BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0256%/8h= +28.1% APRnext payment +$0.32 per $10,000 · paid last 24h +0.033%

Price spread now: Coinbase International against Phoenix−0.039%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Phoenix Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.079%+$8 on $10k

Price spread, last 3 days (all we have)+0.135%+$13 · spread now −0.039%, 7d avg +0.016%

Together, before fees+0.213%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.055% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of +0.016%). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.079% in total) that is about 4.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.079% in total (about 4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,767	−0.0144	get 0.0018% / 1h	44m 30s	$2.2M	$10.5M	40x
Short	Coinbase International BTC-PERP-INTX	85,733.8	0.0112	get 0.0014% / 1h	44m 30s	$131.6M	$5.25B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.039%Rate

Funding earned: $53.85
Price spread: −0.039% → +0.016%: −$5.5
Slippage, 4 orders: −$0.43
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $30.91
Costs to cover: 0.174%
Break-even: 3.0 days

Slippage from Phoenix: live order book, 5 min ago; Coinbase International: live order book, 5 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	0.06 bp	3.7 bp −$4	5.5 bp −$55	10.9 bp −$1,089	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$591	14.4 bp −$7,208

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	−0.0144%	1h	85,767	long leg	$2.2M	$10.5M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.012%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.100%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	+0.006%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	+0.009%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,781.7	+0.017%	$513K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,727.9	−0.046%	$36.6M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.050%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,761	−0.007%	$497.4M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,740	−0.031%	$894.1M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	+0.004%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,750.1	−0.020%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.015%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,763.8	−0.004%	$2.95B	$5.13B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.048%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,695.9	−0.083%	$2.27B	$969.0M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	+0.003%	$22.8M	$229.3M	50x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,707	−0.070%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,772.2	+0.006%	$9.34B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,743.5	−0.027%	$5.10B	$5.67B	500x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,765.7	−0.002%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,764.4	−0.003%	$169.4M	$979.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,766.3	−0.001%	$23.3M	$145.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	+0.013%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.021%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	0.000%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,828	+0.071%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	+0.010%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,793.5	+0.031%	$5.27B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,789.8	+0.027%	$2.55B	$12.53B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.010%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.025%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,700.3	−0.078%	$35.1M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.019%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.024%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.105%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.020%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	+0.058%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,769	+0.002%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,724	−0.050%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,709	−0.068%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,750.7	−0.019%	$186K	$709K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,719.8	−0.055%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,714.7	−0.061%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,701	−0.077%	$60.0M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,700.2	−0.078%	$154.0M	$478.2M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.044%	$582.3M	$118.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0103%	1h	85,741.4	−0.030%	$895.5M	$1.54B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,737.9	−0.034%	$45.0M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,756.9	−0.012%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0112%	1h	85,733.8	−0.039%	$131.6M	$5.25B	50x
Hibachi BTC/USDT-P	+0.0128%	1h	85,807.1	+0.047%	$707K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,720.7	−0.054%	$188.8M	$970.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0151%	1h	85,814.1	+0.055%	$77K	$217K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,725	−0.049%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,762	−0.006%	$9.9M	$769.4M	6.4x	as long as short