BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0203%/8h= +22.2% APRnext payment +$0.25 per $10,000 · paid last 24h +0.015%

Price spread now: Bullet against Phoenix+0.027%7-day average −0.047% · 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−$12as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.084%+$8 on $10k

Price spread, last 7 days−0.073%−$7 · spread now +0.027%, 7d avg −0.047%

Together, before fees+0.010%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bullet is 0.075% dearer against Phoenix than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,561	−0.0103	get 0.0013% / 1h	58m 39s	$2.2M	$11.7M	40x
Short	Bullet BTC-USD	86,584.6	0.0100	get 0.0013% / 1h	58m 39s	$192K	$3.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.027%Rate

Funding earned: $42.64
Price spread: +0.027% → −0.047%: $7.46
Slippage, 4 orders: −$4.78
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: $30.32
Costs to cover: 0.198%
Break-even: 2.0 days

Slippage from Phoenix: live order book, 5 min ago; Bullet: 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, 5 min ago	1.04 bp	5.0 bp −$5	6.8 bp −$68	11.5 bp −$1,146	doesn't fit
Sell Bullet live order book, 1 min ago	0.06 bp	5.4 bp −$5	8.5 bp −$85	doesn't fit	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
Aftermath Perps BTCUSD	−0.0246%	1h	86,613.4	+0.061%	$79K	$197K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,565.8	+0.006%	$425K	$24.4M	6.7x	as long as short
Phoenix BTClong	−0.0103%	1h	86,561	long leg	$2.2M	$11.7M	40x
dYdX BTC-USD	−0.0085%	1h	86,591.4	+0.035%	$17.6M	$20.6M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,546	−0.017%	$9K	$3K	50x	as long as short
Nado BTC-PERP	−0.0005%	1h	86,544.1	−0.020%	$21.6M	$235.0M	50x	as long as short
Aster BTCUSDT	−0.0004%	8h	86,554.2	−0.008%	$505.3M	$1.16B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,602.2	+0.048%	$360K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,619.7	+0.068%	$926.8M	$1.47B	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	86,548.2	−0.015%	$849.8M	$709.8M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,608.6	+0.055%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,563	+0.002%	$8.6M	$43.2M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,582.9	+0.025%	$6.7M	$144.6M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,614	+0.061%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0030%	8h	86,554.6	−0.007%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,587.5	+0.031%	$149.7M	$472.4M	150x	as long as short
Bitget BTCUSDT	+0.0038%	8h	86,545.6	−0.018%	$2.95B	$5.09B	150x	as long as short
Popdex BTCUSDT	+0.0048%	1h	86,586	+0.029%	$8.5M	$52.3M	100x	as long as short
Aevo BTC-PERP	+0.0056%	1h	86,585.3	+0.028%	$2.4M	$1.3M	20x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,553.6	−0.009%	$5.19B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0059%	8h	86,552.5	−0.010%	$9.42B	$24.39B	150x	as long as short
Lighter BTC	+0.0080%	1h	86,558.1	−0.003%	$172.0M	$995.8M	50x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,560.9	0.000%	$5.85B	$10.60B	200x	as long as short
Bybit BTCUSDT	+0.0086%	8h	86,554.9	−0.007%	$5.27B	$9.74B	150x	as long as short
Lighter RH BTC	+0.0096%	1h	86,569.9	+0.010%	$24.1M	$151.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0099%	8h	86,552.9	−0.009%	$2.55B	$12.72B	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,544	−0.020%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,593.8	+0.038%	$4.8M	$8.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,633	+0.083%	$3.81B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,589.3	+0.033%	$41.0M	$499.4M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,562	+0.001%	$3.9M	$18.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,628.4	+0.078%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,590.2	+0.034%	$572.1M	$20.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,584.8	+0.027%	$38.1M	$151.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,596.1	+0.040%	$159.3M	$566.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,587.2	+0.030%	$279.6M	$942.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,592.7	+0.037%	$217.3M	$184.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,597.4	+0.042%	$141.6M	$323.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,588.3	+0.032%	$30.7M	$203.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,626.7	+0.076%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,587	+0.030%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,584.6	+0.027%	$192K	$3.4M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,597.7	+0.042%	$2.5M	$8.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,604.3	+0.050%	$140K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,583.2	+0.026%	$30.0M	$61.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,564.3	+0.004%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,586	+0.029%	$60.5M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,570.4	+0.011%	$2.30B	$960.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,537.5	−0.027%	$46.4M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,587.3	+0.030%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,628.1	+0.078%	$131.9M	$5.82B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,603.4	+0.049%	$187.1M	$934.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0152%	1h	86,617.6	+0.065%	$727K	$8.1M	30x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	86,615	+0.062%	$9.6M	$726.9M	6.4x	as long as short
BloFin BTC-USDT	+0.0179%	8h	86,586.2	+0.029%	$416.7M	$655.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0210%	1h	86,602.4	+0.048%	$15.0M	—	200x	as long as short