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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h +0.016%
Price spread now: Phoenix against BloFin+0.011%7-day average +0.030% · you sell dearer than you buy
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$200.195% of the position
Long on BloFinShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.061%−$6 on $10k
Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.011%, 7d avg +0.030%
Together, before fees−0.105%−$10 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBloFin BTC-USDT86,357.90.0189pay 0.0189% / 8h20m 39s$415.7M$658.0M150x
ShortPhoenix BTC86,367−0.0118pay 0.0015% / 1h20m 39s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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
−$64.67
Price spread: +0.011% → +0.030%
−$1.95
Slippage, 4 orders
−$0.5
Fee BloFin: 6 bp × 2 orders
−$12
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$86.12
Costs to cover
0.195%
Break-even
never at this rate
Slippage from BloFin: live order book, 4 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
LegHalf-spread$10k$100k$1M$5M
Buy BloFin live order book, 4 min ago0.01 bp6.1 bp −$66.5 bp −$657.2 bp −$715doesn't fit
Sell Phoenix live order book, 3 min ago0.06 bp3.6 bp −$45.0 bp −$509.6 bp −$964doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix BTCshort−0.0118%1h86,367+0.011%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,378+0.023%$9K$3K50xas long as short
Injective BTC/USDC PERP−0.0035%1h86,345−0.015%$332K$26.9M52xas long as short
RISEx BTC/USDC−0.0024%1h86,400.9+0.050%$8.3M$42.7M25xas long as short
01 Exchange BTCUSD−0.0016%1h86,400.7+0.050%$359K$2.5M50xas long as short
Perpl BTC0.0000%43m86,418.6+0.070%$412K$22.9M6.7xas long as short
Aster BTCUSDT+0.0001%8h86,393.7+0.041%$501.2M$1.15B200xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,387.9+0.035%$36.8M—200xas long as short
KuCoin XBTUSDTM+0.0017%8h86,397.5+0.046%$852.8M$715.8M125xas long as short
Reya BTCRUSDPERP+0.0033%1h86,384+0.030%$6.7M$145.5M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit BTC-PERPETUAL+0.0039%1h86,395.3+0.043%$914.0M$1.48B50xas long as short
BingX BTC-USDT+0.0042%8h86,391.1+0.038%—$1.59B—as long as short
Bitget BTCUSDT+0.0052%8h86,383.9+0.030%$2.96B$5.13B150xas long as short
Phemex BTCUSDT+0.0054%8h86,361.3+0.004%$150.1M$478.8M150xas long as short
dYdX BTC-USD+0.0059%1h86,411.1+0.062%$16.9M$21.2M50xas long as short
Aevo BTC-PERP+0.0064%1h86,346.4−0.013%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0069%8h86,387.6+0.034%$5.16B$5.67B500xas long as short
Binance BTCUSDT+0.0069%8h86,392.6+0.040%$9.42B$24.56B150xas long as short
Gate BTC_USDT+0.0080%8h86,388.1+0.035%$5.85B$10.78B200xas long as short
SoDEX BTC-USD+0.0089%1h86,354−0.005%$60.4M$338.1M40xas long as short
Lighter BTC+0.0096%1h86,411.3+0.062%$170.1M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,421.5+0.074%$23.9M$152.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,390+0.037%$8.4M$52.4M100xas long as short
Bybit BTCUSDT+0.0097%8h86,400.5+0.049%$5.26B$9.80B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,367+0.011%$202K$7.1M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,435.8+0.090%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,398.1+0.046%$21.9M$234.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,481+0.143%$3.79B$5.11B40xas long as short
Pacifica BTC+0.0100%1h86,417.7+0.069%$41.0M$529.8M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,399.1+0.048%$2.55B$12.73B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,411+0.061%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,429.9+0.083%$7.4M$95.5M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,364.3+0.007%$37.9M$157.0M75xas long as short
Variational Omni BTC+0.0100%8h86,376.4+0.021%$157.0M$568.3M—as long as short
edgeX BTCUSDC+0.0100%4h86,328.2−0.034%$278.8M$946.3M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,354.3−0.004%$216.8M$171.7M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,355.9−0.002%$141.2M$323.0M100xas long as short
StandX BTC-USD+0.0100%1h86,411+0.061%$30.7M$205.4M40xas long as short
Vest BTC-PERP+0.0100%1h86,432.1+0.086%—$11.9M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,391+0.038%$11.1M$13.9M50xas long as short
Bullet BTC-USD+0.0100%1h86,382.9+0.029%$190K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,352.1−0.007%$2.4M$9.4M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,379.4+0.025%$140K$664K40xas long as short
Derive BTC-PERP+0.0100%1h86,387.9+0.035%$30.5M$62.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,402.6+0.052%$3.4M$5.3M100xas long as short
HTX BTC-USDT+0.0100%8h86,350.1−0.009%$2.29B$968.1M200xas long as short
Bulk BTC-USD+0.0100%1h86,464.9+0.124%$572.1M$16.9M40xas long as short
Extended BTC-USD+0.0104%1h86,372.4+0.017%$45.6M$227.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,421.4+0.074%—$99.0M500xas long as short
Kraken Futures PF_XBTUSD+0.0110%1h86,385.3+0.032%$191.7M$953.9M100xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,408.2+0.058%$132.2M$5.64B50xas long as short
Aftermath Perps BTCUSD+0.0154%1h86,432.6+0.086%$78K$219K20xas long as short
Hibachi BTC/USDT-P+0.0184%1h86,447.2+0.103%$728K$8.0M30xas long as short
BloFin BTC-USDTlong+0.0189%8h86,357.9long leg$415.7M$658.0M150x
GMX BTC/USD [WBTC.b-USDC]L +0.0197% / S −0.0220%1h86,390.8+0.038%$15.0M—200xas long as short
Kalshi KXBTCPERP+0.0206%8h86,411+0.061%$9.8M$749.4M6.4xas long as short