Settings8H · net · $10k
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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 09:00 UTC+0.0047%/8h= +5.2% APRnext payment +$0.06 per $10,000 · paid last 24h +0.048%
Price spread now: Polymarket Perps against Phoenix−0.042%59s7-day average −0.061% · you buy dearer than you sell
Net, funding: paid 7d − costs−$1as 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−$160.159% of the position
Long on PhoenixShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 7 days+0.146%+$15 on $10k
Price spread, last 7 days−0.029%−$3 · spread now −0.042%, 7d avg −0.061%
Together, before fees+0.117%+$12 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.061%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC86,1850.0053pay 0.0007% / 1h55m 48s$2.0M$7.8M40x
ShortPolymarket Perps BTC-USD86,1490.0100get 0.0013% / 1h55m 48s$11.1M$12.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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

Funding earned
$9.89
Price spread: −0.042% → −0.061%
$1.9
Slippage, 4 orders
−$0.92
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
−$4.13
Costs to cover
0.159%
Break-even
9.9 days
Slippage from Phoenix: live order book, 1 min ago; Polymarket Perps: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 1 min ago0.06 bp3.7 bp −$45.9 bp −$5911.5 bp −$1,154doesn't fit
Sell Polymarket Perps live order book, 1 min ago0.06 bp4.2 bp −$45.5 bp −$5513.1 bp −$1,306doesn't fit

BTC on 55 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff BTC-PERP−0.0080%1h86,197+0.014%$8K$2K50xas long as short
01 Exchange BTCUSD−0.0032%1h86,160.2−0.029%$363K$2.0M50xas long as short
BloFin BTC-USDT−0.0020%8h86,159.8−0.029%$421.0M$566.8M150xas long as short
SoDEX BTC-USD−0.0015%1h86,146−0.045%$66.0M$188.1M40xas long as short
ApeX Omni BTCUSDT−0.0004%1h86,185.30.000%$138.2M$295.1M100xas long as short
dYdX BTC-USD0.0000%1h86,162.9−0.026%$16.9M$14.5M50xas long as short
Perpl BTC0.0000%43m86,228.2+0.050%$483K$13.8M6.7xas long as short
gTrade (Gains Network) BTC/USDL +0.0004% / S −0.0004%1h86,178.5−0.008%$36.8M—200xas long as short
Injective BTC/USDC PERP+0.0009%1h86,214+0.034%$301K$26.1M52xas long as short
Kraken Futures PF_XBTUSD+0.0029%1h86,163.5−0.025%$191.8M$774.0M100xas long as short
Show all 55 exchanges
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX BTC-USDT+0.0030%8h86,150.2−0.040%—$1.34B—as long as short
Aster BTCUSDT+0.0031%8h86,146.1−0.045%$513.4M$878.3M200xas long as short
Bybit BTCUSDT+0.0037%8h86,150.8−0.040%$5.15B$8.15B150xas long as short
Phoenix BTClong+0.0053%1h86,185long leg$2.0M$7.8M40x
KuCoin XBTUSDTM+0.0053%8h86,151.3−0.039%$943.3M$637.0M125xas long as short
Gate BTC_USDT+0.0070%8h86,154.5−0.035%$5.52B$8.87B200xas long as short
Popdex BTCUSDT+0.0072%1h86,142−0.050%$8.8M$45.5M100xas long as short
Phemex BTCUSDT+0.0078%8h86,145.8−0.045%$170.8M$480.2M150xas long as short
Lighter BTC+0.0096%1h86,159.8−0.029%$173.8M$850.7M50xas long as short
Lighter RH BTC+0.0096%1h86,165.3−0.023%$23.6M$118.4M50xas long as short
Bitget BTCUSDT+0.0096%8h86,151.9−0.038%$2.99B$3.99B150xas long as short
Aevo BTC-PERP+0.0096%1h86,128.6−0.065%$2.4M$6.7M20xas long as short
Katana Perps BTC-USD+0.0100%8h86,139−0.053%$220K$8.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,210.8+0.030%$6.0M$7.8M50xas long as short
Nado BTC-PERP+0.0100%1h86,178.4−0.008%$23.7M$196.8M50xas long as short
Pacifica BTC+0.0100%1h86,212+0.031%$40.4M$570.0M50xas long as short
Binance BTCUSDT+0.0100%8h86,146.4−0.045%$9.46B$20.70B150xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,150.2−0.040%$2.62B$9.54B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,155−0.035%$4.0M$15.2M25xas long as short
Arcus BTC-USD+0.0100%1h86,192.6+0.009%$4.2M$90.5M40xas long as short
Bulk BTC-USD+0.0100%1h86,169.3−0.018%$716.4M$134.3M40xas long as short
MEXC BTC_USDT+0.0100%8h86,148.5−0.042%$5.18B$4.81B500xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,137.8−0.055%$38.7M$196.0M75xas long as short
Variational Omni BTC+0.0100%8h86,112.6−0.084%$157.8M$476.8M—as long as short
edgeX BTCUSDC+0.0100%4h86,094.9−0.105%$289.8M$841.1M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,177.2−0.009%$216.5M$133.7M50xas long as short
StandX BTC-USD+0.0100%1h86,183.5−0.002%$30.3M$222.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,204.5+0.023%—$9.3M50xas long as short
Polymarket Perps BTC-USDshort+0.0100%1h86,149−0.042%$11.1M$12.0M50x
Bullet BTC-USD+0.0100%1h86,143.7−0.048%$206K$3.2M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,130.7−0.063%$2.7M$8.9M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,178.4−0.008%$195K$564K40xas long as short
SunX BTC-USDT+0.0100%8h86,137.6−0.055%$3.2M$6.7M100xas long as short
HTX BTC-USDT+0.0100%8h86,142.7−0.049%$2.28B$806.1M200xas long as short
Extended BTC-USD+0.0104%1h86,121−0.074%$47.0M$203.7M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0056%1h86,150.4−0.040%—$81.6M500xas long as short
Coinbase International BTC-PERP-INTX+0.0120%1h86,194.7+0.011%$112.3M$4.99B50xas long as short
Kalshi KXBTCPERP+0.0160%8h86,187+0.002%$11.8M$732.3M6.4xas long as short
Reya BTCRUSDPERP+0.0162%1h86,135.6−0.057%$6.6M$131.1M40xas long as short
Hyperliquid BTC+0.0172%1h86,246.3+0.071%$3.97B$4.41B40xas long as short
RISEx BTC/USDC+0.0187%1h86,175.9−0.011%$9.0M$37.3M25xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0210% / S −0.0249%1h86,157.2−0.032%$15.6M—200xas long as short
Deribit BTC-PERPETUAL+0.0216%1h86,205.3+0.024%$822.6M$1.51B50xas long as short
Hibachi BTC/USDT-P+0.0344%1h86,238.4+0.062%$718K$7.0M30xas long as short
Aftermath Perps BTCUSD+0.0442%1h86,205.9+0.024%$82K$242K20xas long as short