.7M | $5.49B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0131% | 1h | 85,484 | −0.008% | $6.6M | $147.7M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0139% | 1h | 85,533.4 | +0.050% | $861.8M | $1.64B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0183% | 8h | 85,519 | +0.033% | $11.7M | $741.9M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0193% | 1h | 85,515.4 | +0.029% | $8.8M | $42.8M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0176% | 1h | 85,503 | +0.015% | $13.1M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0224% | 1h | 85,498.8 | +0.010% | $685K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0253% | 1h | 85,457.7 | −0.038% | $79K | $230K | 20x | as long as short |
Injective BTC/USDC PERP
BingX BTC-USDC
Kraken Futures PF_XBTUSD
Bitget BTCUSDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
Bybit BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD