Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.04 per $10,000 · paid last 24h −0.002%
Price spread now: BingX against Phemex−0.011%7-day average −0.018% · you buy dearer than you sell
Net, funding: paid 7d − costs−$21as in the Funding arb table
Net, price: spread back to 7d avg − costs−$21as in the Price arb table
costs, in and out, $10k−$220.220% of the position
Funding, last 7 days+0.014%+$1 on $10k
+Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.011%, 7d avg −0.018%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 86,377.5 | 0.0040 | pay 0.0040% / 8h | 1h 14m | $150.0M | $476.9M | 150x |
| Short | BingX BTC-USDC | 86,368 | 0.0036 | get 0.0036% / 8h | 1h 14m | — | $15.3M | — |
Phemex BTCUSDT
BingX BTC-USDCFunding history
latest
Range statsloading…
Price spread between the two exchanges
BingX against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.78
- Price spread: −0.011% → −0.018%
- $0.67
- Slippage, 4 orders
- −$0.04
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee BingX: 5 bp × 2 orders
- −$10
- Net
- −$22.14
- Costs to cover
- 0.220%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 5 min ago; BingX: 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 Phemex live order book, 5 min ago | 0.01 bp | 6.0 bp −$6 | 6.4 bp −$64 | 8.3 bp −$831 | doesn't fit |
| Sell BingX live order book, 4 min ago | 0.01 bp | 5.0 bp −$5 | 5.3 bp −$53 | 6.3 bp −$634 | 7.7 bp −$3,846 |
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 | −0.0708% | 1h | 86,399.4 | +0.025% | $140K | $620K | 40x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,402 | +0.028% | $2.2M | $11.8M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,388 | +0.012% | $9K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,386.6 | +0.011% | $360K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0011% | 8h | 86,367.5 | −0.012% | $503.4M | $1.15B | 200x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,410.1 | +0.038% | $421K | $23.6M | 6.7x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 86,378 | +0.001% | $851.2M | $712.2M | 125x | as long as short |
| dYdX BTC-USD | +0.0005% | 1h | 86,406.9 | +0.034% | $17.0M | $21.1M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,398.9 | +0.025% | $36.8M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0006% | 1h | 86,389.4 | +0.014% | $8.4M | $42.8M | 25x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
Aster BTCUSDT
Perpl BTC
KuCoin XBTUSDTM
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
RISEx BTC/USDCShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Deribit BTC-PERPETUAL | +0.0010% | 1h | 86,406.7 | +0.034% | $918.1M | $1.49B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0023% | 1h | 86,367.4 | −0.012% | $6.7M | $145.0M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0024% | 1h | 86,559 | +0.210% | $315K | $26.8M | 52x | as long as short |
| Aftermath Perps BTCUSD | +0.0028% | 1h | 86,454.3 | +0.089% | $81K | $218K | 20x | as long as short |
| BingX BTC-USDCshort | +0.0036% | 8h | 86,368 | −0.011% | — | $15.3M | — | |
| Phemex BTCUSDTlong | +0.0040% | 8h | 86,377.5 | long leg | $150.0M | $476.9M | 150x | |
| Bitget BTCUSDT | +0.0046% | 8h | 86,372 | −0.006% | $2.95B | $5.10B | 150x | as long as short |
| MEXC BTC_USDT | +0.0063% | 8h | 86,369.5 | −0.009% | $5.14B | $5.70B | 500x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,364 | −0.016% | $2.4M | $1.3M | 20x | as long as short |
| Binance BTCUSDT | +0.0064% | 8h | 86,369.5 | −0.009% | $9.42B | $24.44B | 150x | as long as short |
| Gate BTC_USDT | +0.0079% | 8h | 86,378.7 | +0.001% | $5.84B | $10.75B | 200x | as long as short |
| Bybit BTCUSDT | +0.0093% | 8h | 86,372.4 | −0.006% | $5.25B | $9.78B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,378 | +0.001% | $170.5M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,393 | +0.018% | $24.1M | $152.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,379 | +0.002% | $8.5M | $52.4M | 100x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,364 | −0.016% | $201K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,422.7 | +0.052% | $4.8M | $8.5M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,394 | +0.019% | $21.8M | $234.5M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,447 | +0.080% | $3.80B | $5.10B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,423 | +0.053% | $40.7M | $513.8M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,376.4 | −0.001% | $2.54B | $12.72B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,394 | +0.019% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,443.8 | +0.077% | $7.8M | $94.8M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,498.7 | +0.140% | $571.7M | $18.6M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,365 | −0.014% | $37.8M | $155.0M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,394.8 | +0.020% | $155.5M | $568.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,426.9 | +0.057% | $279.3M | $949.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,418.2 | +0.047% | $217.1M | $176.0M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,418.4 | +0.047% | $141.3M | $323.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,380 | +0.003% | $30.7M | $203.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,432.2 | +0.063% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,377 | −0.001% | $11.1M | $13.8M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,380 | +0.003% | $189K | $3.4M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,382.9 | +0.006% | $2.4M | $8.7M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,379.3 | +0.002% | $30.6M | $61.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,372 | −0.006% | $3.4M | $5.4M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,370 | −0.009% | $60.4M | $337.3M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,374.1 | −0.004% | $2.29B | $968.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,352.1 | −0.029% | $45.5M | $226.2M | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0104% | 1h | 86,421.2 | +0.051% | $719K | $8.1M | 30x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,400 | +0.026% | — | $98.8M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,410.3 | +0.038% | $131.3M | $5.69B | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0121% | 1h | 86,393.9 | +0.019% | $191.1M | $943.9M | 100x | as long as short |
| BloFin BTC-USDT | +0.0184% | 8h | 86,397 | +0.023% | $414.4M | $653.6M | 150x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0186% / S −0.0212% | 1h | 86,388.8 | +0.013% | $15.2M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0199% | 8h | 86,409 | +0.036% | $9.7M | $734.4M | 6.4x | as long as short |
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aftermath Perps BTCUSD
Bitget BTCUSDT
MEXC BTC_USDT
Aevo BTC-PERP
Binance BTCUSDT
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Hibachi BTC/USDT-P
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSD
BloFin BTC-USDT
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP