BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0178%/8h= +19.4% APRnext payment +$0.22 per $10,000 · paid last 24h +0.034%

Price spread now: Aevo against Phoenix−0.170%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$270.274% of the position

Long on Phoenix Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now −0.170%, 7d avg −0.040%

Together, before fees+0.280%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aevo is 0.130% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.170% now, against its 7-day average of −0.040%). If the spread goes back, that is −$13 on $10k: about 2.4 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.087% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,520	−0.0082	get 0.0010% / 1h	2m 52s	$2.3M	$10.4M	40x
Short	Aevo BTC-PERP	85,374.9	0.0096	get 0.0012% / 1h	2m 52s	$2.4M	$6.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phoenix. 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 PhoenixbpFee AevobpOrdersPrice spread, now −0.170%Rate

Funding earned: $37.28
Price spread: −0.170% → −0.040%: −$12.97
Slippage, 4 orders: −$4.44
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$3.13
Costs to cover: 0.274%
Break-even: 7.6 days

Slippage from Phoenix: live order book, 6 min ago; Aevo: live order book, 1 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 Phoenix live order book, 6 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.2 bp −$1,021	doesn't fit
Sell Aevo live order book, 1 min ago	1.24 bp	10.5 bp −$11	11.8 bp −$118	14.2 bp −$1,424	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 BTClong	−0.0082%	1h	85,520	long leg	$2.3M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,392	−0.150%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0032%	8h	85,352.4	−0.196%	$928.2M	$772.9M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,381.7	−0.162%	$421.4M	$680.9M	150x	as long as short
Aster BTCUSDT	−0.0004%	8h	85,342.7	−0.207%	$512.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,411.1	−0.127%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,421.5	−0.115%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.1	−0.105%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,418.4	−0.119%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0047%	1h	85,400.1	−0.140%	$24.1M	$219.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,420	−0.117%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0074%	8h	85,322.3	−0.231%	—	$17.3M	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,394.2	−0.147%	$186.0M	$951.7M	100x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,342.5	−0.208%	$2.96B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0092%	8h	85,336.9	−0.214%	$5.13B	$9.97B	150x	as long as short
SoDEX BTC-USD	+0.0092%	1h	85,375	−0.170%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,392.6	−0.149%	$169.6M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,392.6	−0.149%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,414	−0.124%	$8.4M	$57.2M	100x	as long as short
Aevo BTC-PERPshort	+0.0096%	1h	85,374.9	−0.170%	$2.4M	$6.7M	20x
MEXC BTC_USDT	+0.0097%	8h	85,345.3	−0.204%	$5.03B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,345	−0.205%	$9.42B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,382	−0.161%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,442.8	−0.090%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,423	−0.113%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,432.1	−0.103%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,348	−0.201%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,384	−0.159%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,395.4	−0.146%	$5.1M	$96.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,351.7	−0.197%	$5.55B	$11.09B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,351.7	−0.197%	$37.4M	$182.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,432.9	−0.102%	$156.6M	$557.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,433.6	−0.101%	$279.9M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439	−0.095%	$214.5M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	−0.101%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,401.3	−0.139%	$30.1M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,437	−0.097%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,384	−0.159%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,366.7	−0.179%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,379.2	−0.165%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,403	−0.137%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	−0.159%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,385.9	−0.157%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,363.7	−0.183%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,391.8	−0.150%	$157.4M	$512.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	−0.125%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,318.5	−0.236%	$45.3M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.9	−0.128%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,419.8	−0.117%	$112.9M	$5.48B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0113%	1h	85,421	−0.116%	$852.7M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0134%	1h	85,360.1	−0.187%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0148%	1h	85,372.4	−0.173%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0177%	8h	85,403	−0.137%	$11.9M	$739.1M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,427.1	−0.109%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,443.3	−0.090%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0271%	1h	85,444.3	−0.089%	$79K	$246K	20x	as long as short