BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0183%/8h= −20.0% APRnext payment −$0.23 per $10,000 · paid last 24h +0.005%

Price spread now: Phoenix against Injective−0.178%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$130.135% of the position

Long on Injective Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.185%+$19 · spread now −0.178%, 7d avg +0.012%

Together, before fees+0.120%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.190% cheaper against Injective than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.23 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	Injective BTC/USDC PERP	86,559	0.0024	pay 0.0003% / 1h	25m 21s	$315K	$26.8M	52x
Short	Phoenix BTC	86,405	−0.0159	pay 0.0020% / 1h	25m 21s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Injective. 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 InjectivebpFee PhoenixbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$38.4
Price spread: −0.178% → +0.012%: −$19.04
Slippage, 4 orders: −$6.46
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$70.92
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from Injective: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective live order book, 4 min ago	2.37 bp	2.4 bp −$2	11.3 bp −$113	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	9.7 bp −$972	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	−0.1105%	1h	86,515.6	−0.050%	$140K	$618K	40x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,405	−0.178%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,377	−0.210%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0044%	1h	86,490.2	−0.079%	$82K	$217K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,489	−0.081%	$504.8M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,472.4	−0.100%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,463.7	−0.110%	$851.6M	$711.3M	125x	as long as short
Perpl BTC	0.0000%	43m	86,465.9	−0.108%	$422K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,526.2	−0.038%	$921.5M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	86,413.7	−0.168%	$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	86,518.9	−0.046%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,440.3	−0.137%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,474.5	−0.098%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERPlong	+0.0024%	1h	86,559	long leg	$315K	$26.8M	52x
Phemex BTCUSDT	+0.0033%	8h	86,489.4	−0.080%	$149.3M	$476.3M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,487.7	−0.082%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0044%	8h	86,495.2	−0.074%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,483.3	−0.087%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,508.2	−0.059%	$9.42B	$24.40B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,431.8	−0.147%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,501.1	−0.067%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,496.6	−0.072%	$5.85B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,504.5	−0.063%	$5.26B	$9.76B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,503.4	−0.064%	$171.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,420.9	−0.160%	$24.1M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,481	−0.090%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,415	−0.166%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,436.3	−0.142%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,414.4	−0.167%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,548.5	−0.012%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,430.4	−0.149%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,494.9	−0.074%	$2.54B	$12.74B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,441	−0.136%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,501.2	−0.067%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.248%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,370.3	−0.218%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,374.3	−0.213%	$155.6M	$566.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.217%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	−0.184%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	−0.184%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,388.4	−0.197%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.9	−0.079%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,476	−0.096%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	−0.081%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,501.4	−0.067%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,491	−0.079%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,439.4	−0.138%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,498	−0.070%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,477.7	−0.094%	$2.30B	$968.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,481.2	−0.090%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,421.1	−0.159%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,534	−0.029%	$132.5M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,521.1	−0.044%	$191.5M	$943.4M	100x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,498.3	−0.070%	$415.8M	$654.4M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0184% / S −0.0212%	1h	86,510.2	−0.056%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	86,466	−0.107%	$9.7M	$731.9M	6.4x	as long as short