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 −0.024%

Price spread now: Phoenix against Polymarket Perps−0.002%59s7-day average +0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$160.156% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.002%, 7d avg +0.063%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.065% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.063%). Swap the legs. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% 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	Polymarket Perps BTC-USD	85,769	0.0100	pay 0.0013% / 1h	44m 14s	$11.0M	$14.2M	50x
Short	Phoenix BTC	85,767	−0.0144	pay 0.0018% / 1h	44m 14s	$2.2M	$10.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$51.33
Price spread: −0.002% → +0.063%: −$6.49
Slippage, 4 orders: −$0.6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$73.42
Costs to cover: 0.156%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: 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 Polymarket Perps live order book, 5 min ago	0.06 bp	4.1 bp −$4	5.0 bp −$50	7.9 bp −$795	doesn't fit
Sell Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	5.6 bp −$56	10.5 bp −$1,048	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 BTCshort	−0.0144%	1h	85,767	−0.002%	$2.2M	$10.5M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,777	+0.009%	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.0078%	8h	85,853	+0.098%	$415.8M	$658.2M	150x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,771.9	+0.003%	$364K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,774.5	+0.006%	$16.8M	$20.6M	50x	as long as short
Perpl BTC	0.0000%	43m	85,776.8	+0.009%	$512K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,814.8	+0.053%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,810	+0.048%	$341K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0037%	8h	85,792.5	+0.027%	$497.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	85,807.1	+0.044%	$894.8M	$757.3M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0044%	1h	85,770.5	+0.002%	$8.1M	$42.6M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,804.2	+0.041%	—	$15.4M	—	as long as short
Reya BTCRUSDPERP	+0.0054%	1h	85,754.5	−0.017%	$6.7M	$146.1M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,807.7	+0.045%	$2.95B	$5.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0076%	1h	85,808.2	+0.046%	$140.3M	$320.9M	100x	as long as short
HTX BTC-USDT	+0.0077%	8h	85,806.3	+0.043%	$2.28B	$969.3M	200x	as long as short
Nado BTC-PERP	+0.0079%	1h	85,769.9	+0.001%	$22.8M	$229.3M	50x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,823.2	+0.063%	$9.34B	$24.58B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,822.1	+0.062%	$5.11B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,816	+0.055%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0094%	8h	85,820.9	+0.061%	$5.66B	$10.39B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,834.9	+0.077%	$169.6M	$979.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,836.9	+0.079%	$23.3M	$145.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,778	+0.010%	$8.4M	$52.5M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,749	−0.023%	$210K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,766.6	−0.003%	$3.8M	$8.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,889	+0.140%	$3.77B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,775.8	+0.008%	$40.9M	$569.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,835.2	+0.077%	$5.27B	$9.82B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,821.9	+0.062%	$2.55B	$12.54B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,758	−0.013%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,745.2	−0.028%	$7.3M	$98.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,817.8	+0.057%	$35.2M	$163.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,783.2	+0.017%	$155.9M	$552.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,787.3	+0.021%	$278.0M	$944.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,857.1	+0.103%	$215.7M	$163.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,750	−0.022%	$30.3M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,816.9	+0.056%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,769	long leg	$11.0M	$14.2M	50x
Bullet BTC-USD	+0.0100%	1h	85,791	+0.026%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,820.3	+0.060%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,863.3	+0.110%	$186K	$710K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,833.1	+0.075%	$30.0M	$57.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,757	−0.014%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,822	+0.062%	$60.1M	$337.9M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,820.8	+0.060%	$154.3M	$479.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,804.9	+0.042%	$582.3M	$118.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,796.3	+0.032%	$44.9M	$227.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,754.4	−0.017%	—	$101.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.2	+0.104%	$131.8M	$5.26B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,756.8	−0.014%	$706K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSD	+0.0146%	1h	85,848.5	+0.093%	$189.1M	$970.5M	100x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	85,809.7	+0.047%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0160%	1h	85,862.6	+0.109%	$895.7M	$1.54B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0194%	1h	85,794.6	+0.030%	$13.8M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	85,788	+0.022%	$10.0M	$769.6M	6.4x	as long as short