BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0244%/8h= +26.8% APRnext payment +$0.31 per $10,000 · paid last 24h +0.028%

Price spread now: Derive against Phoenix+0.104%7-day average −0.031% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now +0.104%, 7d avg −0.031%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Derive is 0.135% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.031%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.036% in total (about 1.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 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	85,498	−0.0144	get 0.0018% / 1h	59m 22s	$2.1M	$10.1M	40x
Short	Derive BTC-PERP	85,586.8	0.0100	get 0.0013% / 1h	59m 22s	$30.0M	$52.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.104%Rate

Funding earned: $51.33
Price spread: +0.104% → −0.031%: $13.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $51.81
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 5 min ago; Derive: no order-book sample. Net counts fees only.

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	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 55 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	85,498	long leg	$2.1M	$10.1M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.129%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,585.7	+0.103%	$361K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0033%	1h	85,588.3	+0.106%	$22.6M	$224.8M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,585.5	+0.102%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,599.5	+0.119%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0021%	8h	85,571.4	+0.086%	$515.8M	$1.12B	200x	as long as short
KuCoin XBTUSDTM	+0.0023%	8h	85,578.3	+0.094%	$902.2M	$748.3M	125x	as long as short
SoDEX BTC-USD	+0.0053%	1h	85,586	+0.103%	$59.9M	$336.4M	40x	as long as short
BingX BTC-USDT	+0.0055%	8h	85,590	+0.108%	—	$1.55B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0056%	8h	85,585.8	+0.103%	$2.27B	$932.8M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,578.1	+0.094%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,578.8	+0.095%	$2.95B	$5.02B	150x	as long as short
SunX BTC-USDT	+0.0077%	8h	85,568.6	+0.083%	$2.9M	$6.5M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.139%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,580.2	+0.096%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,589.9	+0.107%	$9.34B	$23.91B	150x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,589.7	+0.107%	$5.07B	$5.56B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,590.8	+0.109%	$170.3M	$980.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,593.6	+0.112%	$23.9M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,584	+0.101%	$8.4M	$51.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,635	+0.160%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,564	+0.077%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,650	+0.178%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,626.6	+0.150%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,592.7	+0.111%	$5.33B	$9.61B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,592.3	+0.110%	$2.56B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,530	+0.037%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.074%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,592.5	+0.110%	$5.58B	$10.37B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,506.8	+0.010%	$35.0M	$168.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.055%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.064%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,624	+0.147%	$214.9M	$162.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,552.6	+0.064%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,571.8	+0.086%	$30.2M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,628.4	+0.152%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,582	+0.098%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,591	+0.109%	$187K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,585.8	+0.103%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,630.3	+0.155%	$197K	$722K	40x	as long as short
Derive BTC-PERPshort	+0.0100%	1h	85,586.8	+0.104%	$30.0M	$52.7M	15x
Phemex BTCUSDT	+0.0100%	8h	85,585.7	+0.103%	$150.0M	$479.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,593.2	+0.111%	$605.0M	$283.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,565.8	+0.079%	$44.1M	$227.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,527.7	+0.035%	—	$101.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,629.3	+0.154%	$130.5M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,613.7	+0.135%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,610	+0.131%	$187.1M	$951.6M	100x	as long as short
Aftermath Perps BTCUSD	+0.0186%	1h	85,619.9	+0.143%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,552.1	+0.063%	$682K	$7.8M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0196%	1h	85,637.1	+0.163%	$894.8M	$1.52B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0186%	1h	85,596.9	+0.116%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,560	+0.073%	$10.2M	$765.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585.2	+0.102%	$510K	$19.7M	6.7x	as long as short