BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0025%/8h= −2.7% APRnext payment −$0.25 per $10,000 · paid last 24h −0.001%

Price spread now: Bitget against Phemex+0.023%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Phemex Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now +0.023%, 7d avg −0.004%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.027% dearer against Phemex than usual: you sell high and buy low (spread +0.023% now, against its 7-day average of −0.004%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,406.8	0.0100	pay 0.0100% / 8h	4h 41m	$149.9M	$483.9M	150x
Short	Bitget BTCUSDT	85,426.7	0.0075	get 0.0075% / 8h	4h 41m	$2.96B	$5.03B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Phemex. 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 PhemexbpFee BitgetbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$5.25
Price spread: +0.023% → −0.004%: $2.75
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$26.53
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bitget: live order book, 2 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, 2 min ago	0.01 bp	6.0 bp −$6	6.3 bp −$63	7.9 bp −$789	doesn't fit
Sell Bitget live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$718	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	−0.0509%	1h	85,445.9	+0.046%	$206K	$738K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,410	+0.004%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,426	+0.022%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,409.1	+0.003%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,441.9	+0.041%	$416.7M	$665.2M	150x	as long as short
KuCoin XBTUSDTM	−0.0007%	8h	85,405	−0.002%	$918.6M	$750.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,414.4	+0.009%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,421.7	+0.017%	$514.8M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0014%	1h	85,433.8	+0.032%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,423.6	+0.020%	$6.9M	$97.2M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0059%	1h	85,401.2	−0.007%	$22.6M	$219.2M	50x	as long as short
BingX BTC-USDT	+0.0060%	8h	85,419.1	+0.014%	—	$1.54B	—	as long as short
Bitget BTCUSDTshort	+0.0075%	8h	85,426.7	+0.023%	$2.96B	$5.03B	150x
Reya BTCRUSDPERP	+0.0079%	1h	85,413.2	+0.008%	$6.7M	$146.6M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,401.8	−0.006%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,433.9	+0.032%	$5.05B	$5.59B	500x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,433.9	+0.032%	$9.34B	$24.04B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,435.8	+0.034%	$173.1M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,444.1	+0.044%	$23.8M	$148.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,402	−0.006%	$8.4M	$52.7M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,385	−0.026%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,487.4	+0.094%	$4.2M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,500	+0.109%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,460.3	+0.063%	$40.0M	$575.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,430.9	+0.028%	$5.24B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,445.9	+0.046%	$2.58B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,409	+0.003%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,417.9	+0.013%	$5.53B	$10.60B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.2	−0.008%	$35.7M	$176.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,466.8	+0.070%	$153.8M	$563.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,507.5	+0.118%	$279.3M	$919.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,511.2	+0.122%	$214.7M	$168.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,522.5	+0.135%	$139.9M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,531	+0.145%	$30.2M	$207.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,474.1	+0.079%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,422	+0.018%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,411.1	+0.005%	$194K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,408.8	+0.002%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,401.6	−0.006%	$29.9M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,416.2	+0.011%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,402	−0.006%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,400.1	−0.008%	$2.26B	$939.9M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,406.8	long leg	$149.9M	$483.9M	150x
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.125%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,393.1	−0.016%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,435.1	+0.033%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,439.1	+0.038%	$116.9M	$5.16B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0139%	1h	85,450	+0.051%	$893.9M	$1.53B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.155%	$340K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,417.2	+0.012%	$188.2M	$954.0M	100x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0150%	1h	85,414.8	+0.009%	$13.3M	—	200x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,436.5	+0.035%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,502.4	+0.112%	$693K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0203%	1h	85,539.4	+0.155%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,434	+0.032%	$10.4M	$758.8M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,426.7	+0.023%	$498K	$18.9M	6.7x	as long as short