Settings8H · net · $10k
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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 22:00 UTC−0.0250%/8h= −27.4% APRpaid last 24h −0.017%
Price spread now: Phoenix against Bybit+0.037%95s7-day average +0.053% · you sell dearer than you buy
Net, funding: paid 7d − costs−$24as 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−$180.184% of the position
Long on BybitShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days−0.051%−$5 on $10k
Price spread, last 7 days+0.037%+$4 · spread now +0.037%, 7d avg +0.053%
Together, before fees−0.015%−$1 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.053%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate. The two prices were read 95 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 -0.051% in total (about -2.7% 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
LongBybit BTCUSDT86,471.40.0091pay 0.0091% / 8h1h 19m$5.25B$9.77B150x
ShortPhoenix BTC86,503−0.0159pay 0.0020% / 1h19m 56s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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
−$52.53
Price spread: +0.037% → +0.053%
−$1.69
Slippage, 4 orders
−$0.36
Fee Bybit: 5.5 bp × 2 orders
−$11
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$72.58
Costs to cover
0.184%
Break-even
never at this rate
Slippage from Bybit: live order book, 4 min ago; Phoenix: live order book, 4 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 Bybit live order book, 4 min ago0.01 bp5.5 bp −$65.5 bp −$556.9 bp −$6888.3 bp −$4,163
Sell Phoenix live order book, 4 min ago0.06 bp3.6 bp −$45.1 bp −$5110.5 bp −$1,051doesn'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
Bluefin BTC-PERP−0.0896%1h86,479.3+0.009%$140K$620K40xas long as short
Phoenix BTCshort−0.0159%1h86,503+0.037%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,498+0.031%$9K$3K50xas long as short
Aster BTCUSDT−0.0009%8h86,472.2+0.001%$504.3M$1.15B200xas long as short
01 Exchange BTCUSD−0.0008%1h86,492.5+0.024%$359K$2.4M50xas long as short
Aftermath Perps BTCUSD−0.0006%1h86,529+0.067%$82K$217K20xas long as short
Perpl BTC0.0000%43m86,549.5+0.090%$424K$23.8M6.7xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,496.1+0.029%$921.0M$1.48B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,466−0.006%$851.0M$711.5M125xas long as short
dYdX BTC-USD+0.0004%1h86,541+0.080%$17.0M$21.1M50xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,505+0.039%$36.8M—200xas long as short
RISEx BTC/USDC+0.0006%1h86,497.3+0.030%$8.5M$43.0M25xas long as short
Reya BTCRUSDPERP+0.0023%1h86,472.8+0.002%$6.7M$145.0M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,559+0.101%$315K$26.8M52xas long as short
BingX BTC-USDT+0.0035%8h86,472.8+0.002%—$1.59B—as long as short
Phemex BTCUSDT+0.0035%8h86,460.9−0.012%$149.7M$476.9M150xas long as short
Bitget BTCUSDT+0.0045%8h86,473.1+0.002%$2.95B$5.10B150xas long as short
MEXC BTC_USDT+0.0063%8h86,473.4+0.002%$5.14B$5.69B500xas long as short
Aevo BTC-PERP+0.0064%1h86,462.5−0.010%$2.4M$1.3M20xas long as short
Binance BTCUSDT+0.0064%8h86,471.10.000%$9.43B$24.42B150xas long as short
Gate BTC_USDT+0.0079%8h86,469.9−0.002%$5.85B$10.73B200xas long as short
Hibachi BTC/USDT-P+0.0088%1h86,561.8+0.105%$717K$8.2M30xas long as short
Bybit BTCUSDTlong+0.0091%8h86,471.4long leg$5.25B$9.77B150x
Lighter BTC+0.0096%1h86,472.8+0.002%$170.8M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,486.8+0.018%$24.1M$152.4M50xas long as short
Popdex BTCUSDT+0.0096%1h86,489+0.020%$8.5M$52.4M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,473+0.002%$204K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,549.3+0.090%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,492.8+0.025%$22.0M$234.4M50xas long as short
Hyperliquid BTC+0.0100%1h86,534+0.072%$3.80B$5.09B40xas long as short
Pacifica BTC+0.0100%1h86,531.2+0.069%$40.8M$513.3M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,470.8−0.001%$2.54B$12.74B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,504+0.038%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,565+0.108%$7.4M$94.3M40xas long as short
Bulk BTC-USD+0.0100%1h86,498.7+0.032%$571.7M$18.6M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,452.3−0.022%$37.8M$155.1M75xas long as short
Variational Omni BTC+0.0100%8h86,498.8+0.032%$156.2M$568.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,398.5−0.084%$279.2M$947.6M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,484.6+0.015%$217.1M$175.1M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,464.3−0.008%$141.4M$323.2M100xas long as short
StandX BTC-USD+0.0100%1h86,483.3+0.014%$30.7M$203.5M40xas long as short
Vest BTC-PERP+0.0100%1h86,542.9+0.083%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,483+0.013%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,489+0.020%$190K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,472.8+0.002%$2.4M$8.7M100xas long as short
Derive BTC-PERP+0.0100%1h86,460.8−0.012%$30.2M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,491.9+0.024%$3.4M$5.4M100xas long as short
SoDEX BTC-USD+0.0100%1h86,458−0.015%$60.4M$337.2M40xas long as short
HTX BTC-USDT+0.0100%8h86,486.9+0.018%$2.30B$968.5M200xas long as short
Extended BTC-USD+0.0104%1h86,458.1−0.015%$45.4M$226.4M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,514.4+0.050%—$98.7M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,496.7+0.029%$131.9M$5.70B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,481+0.011%$191.3M$944.1M100xas long as short
BloFin BTC-USDT+0.0183%8h86,513.9+0.049%$415.8M$654.8M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0185% / S −0.0210%1h86,498.4+0.031%$15.2M—200xas long as short
Kalshi KXBTCPERP+0.0198%8h86,519+0.055%$9.7M$734.0M6.4xas long as short