BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0064%/8h= +7.1% APRnext payment +$0.08 per $10,000 · paid last 24h −0.030%

Price spread now: Hotstuff against Phoenix+0.051%53s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hotstuff is 0.051% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	85,733	−0.0144	get 0.0018% / 1h	22m 03s	$2.2M	$10.5M	40x
Short	Hotstuff BTC-PERP	85,777	−0.0080	pay 0.0010% / 1h	22m 03s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.051%Rate

Funding earned: $13.53
Price spread: +0.051% → 0.000%: $5.13
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: $6.66
Costs to cover: 0.120%
Break-even: 3.6 days

Slippage unknown: Phoenix: live order book, 2 min ago; Hotstuff: 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, 2 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,200	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	85,733	long leg	$2.2M	$10.5M	40x
Hotstuff BTC-PERPshort	−0.0080%	1h	85,777	+0.051%	$8K	$3K	50x
01 Exchange BTCUSD	−0.0064%	1h	85,764.6	+0.037%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,822.9	+0.105%	$513K	$20.6M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,800	+0.078%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,787.2	+0.063%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.049%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0032%	8h	85,760.4	+0.032%	$903.3M	$754.5M	125x	as long as short
Aster BTCUSDT	+0.0038%	8h	85,780.5	+0.055%	$516.8M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,799.1	+0.077%	$8.2M	$42.0M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0052%	1h	85,794.7	+0.072%	$22.6M	$227.4M	50x	as long as short
BingX BTC-USDC	+0.0055%	8h	85,753	+0.023%	—	$17.1M	—	as long as short
Reya BTCRUSDPERP	+0.0058%	1h	85,789.2	+0.066%	$6.7M	$146.3M	40x	as long as short
Bitget BTCUSDT	+0.0070%	8h	85,755.5	+0.026%	$2.95B	$5.08B	150x	as long as short
HTX BTC-USDT	+0.0083%	8h	85,768.7	+0.042%	$2.27B	$947.1M	200x	as long as short
ApeX Omni BTCUSDT	+0.0086%	1h	85,787	+0.063%	$140.3M	$318.4M	100x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,759.7	+0.031%	$5.07B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,752.6	+0.023%	$9.34B	$24.29B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,767.7	+0.040%	$170.4M	$990.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,774.5	+0.048%	$23.5M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,775	+0.049%	$8.4M	$51.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,768.1	+0.041%	$2.5M	$1.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,755	+0.026%	$202K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,773	+0.047%	$3.8M	$8.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,824.8	+0.107%	$3.76B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,823.8	+0.106%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,748.1	+0.018%	$5.31B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,726.5	−0.008%	$2.54B	$12.35B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,796	+0.073%	$4.0M	$18.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,758.4	+0.030%	$7.2M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	+0.014%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,770	+0.043%	$5.61B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,751.5	+0.022%	$35.3M	$164.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,799.4	+0.077%	$156.6M	$556.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,740.4	+0.009%	$278.7M	$939.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,794.3	+0.071%	$215.3M	$166.3M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,774	+0.048%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,843.9	+0.129%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,791	+0.068%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,792.3	+0.069%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,774.1	+0.048%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,815.7	+0.096%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,778.1	+0.053%	$30.0M	$56.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,722	−0.013%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,765	+0.037%	$60.0M	$337.2M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,760.5	+0.032%	$154.3M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,752.1	+0.022%	$44.1M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,807	+0.086%	—	$101.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,790.3	+0.067%	$131.2M	$5.15B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0125%	1h	85,815.3	+0.096%	$894.7M	$1.54B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,791.7	+0.068%	$696K	$7.8M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,774.9	+0.049%	$188.5M	$963.1M	100x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	85,768.4	+0.041%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0189%	1h	85,787	+0.063%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,813	+0.093%	$10.0M	$769.9M	6.4x	as long as short