BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0229%/8h= −25.1% APRnext payment −$0.29 per $10,000 · paid last 24h −0.017%

Price spread now: Phoenix against Bulk+0.085%7-day average +0.053% · 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−$11as in the Price arb table

costs, in and out, $10k−$140.144% of the position

Long on Bulk Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.110%−$11 on $10k

Price spread, last 7 days−0.025%−$2 · spread now +0.085%, 7d avg +0.053%

Together, before fees−0.135%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.032% dearer against Bulk than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.053%): +$3 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 3 days (−0.110% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,141.5	0.0100	pay 0.0013% / 1h	7m 08s	$581.0M	$76.4M	40x
Short	Phoenix BTC	86,215	−0.0129	pay 0.0016% / 1h	7m 08s	$2.2M	$11.2M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bulk. 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 BulkbpFee PhoenixbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$48.17
Price spread: +0.085% → +0.053%: $3.23
Slippage, 4 orders: −$0.38
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$59.32
Costs to cover: 0.144%
Break-even: never at this rate

Slippage from Bulk: live order book, 2 min ago; Phoenix: live order book, 7 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 Bulk live order book, 2 min ago	0.01 bp	3.5 bp −$4	3.7 bp −$37	4.3 bp −$431	5.1 bp −$2,563
Sell Phoenix live order book, 7 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.0 bp −$998	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	−0.0129%	1h	86,215	+0.085%	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,158	+0.019%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,113.1	−0.033%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,163.4	+0.025%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,142.7	+0.001%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.259%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,156.2	+0.017%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,110.7	−0.036%	$499.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,121.8	−0.023%	$828.2M	$715.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0049%	1h	86,110.4	−0.036%	$6.7M	$145.8M	40x	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	+0.0052%	1h	86,121.5	−0.023%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	86,119.1	−0.026%	—	$1.57B	—	as long as short
Bluefin BTC-PERP	+0.0054%	1h	86,148.6	+0.008%	$144K	$666K	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,112.2	−0.034%	$2.97B	$5.04B	150x	as long as short
HTX BTC-USDT	+0.0070%	8h	86,094.7	−0.054%	$2.29B	$957.7M	200x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,112	−0.034%	$60.3M	$338.3M	40x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,112.2	−0.034%	$155.7M	$473.1M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,115.2	−0.031%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,109.4	−0.037%	$9.37B	$24.22B	150x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,113.1	−0.033%	$5.10B	$5.76B	500x	as long as short
Gate BTC_USDT	+0.0088%	8h	86,119.3	−0.026%	$5.77B	$10.66B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,129.1	−0.014%	$170.1M	$994.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,135.7	−0.007%	$23.6M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,114	−0.032%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,088	−0.062%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,176.5	+0.041%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,148.9	+0.009%	$22.2M	$224.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,183	+0.048%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,170.6	+0.034%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,101	−0.047%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,108	−0.039%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,148	+0.008%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,131.4	−0.012%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,102	−0.046%	$35.5M	$161.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	+0.074%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,183.7	+0.049%	$278.4M	$939.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.039%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.061%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,132.5	−0.010%	$30.6M	$207.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,166	+0.028%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,115	−0.031%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,121.7	−0.023%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,118.2	−0.027%	$2.4M	$9.0M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,137	−0.005%	$30.3M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,120.2	−0.025%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,141.5	long leg	$581.0M	$76.4M	40x
Extended BTC-USD	+0.0104%	1h	86,100.2	−0.048%	$46.0M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,142.8	+0.001%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,152.3	+0.013%	$132.3M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,141.7	0.000%	$190.9M	$952.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,193.1	+0.060%	$731K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,228.8	+0.101%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,110	−0.037%	$415.5M	$640.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,163	+0.025%	$10.5M	$766.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,139.2	−0.003%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	86,165.7	+0.028%	$902.7M	$1.51B	50x	as long as short