BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0173%/8h= +19.0% APRnext payment +$0.22 per $10,000 · paid last 24h +0.003%

Price spread now: dYdX against Phoenix+0.135%46s7-day average −0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as 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−$280.276% of the position

Long on Phoenix Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 7 days−0.138%−$14 · spread now +0.135%, 7d avg −0.054%

Together, before fees−0.178%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and dYdX is 0.189% dearer against Phoenix than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.054%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,468	−0.0140	get 0.0018% / 1h	20m 23s	$2.1M	$10.4M	40x
Short	dYdX BTC-USD	85,583.7	0.0033	get 0.0004% / 1h	20m 23s	$16.8M	$21.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.135%Rate

Funding earned: $36.42
Price spread: +0.135% → −0.054%: $18.89
Slippage, 4 orders: −$10.55
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: $27.76
Costs to cover: 0.276%
Break-even: 1.7 days

Slippage from Phoenix: live order book, 4 min ago; dYdX: live order book, 4 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, 4 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,010	doesn't fit
Sell dYdX live order book, 4 min ago	1.75 bp	13.5 bp −$14	18.5 bp −$185	21.5 bp −$2,153	29.6 bp −$14.8K

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	−0.0140%	1h	85,468	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,553	+0.099%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,559	+0.106%	$919.9M	$757.5M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,543.9	+0.089%	$420.0M	$676.3M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,581.2	+0.132%	$365K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,546.2	+0.091%	$515.2M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,560.5	+0.108%	$507K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0001%	1h	85,530.1	+0.073%	$24.5M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,576.6	+0.127%	$36.6M	—	200x	as long as short
dYdX BTC-USDshort	+0.0033%	1h	85,583.7	+0.135%	$16.8M	$21.2M	50x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,552	+0.098%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0056%	1h	85,542	+0.087%	$59.9M	$336.0M	40x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,558.6	+0.106%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,543.6	+0.088%	$148.6M	$495.9M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,567.7	+0.117%	$2.95B	$5.12B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0088%	1h	85,593.4	+0.147%	$872.0M	$1.60B	50x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,561	+0.109%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,558.1	+0.105%	$9.45B	$24.43B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,551.7	+0.098%	$172.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,548.5	+0.094%	$23.9M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,565	+0.113%	$8.4M	$55.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,535.9	+0.080%	$2.8M	$2.2M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,555	+0.102%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,620.8	+0.179%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,644	+0.206%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,591	+0.144%	$40.2M	$588.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,555.3	+0.102%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,565.8	+0.114%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,545	+0.090%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,565.9	+0.115%	$4.7M	$99.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,568.6	+0.118%	$5.53B	$10.83B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,536.9	+0.081%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	+0.078%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,431.3	−0.043%	$279.0M	$929.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,439.6	−0.033%	$214.7M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,456.2	−0.014%	$139.8M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,525.5	+0.067%	$30.2M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,611.7	+0.168%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,568	+0.117%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,561.6	+0.110%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,544	+0.089%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,606.6	+0.162%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,541.8	+0.086%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,527.6	+0.070%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,544.7	+0.090%	$2.26B	$949.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.025%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0102%	1h	85,559.9	+0.107%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,538.7	+0.083%	$45.6M	$234.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,556.6	+0.104%	—	$106.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,577.8	+0.128%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,567.5	+0.116%	$188.0M	$956.9M	100x	as long as short
Kalshi KXBTCPERP	+0.0169%	8h	85,532	+0.075%	$11.5M	$754.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,600	+0.154%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0149%	1h	85,578.6	+0.129%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,593.2	+0.146%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,522.6	+0.064%	$78K	$222K	20x	as long as short