BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0102%/8h= −11.2% APRnext payment −$0.13 per $10,000 · paid last 24h +0.013%

Price spread now: Phoenix against 01 Exchange+0.099%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on 01 Exchange Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$1 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.099%, 7d avg +0.057%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.043% dearer against 01 Exchange than usual: you sell high and buy low (spread +0.099% now, against its 7-day average of +0.057%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours. At the pace of the last 3 days (−0.015% in total) that is about 9.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange BTCUSD	86,344.4	−0.0016	get 0.0002% / 1h	22m 55s	$358K	$2.5M	50x
Short	Phoenix BTC	86,430	−0.0118	pay 0.0015% / 1h	22m 55s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against 01 Exchange. 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 01 ExchangebpFee PhoenixbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$21.52
Price spread: +0.099% → +0.057%: $4.26
Slippage, 4 orders: −$2.57
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.83
Costs to cover: 0.166%
Break-even: never at this rate

Slippage from 01 Exchange: live order book, 1 min ago; Phoenix: live order book, 6 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 01 Exchange live order book, 1 min ago	0.01 bp	5.6 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	4.8 bp −$48	9.3 bp −$926	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	−0.0118%	1h	86,430	+0.099%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,330	−0.017%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	+0.001%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,347.8	+0.004%	$8.3M	$42.8M	25x	as long as short
01 Exchange BTCUSDlong	−0.0016%	1h	86,344.4	long leg	$358K	$2.5M	50x
Aster BTCUSDT	−0.0001%	8h	86,367.7	+0.027%	$501.1M	$1.15B	200x	as long as short
Perpl BTC	0.0000%	43m	86,361.4	+0.020%	$414K	$22.9M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,376.4	+0.037%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0017%	8h	86,364.6	+0.023%	$849.5M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0032%	1h	86,350.5	+0.007%	$6.7M	$145.5M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0042%	8h	86,356	+0.013%	—	$15.4M	—	as long as short
Bitget BTCUSDT	+0.0052%	8h	86,364.4	+0.023%	$2.96B	$5.13B	150x	as long as short
Phemex BTCUSDT	+0.0054%	8h	86,375.2	+0.036%	$150.3M	$478.5M	150x	as long as short
dYdX BTC-USD	+0.0060%	1h	86,355.1	+0.012%	$16.9M	$21.2M	50x	as long as short
Binance BTCUSDT	+0.0069%	8h	86,365.2	+0.024%	$9.42B	$24.59B	150x	as long as short
MEXC BTC_USDT	+0.0069%	8h	86,364.8	+0.024%	$5.16B	$5.67B	500x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,358.4	+0.016%	$2.4M	$1.3M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	86,409.2	+0.075%	$914.2M	$1.48B	50x	as long as short
Gate BTC_USDT	+0.0080%	8h	86,365.4	+0.024%	$5.85B	$10.78B	200x	as long as short
SoDEX BTC-USD	+0.0087%	1h	86,365	+0.024%	$60.3M	$338.0M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,379.1	+0.040%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,387.2	+0.050%	$23.9M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,332	−0.014%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0097%	8h	86,374.7	+0.035%	$5.26B	$9.81B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,320	−0.028%	$199K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,378.8	+0.040%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,348.3	+0.004%	$21.9M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,445	+0.117%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,386.5	+0.049%	$41.0M	$529.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,386.7	+0.049%	$2.55B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,346	+0.002%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,380.4	+0.042%	$7.5M	$95.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,365.6	+0.025%	$37.9M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,405.8	+0.071%	$157.3M	$568.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,374.1	+0.034%	$279.0M	$945.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,418.1	+0.085%	$217.0M	$171.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,375.3	+0.036%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,402.1	+0.067%	$30.6M	$205.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,390.7	+0.054%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,351	+0.008%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,359	+0.017%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,361	+0.019%	$2.4M	$9.4M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,396.7	+0.061%	$140K	$664K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,401.3	+0.066%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,321.1	−0.027%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,352.6	+0.009%	$2.29B	$969.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,464.9	+0.140%	$572.1M	$16.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,349.6	+0.006%	$45.5M	$227.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,355.4	+0.013%	—	$99.0M	500x	as long as short
Kraken Futures PF_XBTUSD	+0.0110%	1h	86,399.5	+0.064%	$191.7M	$955.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,417	+0.084%	$132.3M	$5.65B	50x	as long as short
Aftermath Perps BTCUSD	+0.0152%	1h	86,442.9	+0.114%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,386.3	+0.049%	$727K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0189%	8h	86,365.3	+0.024%	$416.7M	$657.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0196% / S −0.0219%	1h	86,368.4	+0.028%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,377	+0.038%	$9.7M	$749.3M	6.4x	as long as short