BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0124%/8h= −13.6% APRnext payment −$1.24 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against Phemex−0.076%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

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

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.076%, 7d avg −0.003%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and KuCoin is 0.073% cheaper against Phemex than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,455	0.0070	pay 0.0070% / 8h	2h 47m	$149.5M	$500.9M	150x
Short	KuCoin XBTUSDTM	85,389.8	−0.0054	pay 0.0054% / 8h	2h 47m	$920.3M	$760.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$26.02
Price spread: −0.076% → −0.003%: −$7.33
Slippage, 4 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$57.38
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; KuCoin: live order book, 6 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, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.8 bp −$775	doesn't fit
Sell KuCoin live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.7 bp −$67	8.5 bp −$853	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
Phoenix BTC	−0.0111%	1h	85,432	−0.027%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	+0.005%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTMshort	−0.0054%	8h	85,389.8	−0.076%	$920.3M	$760.8M	125x
01 Exchange BTCUSD	−0.0032%	1h	85,469.9	+0.017%	$381K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,428.7	−0.031%	$420.6M	$676.4M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,401.9	−0.062%	$513.8M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,437.8	−0.020%	$531K	$18.8M	6.7x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,452.6	−0.003%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,479.3	+0.028%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,457.6	+0.003%	$24.7M	$223.8M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0023%	1h	85,449	−0.007%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,473.1	+0.021%	$187.7M	$954.6M	100x	as long as short
BingX BTC-USDT	+0.0064%	8h	85,415.2	−0.047%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0069%	1h	85,462.7	+0.009%	$203K	$3.3M	20x	as long as short
Phemex BTCUSDTlong	+0.0070%	8h	85,455	long leg	$149.5M	$500.9M	150x
ApeX Omni BTCUSDT	+0.0076%	1h	85,463	+0.009%	$139.7M	$315.4M	100x	as long as short
Bitget BTCUSDT	+0.0081%	8h	85,415.1	−0.047%	$2.95B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0082%	1h	85,455	0.000%	$59.9M	$335.9M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,456.1	+0.001%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,400.4	−0.064%	$9.44B	$24.72B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,397.3	−0.068%	$5.08B	$5.67B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,426.7	−0.033%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,427.5	−0.032%	$23.8M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,469	+0.016%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,493.1	+0.045%	$117.2M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,440	−0.018%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,454.4	−0.001%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,494	+0.046%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,438.5	−0.019%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,397.6	−0.067%	$5.18B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,403.8	−0.060%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,460	+0.006%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,469.7	+0.017%	$4.7M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,419.2	−0.042%	$5.53B	$10.81B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,436.5	−0.022%	$36.6M	$175.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.4	−0.002%	$154.3M	$564.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.3	−0.098%	$279.2M	$937.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,475.7	+0.024%	$214.8M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,466.1	+0.013%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,521.2	+0.077%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,464	+0.011%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,455.7	+0.001%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,511.4	+0.066%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,443.5	−0.013%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,423.1	−0.037%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,454.4	−0.001%	$2.26B	$951.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	−0.030%	$679.8M	$655.7M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,381	−0.087%	$45.7M	$236.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,472.6	+0.021%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0109%	1h	85,459.6	+0.005%	$6.6M	$147.3M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0166%	1h	85,500.5	+0.053%	$872.2M	$1.60B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,475.1	+0.024%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0178%	8h	85,495	+0.047%	$11.4M	$749.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,506.5	+0.060%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0242%	1h	85,460.3	+0.006%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,500.1	+0.053%	$8.8M	$43.1M	25x	as long as short