BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0328%/8h= −35.9% APRnext payment −$0.41 per $10,000 · paid last 24h −0.060%

Price spread now: Phoenix against Deribit−0.090%70s7-day average −0.026% · you buy dearer than you sell

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−$140.144% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.090%, 7d avg −0.026%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 0.065% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 70 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 -0.094% in total (about -4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,562.4	0.0149	pay 0.0019% / 1h	23m 54s	$884.7M	$1.56B	50x
Short	Phoenix BTC	85,485	−0.0179	pay 0.0022% / 1h	23m 54s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Deribit. 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 DeribitbpFee PhoenixbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$68.88
Price spread: −0.090% → −0.026%: −$6.5
Slippage, 4 orders: −$0.39
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$89.76
Costs to cover: 0.144%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Phoenix: live order book, 5 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 Deribit live order book, 5 min ago	0.03 bp	3.6 bp −$4	4.0 bp −$40	6.8 bp −$679	12.4 bp −$6,219
Sell Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.5 bp −$1,155	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	−0.0179%	1h	85,485	−0.090%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,534	−0.033%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,498.6	−0.075%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	−0.067%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,500	−0.073%	$920.9M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.7	−0.042%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,510.4	−0.061%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	−0.076%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,475.5	−0.102%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,517.1	−0.053%	$25.5M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,526.5	−0.042%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,510.2	−0.061%	$147.6M	$487.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,521.2	−0.048%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,507.2	−0.065%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,527.8	−0.040%	$5.06B	$5.64B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,530.2	−0.038%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,540.9	−0.025%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,506	−0.066%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,514.3	−0.056%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,528.1	−0.040%	$9.36B	$24.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,469	−0.109%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,590.5	+0.033%	$4.8M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,601	+0.045%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	−0.027%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,521	−0.048%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,530	−0.038%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.071%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	−0.054%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,528.6	−0.040%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,517	−0.053%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.125%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.133%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.133%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	−0.119%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	−0.065%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.5	+0.006%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	−0.061%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,513.5	−0.057%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.9	−0.053%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,558.8	−0.004%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,509.5	−0.062%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,493.4	−0.081%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,521	−0.048%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,499.9	−0.073%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,497.7	−0.076%	$44.6M	$230.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.1	−0.042%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.8	−0.003%	$117.0M	$5.19B	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0149%	1h	85,562.4	long leg	$884.7M	$1.56B	50x
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.102%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,544.3	−0.021%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,529.4	−0.039%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,522.9	−0.046%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,521.4	−0.048%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	−0.029%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,539	−0.027%	$10.5M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,524.2	−0.045%	$501K	$18.8M	6.7x	as long as short