BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0304%/8h= +33.3% APRnext payment +$0.38 per $10,000 · paid last 24h +0.050%

Price spread now: Deribit against Phoenix+0.111%70s7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.145% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.111%, 7d avg +0.023%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.089% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.023%. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.082% in total (about 4.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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	43m 46s	$2.2M	$10.5M	40x
Short	Deribit BTC-PERPETUAL	85,862.6	0.0160	get 0.0020% / 1h	43m 46s	$895.7M	$1.54B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.111%Rate

Funding earned: $63.93
Price spread: +0.111% → +0.023%: $8.86
Slippage, 4 orders: −$0.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $58.31
Costs to cover: 0.145%
Break-even: 0.6 days

Slippage from Phoenix: live order book, 5 min ago; Deribit: live order book, just now.

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 Deribit live order book, just now	0.03 bp	3.5 bp −$4	5.1 bp −$51	8.7 bp −$868	16.1 bp −$8,071

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	85,776.8	+0.011%	$512K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,814.8	+0.056%	$36.7M	—	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	85,822.9	+0.065%	$497.7M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,815.9	+0.057%	$894.9M	$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	85,836.7	+0.081%	—	$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	85,849.9	+0.097%	$2.96B	$5.14B	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	85,806.3	+0.046%	$2.28B	$969.3M	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
Binance BTCUSDT	+0.0088%	8h	85,843.9	+0.090%	$9.34B	$24.59B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,821.8	+0.064%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,816	+0.057%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,839	+0.084%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,834.9	+0.079%	$169.6M	$979.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,836.9	+0.081%	$23.3M	$145.3M	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	85,909	+0.166%	$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	85,859.8	+0.108%	$5.28B	$9.81B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,859.9	+0.108%	$2.55B	$12.54B	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	85,817.8	+0.059%	$35.2M	$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	85,791	+0.028%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,820.3	+0.062%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,863.3	+0.112%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,833.1	+0.077%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757	−0.012%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,822	+0.064%	$60.1M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,820.8	+0.063%	$154.3M	$479.5M	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
Extended BTC-USD	+0.0104%	1h	85,800.3	+0.039%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,754.4	−0.015%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.2	+0.106%	$131.8M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.012%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,848.5	+0.095%	$189.1M	$970.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,809.7	+0.050%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUALshort	+0.0160%	1h	85,862.6	+0.111%	$895.7M	$1.54B	50x
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,794.6	+0.032%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,788	+0.024%	$10.0M	$769.6M	6.4x	as long as short