BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h +0.035%

Price spread now: Pacifica against Phoenix+0.039%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Phoenix Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 7 days−0.068%−$7 · spread now +0.039%, 7d avg −0.026%

Together, before fees+0.058%+ Points / potential airdropPacifica: Active · farm board+$6 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 Pacifica is 0.065% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.026%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.126% in total (about 6.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 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	85,589	−0.0140	get 0.0018% / 1h	49m 14s	$2.1M	$10.4M	40x
Short	Pacifica BTC	85,622.3	0.0100	get 0.0013% / 1h	49m 14s	$40.6M	$584.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.039%Rate

Funding earned: $50.42
Price spread: +0.039% → −0.026%: $6.48
Slippage, 4 orders: −$0.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $41.49
Costs to cover: 0.154%
Break-even: 1.2 days

Slippage from Phoenix: live order book, 5 min ago; Pacifica: 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	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,006	doesn't fit
Sell Pacifica live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.9 bp −$49	doesn't fit	doesn't fit

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	85,589	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,625	+0.042%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0038%	8h	85,588.6	0.000%	$917.2M	$756.1M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,603.2	+0.017%	$418.0M	$675.3M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,593.3	+0.005%	$366K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0001%	1h	85,588.4	−0.001%	$24.8M	$222.6M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,625.7	+0.043%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,600.3	+0.013%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,578.7	−0.012%	$515.4M	$1.10B	200x	as long as short
Deribit BTC-PERPETUAL	+0.0026%	1h	85,637.6	+0.057%	$884.3M	$1.59B	50x	as long as short

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	85,690	+0.118%	$340K	$26.9M	52x	as long as short
BingX BTC-USDC	+0.0064%	8h	85,570.4	−0.022%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0070%	8h	85,597.2	+0.010%	$148.7M	$490.7M	150x	as long as short
SoDEX BTC-USD	+0.0077%	1h	85,601	+0.014%	$60.0M	$336.0M	40x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,597.3	+0.010%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0092%	1h	85,578.4	−0.012%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,609.7	+0.024%	$172.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,617.9	+0.034%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,589	0.000%	$8.7M	$54.3M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,586.8	−0.003%	$2.5M	$1.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,560	−0.034%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,660	+0.083%	$5.6M	$9.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,660	+0.083%	$3.79B	$5.01B	40x	as long as short
Pacifica BTCshort	+0.0100%	1h	85,622.3	+0.039%	$40.6M	$584.8M	50x
Binance BTCUSDT	+0.0100%	8h	85,603.1	+0.016%	$9.42B	$24.31B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,600	+0.013%	$5.19B	$9.84B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,607.5	+0.022%	$2.59B	$12.16B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,577	−0.014%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,578.9	−0.012%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,591.3	+0.003%	$5.54B	$10.76B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,599.6	+0.012%	$5.07B	$5.64B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,592.2	+0.004%	$35.9M	$176.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,614	+0.029%	$153.6M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,619.2	+0.035%	$279.6M	$925.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,677.6	+0.104%	$215.0M	$168.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,670.8	+0.096%	$140.1M	$315.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,636.1	+0.055%	$30.3M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,649	+0.070%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,588	−0.001%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,583.1	−0.007%	$196K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,586.4	−0.003%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,633.4	+0.052%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,584.2	−0.006%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,577.5	−0.013%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,585.4	−0.004%	$2.27B	$946.2M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.089%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,561.7	−0.032%	$44.8M	$231.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,622.5	+0.039%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,639.1	+0.059%	$117.0M	$5.22B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,623.4	+0.040%	$188.1M	$956.4M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,619.1	+0.035%	$8.9M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0177%	1h	85,597.6	+0.010%	$13.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,635	+0.054%	$12.0M	$757.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0230%	1h	85,633.9	+0.052%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,633.7	+0.052%	$698K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,609.9	+0.024%	$504K	$18.8M	6.7x	as long as short