BTC

Alert

Funding spread now, next payment 16:00 UTC+0.0118%/8h

next payment, per $10,000+$1.18paid, last 24h+0.008%paid, last 3 days−0.033%to open and closeno order book

Long on Phemex Short on Variational Omni

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	86,224	−0.0018	get 0.0018% / 8h	44m 32s	$157.9M	$397.2M	150x
Short	Variational Omni BTC	86,204.5	0.0100	get 0.0100% / 8h	44m 32s	$171.1M	$505.8M	—

Funding history

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Funding on every exchange

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Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee Variational OmnibpOrdersRate

Funding earned: $24.68
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $12.68
Break-even: 3.4 days

Slippage unknown: Phemex: live order book, 6 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

Price risk

price view

Price gap now: −0.023%
Avg gap 7d: −0.016%

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, 6 min ago	0.01 bp	6.0 bp −$6	7.0 bp −$70	9.5 bp −$950	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	0.51 bp	doesn't fit	0.7 bp −$7	2.2 bp −$220	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Perpl BTC	−0.0223%	43m	$447K	$30.1M	6.7x	as long as short
edgeX BTCUSDC	−0.0091%	4h	$278.7M	$860.1M	100x	as long as short
Phoenix BTC	−0.0086%	1h	$2.0M	$10.8M	40x	as long as short
01 Exchange BTCUSD	−0.0080%	1h	$288K	$2.4M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0072%	1h	$87K	$155K	20x	as long as short
BloFin BTC-USDT	−0.0039%	8h	$427.2M	$538.1M	150x	as long as short
Reya BTCRUSDPERP	−0.0024%	1h	$6.7M	$137.6M	40x	as long as short
Phemex BTCUSDTlong	−0.0018%	8h	$157.9M	$397.2M	150x
Gate BTC_USDT	−0.0012%	8h	$6.16B	$9.24B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Bitget BTCUSDT	−0.0005%	8h	$2.96B	$4.62B	150x	as long as short
BingX BTC-USDC	−0.0005%	8h	—	$14.8M	—	as long as short
dYdX BTC-USD	0.0000%	1h	$16.9M	$16.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0002%	1h	$139.3M	$318.5M	100x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	$36.9M	—	200x	as long as short
OKX BTC-USDT-SWAP	+0.0033%	8h	$2.63B	$11.49B	100x	as long as short
Aster BTCUSDT	+0.0050%	8h	$490.1M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0050%	8h	$792.7M	$614.3M	125x	as long as short
HTX BTC-USDT	+0.0057%	8h	$2.30B	$831.5M	200x	as long as short
SoDEX BTC-USD	+0.0060%	1h	$61.1M	$283.3M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0071%	1h	$184.5M	$804.1M	100x	as long as short
MEXC BTC_USDT	+0.0078%	8h	$5.02B	$4.98B	500x	as long as short
Binance BTCUSDT	+0.0079%	8h	$9.60B	$21.34B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	$2.4M	$1.6M	20x	as long as short
Paradex BTC-USD-PERP	+0.0083%	8h	$4.4M	$6.6M	50x	as long as short
Lighter BTC	+0.0096%	1h	$172.5M	$912.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	$25.1M	$136.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	$8.5M	$44.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	$199K	$5.4M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	$23.7M	$230.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	$37.1M	$342.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	$5.15B	$8.39B	150x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	$3.9M	$16.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	$5.5M	$81.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	$39.4M	$103.5M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	$171.1M	$505.8M	—
StandX BTC-USD	+0.0100%	1h	$30.8M	$238.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	—	$12.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	$11.0M	$11.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	$245K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	$2.4M	$7.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	$144K	$405K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	$30.3M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	$3.4M	$5.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	$547.8M	$93.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	$48.6M	$208.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	—	$88.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	$150.6M	$6.25B	50x	as long as short
Injective BTC/USDC PERP	+0.0108%	1h	$305K	$27.0M	52x	as long as short
Kalshi KXBTCPERP	+0.0110%	8h	$10.4M	$556.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0128%	1h	$8.5M	$38.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	$627K	$7.3M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0176%	1h	$12.6M	—	200x	as long as short
Hyperliquid BTC	+0.0297%	1h	$3.93B	$4.32B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0323%	1h	$884.3M	$1.04B	50x	as long as short