BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0044%/8h= −4.8% APRnext payment −$0.44 per $10,000 · paid last 24h +0.002%

Price spread now: Phemex against Gate−0.010%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.010%, 7d avg +0.002%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BTC_USDT	86,469.9	0.0079	pay 0.0079% / 8h	1h 19m	$5.85B	$10.73B	200x
Short	Phemex BTCUSDT	86,460.9	0.0035	get 0.0035% / 8h	1h 19m	$149.7M	$476.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$9.23
Price spread: −0.010% → +0.002%: −$1.29
Slippage, 4 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.54
Costs to cover: 0.270%
Break-even: never at this rate

Slippage from Gate: live order book, 5 min ago; Phemex: 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 Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	8.0 bp −$802	12.3 bp −$6,138
Sell Phemex live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.1 bp −$61	6.4 bp −$638	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
Bluefin BTC-PERP	−0.0896%	1h	86,479.3	+0.011%	$140K	$620K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,503	+0.038%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,498	+0.033%	$9K	$3K	50x	as long as short
Aster BTCUSDT	−0.0009%	8h	86,470.6	+0.001%	$504.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,492.5	+0.026%	$359K	$2.4M	50x	as long as short
Aftermath Perps BTCUSD	−0.0006%	1h	86,529	+0.068%	$82K	$217K	20x	as long as short
Perpl BTC	0.0000%	43m	86,549.5	+0.092%	$424K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,496.1	+0.030%	$921.0M	$1.48B	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	86,466	−0.004%	$851.0M	$711.5M	125x	as long as short
dYdX BTC-USD	+0.0004%	1h	86,497.2	+0.032%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,505	+0.041%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,497.3	+0.032%	$8.5M	$43.0M	25x	as long as short
Reya BTCRUSDPERP	+0.0023%	1h	86,472.8	+0.003%	$6.7M	$145.0M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.103%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0035%	8h	86,472.8	+0.003%	—	$1.59B	—	as long as short
Phemex BTCUSDTshort	+0.0035%	8h	86,460.9	−0.010%	$149.7M	$476.9M	150x
Bitget BTCUSDT	+0.0045%	8h	86,462.3	−0.009%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,463.8	−0.007%	$5.14B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,462.5	−0.009%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0064%	8h	86,464.9	−0.006%	$9.43B	$24.42B	150x	as long as short
Gate BTC_USDTlong	+0.0079%	8h	86,469.9	long leg	$5.85B	$10.73B	200x
Hibachi BTC/USDT-P	+0.0088%	1h	86,561.8	+0.106%	$717K	$8.2M	30x	as long as short
Bybit BTCUSDT	+0.0092%	8h	86,467.2	−0.003%	$5.25B	$9.77B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,475.1	+0.006%	$170.5M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,496.2	+0.030%	$24.1M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,489	+0.022%	$8.5M	$52.4M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,473	+0.004%	$204K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,509.8	+0.046%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,492.8	+0.026%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,543	+0.085%	$3.80B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,500.1	+0.035%	$40.8M	$513.8M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,466.2	−0.004%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,471	+0.001%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,530.2	+0.070%	$7.4M	$94.3M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,498.7	+0.033%	$571.7M	$18.6M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,452.3	−0.020%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,498.8	+0.034%	$156.2M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,398.5	−0.083%	$279.2M	$947.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,484.6	+0.017%	$217.1M	$175.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,464.3	−0.006%	$141.4M	$323.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,483.3	+0.016%	$30.7M	$203.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,542.9	+0.084%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,483	+0.015%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	+0.022%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,472.8	+0.003%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,460.8	−0.010%	$30.2M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,491.9	+0.025%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,458	−0.014%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,486.9	+0.020%	$2.30B	$968.5M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,458.1	−0.014%	$45.4M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,514.4	+0.052%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,496.7	+0.031%	$131.9M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,481	+0.013%	$191.3M	$944.1M	100x	as long as short
BloFin BTC-USDT	+0.0183%	8h	86,513.9	+0.051%	$415.8M	$654.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0185% / S −0.0210%	1h	86,498.4	+0.033%	$15.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0198%	8h	86,519	+0.057%	$9.7M	$734.0M	6.4x	as long as short