Funding you earn now, next payment 07:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.045%
Price spread now: Phoenix against SunX+0.014%7-day average +0.035% · you sell dearer than you buy
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$180.184% of the position
Funding, last 7 days−0.101%−$10 on $10k
+Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.014%, 7d avg +0.035%
=Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.020% cheaper against SunX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.035%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | SunX BTC-USDT | 85,176.7 | 0.0100 | pay 0.0100% / 8h | 21m 21s | $2.9M | $6.1M | 100x |
| Short | Phoenix BTC | 85,189 | −0.0034 | pay 0.0004% / 1h | 21m 21s | $2.3M | $10.8M | 40x |
SunX BTC-USDT
Phoenix BTCFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against SunX. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$28.08
- Price spread: +0.014% → +0.035%
- −$2.03
- Slippage, 4 orders
- −$3.43
- Fee SunX: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$48.55
- Costs to cover
- 0.184%
- Break-even
- never at this rate
Slippage from SunX: live order book, 8 min ago; Phoenix: live order book, 3 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 SunX live order book, 8 min ago | 1.06 bp | 5.8 bp −$6 | 6.3 bp −$63 | 8.1 bp −$814 | 10.7 bp −$5,359 |
| Sell Phoenix live order book, 3 min ago | 0.06 bp | 3.6 bp −$4 | 5.0 bp −$50 | 10.1 bp −$1,006 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,160 | −0.020% | $8K | $3K | 50x | as long as short |
| Phoenix BTCshort | −0.0034% | 1h | 85,189 | +0.014% | $2.3M | $10.8M | 40x | |
| BloFin BTC-USDT | −0.0020% | 8h | 85,150.1 | −0.031% | $421.9M | $685.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0017% | 8h | 85,160.2 | −0.019% | $927.3M | $777.7M | 125x | as long as short |
| Aster BTCUSDT | −0.0001% | 8h | 85,142.6 | −0.040% | $508.7M | $1.08B | 200x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,180.3 | +0.004% | $342K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,160.7 | −0.019% | $36.4M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0006% | 1h | 85,179.3 | +0.003% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,165.1 | −0.014% | $185.6M | $955.6M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0058% | 1h | 85,166 | −0.013% | $139.5M | $312.5M | 100x | as long as short |
Hotstuff BTC-PERP
BloFin BTC-USDT
KuCoin XBTUSDTM
Aster BTCUSDT
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Kraken Futures PF_XBTUSD
ApeX Omni BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0064% | 8h | 85,158.2 | −0.022% | — | $1.58B | — | as long as short |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,181 | +0.005% | $302K | $25.3M | 52x | as long as short |
| Bybit BTCUSDT | +0.0080% | 8h | 85,144.9 | −0.037% | $5.10B | $10.03B | 150x | as long as short |
| Nado BTC-PERP | +0.0085% | 1h | 85,137.4 | −0.046% | $24.0M | $220.8M | 50x | as long as short |
| Bitget BTCUSDT | +0.0095% | 8h | 85,151.1 | −0.030% | $2.97B | $5.21B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,161.9 | −0.017% | $168.4M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,160.6 | −0.019% | $23.6M | $148.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,173 | −0.004% | $8.4M | $57.7M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,149.1 | −0.032% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,146 | −0.036% | $268K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,209.7 | +0.039% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,240 | +0.074% | $3.74B | $5.08B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,193.3 | +0.020% | $40.3M | $606.1M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,158.4 | −0.021% | $9.37B | $25.15B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,163.4 | −0.016% | $2.59B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,153 | −0.028% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,185.1 | +0.010% | $4.7M | $97.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,294.4 | +0.138% | $693.5M | $241.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,161.1 | −0.018% | $5.47B | $11.12B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,155.7 | −0.025% | $5.02B | $5.76B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,135.4 | −0.048% | $36.9M | $188.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,162.5 | −0.017% | $155.8M | $550.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,142.9 | −0.040% | $282.3M | $957.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,184 | +0.009% | $213.9M | $159.1M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,154.9 | −0.026% | $30.0M | $211.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,231.4 | +0.064% | — | $10.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,171 | −0.007% | $10.9M | $14.9M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,160 | −0.020% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,161.6 | −0.018% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,191.4 | +0.017% | $193K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,139.1 | −0.044% | $29.5M | $45.3M | 15x | as long as short |
| SunX BTC-USDTlong | +0.0100% | 8h | 85,176.7 | long leg | $2.9M | $6.1M | 100x | |
| SoDEX BTC-USD | +0.0100% | 1h | 85,154 | −0.027% | $59.7M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,161 | −0.018% | $2.25B | $973.6M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,153.8 | −0.027% | $158.7M | $516.0M | 150x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,125.9 | −0.060% | $45.4M | $241.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,163.7 | −0.015% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,184.1 | +0.009% | $111.6M | $5.47B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0141% | 1h | 85,144.1 | −0.038% | $6.6M | $143.4M | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0167% | 1h | 85,195.2 | +0.022% | $840.4M | $1.67B | 50x | as long as short |
| Kalshi KXBTCPERP | +0.0170% | 8h | 85,187 | +0.012% | $12.1M | $737.3M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,193.4 | +0.020% | $8.8M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0147% | 1h | 85,159.7 | −0.020% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,201.5 | +0.029% | $678K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0289% | 1h | 85,208.2 | +0.037% | $81K | $254K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,170 | −0.008% | $458K | $18.4M | 6.7x | as long as short |
BingX BTC-USDT
Injective BTC/USDC PERP
Bybit BTCUSDT
Nado BTC-PERP
Bitget BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
HTX BTC-USDT
Phemex BTCUSDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Reya BTCRUSDPERP
Deribit BTC-PERPETUAL
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC