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−0.0259%/8h= −28.4% APRpaid last 24h −0.010%
Price spread now: Phoenix against OKX+0.034%96s7-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−$170.174% of the position
Long on OKXShort 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 7 days+0.037%+$4 · spread now +0.034%, 7d avg +0.053%
Together, before fees−0.029%−$3 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 96 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 -0.066% in total (about -3.5% 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
LongOKX BTC-USDT-SWAP86,372.70.0100pay 0.0100% / 8h1h 13m$2.53B$12.72B100x
ShortPhoenix BTC86,402−0.0159pay 0.0020% / 1h13m 55s$2.2M$11.8M40x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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
−$54.39
Price spread: +0.034% → +0.053%
−$1.89
Slippage, 4 orders
−$0.36
Fee OKX: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$73.64
Costs to cover
0.174%
Break-even
never at this rate
Slippage from OKX: 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
LegHalf-spread$10k$100k$1M$5M
Buy OKX live order book, 5 min ago0.01 bp5.0 bp −$55.0 bp −$505.0 bp −$5015.6 bp −$2,778
Sell Phoenix live order book, 5 min ago0.06 bp3.6 bp −$45.0 bp −$5010.4 bp −$1,036doesn'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−0.0708%1h86,399.4+0.031%$140K$620K40xas long as short
Phoenix BTCshort−0.0159%1h86,402+0.034%$2.2M$11.8M40x
Hotstuff BTC-PERP−0.0080%1h86,388+0.018%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0016%1h86,386.6+0.016%$360K$2.4M50xas long as short
Aster BTCUSDT−0.0011%8h86,355.4−0.020%$503.3M$1.15B200xas long as short
Perpl BTC0.0000%43m86,410.1+0.043%$421K$23.6M6.7xas long as short
KuCoin XBTUSDTM+0.0003%8h86,372.30.000%$851.1M$712.2M125xas long as short
dYdX BTC-USD+0.0005%1h86,406.9+0.040%$17.0M$21.1M50xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,398.9+0.030%$36.8M—200xas long as short
RISEx BTC/USDC+0.0006%1h86,389.4+0.019%$8.4M$42.8M25xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit BTC-PERPETUAL+0.0010%1h86,406.7+0.039%$918.1M$1.49B50xas long as short
Reya BTCRUSDPERP+0.0023%1h86,367.4−0.006%$6.7M$145.0M40xas long as short
Injective BTC/USDC PERP+0.0024%1h86,559+0.216%$315K$26.8M52xas long as short
Aftermath Perps BTCUSD+0.0028%1h86,454.3+0.094%$81K$218K20xas long as short
BingX BTC-USDT+0.0036%8h86,367.5−0.006%—$1.59B—as long as short
Phemex BTCUSDT+0.0040%8h86,377.5+0.006%$150.0M$476.9M150xas long as short
Bitget BTCUSDT+0.0046%8h86,362.2−0.012%$2.95B$5.10B150xas long as short
MEXC BTC_USDT+0.0063%8h86,367.2−0.006%$5.14B$5.70B500xas long as short
Aevo BTC-PERP+0.0064%1h86,364−0.010%$2.4M$1.3M20xas long as short
Binance BTCUSDT+0.0064%8h86,365.7−0.008%$9.42B$24.44B150xas long as short
Gate BTC_USDT+0.0079%8h86,366.8−0.007%$5.84B$10.75B200xas long as short
Bybit BTCUSDT+0.0093%8h86,368.1−0.005%$5.25B$9.78B150xas long as short
Lighter BTC+0.0096%1h86,378+0.006%$170.5M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,393+0.024%$24.1M$152.5M50xas long as short
Popdex BTCUSDT+0.0096%1h86,379+0.007%$8.5M$52.4M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,364−0.010%$201K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,422.7+0.058%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,394+0.025%$21.8M$234.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,439+0.077%$3.80B$5.10B40xas long as short
Pacifica BTC+0.0100%1h86,423+0.058%$40.7M$513.8M50xas long as short
OKX BTC-USDT-SWAPlong+0.0100%8h86,372.7long leg$2.53B$12.72B100x
Ondo Perps BTC-USD.P+0.0100%1h86,394+0.025%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,443.8+0.082%$7.8M$94.8M40xas long as short
Bulk BTC-USD+0.0100%1h86,498.7+0.146%$571.7M$18.6M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,365−0.009%$37.8M$155.0M75xas long as short
Variational Omni BTC+0.0100%8h86,394.8+0.026%$155.5M$568.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,426.9+0.063%$279.3M$949.8M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,418.2+0.053%$217.1M$176.0M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,418.4+0.053%$141.3M$323.7M100xas long as short
StandX BTC-USD+0.0100%1h86,380+0.008%$30.7M$203.6M40xas long as short
Vest BTC-PERP+0.0100%1h86,432.2+0.069%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,377+0.005%$11.1M$13.8M50xas long as short
Bullet BTC-USD+0.0100%1h86,380+0.008%$189K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,382.9+0.012%$2.4M$8.7M100xas long as short
Derive BTC-PERP+0.0100%1h86,379.3+0.008%$30.6M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,372−0.001%$3.4M$5.4M100xas long as short
SoDEX BTC-USD+0.0100%1h86,370−0.003%$60.4M$337.3M40xas long as short
HTX BTC-USDT+0.0100%8h86,374.1+0.002%$2.29B$968.6M200xas long as short
Extended BTC-USD+0.0104%1h86,348.2−0.028%$45.5M$226.2M50xas long as short
Hibachi BTC/USDT-P+0.0104%1h86,421.2+0.056%$719K$8.1M30xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,400+0.032%—$98.8M500xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,410.3+0.044%$131.3M$5.69B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,393.9+0.025%$191.1M$943.9M100xas long as short
BloFin BTC-USDT+0.0184%8h86,397+0.028%$414.4M$653.6M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0186% / S −0.0212%1h86,388.8+0.019%$15.2M—200xas long as short
Kalshi KXBTCPERP+0.0199%8h86,409+0.042%$9.7M$734.4M6.4xas long as short