Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.014%
Price spread now: Popdex against Phemex+0.001%7-day average +0.004% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$200.197% of the position
Funding, last 4 days (all we have)+0.045%+$4 on $10k
+Price spread, last 4 days (all we have)+0.036%+$4 · spread now +0.001%, 7d avg +0.004%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,252.4 | 0.0100 | pay 0.0100% / 8h | 11m 33s | $158.8M | $516.0M | 150x |
| Short | Popdex BTCUSDT | 85,253 | 0.0096 | get 0.0012% / 1h | 11m 33s | $8.4M | $57.7M | 100x |
Phemex BTCUSDT
Popdex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Popdex 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
- −$0.84
- Price spread: +0.001% → +0.004%
- −$0.36
- Slippage, 4 orders
- −$1.27
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Popdex: 3.2 bp × 2 orders
- −$6.4
- Net
- −$20.88
- Costs to cover
- 0.197%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 3 min ago; Popdex: live order book, 3 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, 3 min ago | 0.27 bp | 6.6 bp −$7 | 7.3 bp −$73 | 8.9 bp −$888 | doesn't fit |
| Sell Popdex live order book, 3 min ago | 0.06 bp | 3.5 bp −$3 | 3.5 bp −$35 | 3.8 bp −$383 | 5.3 bp −$2,658 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,253 | +0.001% | $8K | $3K | 50x | as long as short |
| Phoenix BTC | −0.0034% | 1h | 85,263 | +0.012% | $2.3M | $10.8M | 40x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,264.5 | +0.014% | $421.4M | $686.8M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0011% | 8h | 85,232.7 | −0.023% | $927.0M | $777.1M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,264.3 | +0.014% | $343K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,260.1 | +0.009% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0008% | 8h | 85,252.6 | 0.000% | $509.2M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | +0.0018% | 1h | 85,277.8 | +0.030% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,260.8 | +0.010% | $185.7M | $953.5M | 100x | as long as short |
| BingX BTC-USDC | +0.0064% | 8h | 85,239.5 | −0.015% | — | $17.4M | — | as long as short |
Hotstuff BTC-PERP
Phoenix BTC
BloFin BTC-USDT
KuCoin XBTUSDTM
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Kraken Futures PF_XBTUSD
BingX BTC-USDCShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,200 | −0.061% | $310K | $25.7M | 52x | as long as short |
| Bybit BTCUSDT | +0.0082% | 8h | 85,250.9 | −0.002% | $5.09B | $10.03B | 150x | as long as short |
| Nado BTC-PERP | +0.0090% | 1h | 85,252.8 | 0.000% | $24.1M | $221.2M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0096% | 1h | 85,281.8 | +0.034% | $139.7M | $312.0M | 100x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,238.5 | −0.016% | $168.7M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,236.7 | −0.018% | $23.6M | $149.0M | 50x | as long as short |
| Popdex BTCUSDTshort | +0.0096% | 1h | 85,253 | +0.001% | $8.4M | $57.7M | 100x | |
| Aevo BTC-PERP | +0.0096% | 1h | 85,254.4 | +0.002% | $2.4M | $6.7M | 20x | as long as short |
| Bitget BTCUSDT | +0.0098% | 8h | 85,250.9 | −0.002% | $2.97B | $5.21B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,232 | −0.024% | $269K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,277.6 | +0.030% | $5.8M | $9.6M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,249.6 | −0.003% | $40.3M | $604.7M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,252.8 | 0.000% | $9.39B | $25.17B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,256.1 | +0.004% | $2.60B | $12.26B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,228 | −0.029% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,265.5 | +0.015% | $4.7M | $97.6M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,256 | +0.004% | $5.49B | $11.16B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,237.4 | −0.018% | $5.02B | $5.77B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,236.7 | −0.018% | $36.8M | $190.1M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,180.5 | −0.084% | $155.7M | $548.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,184.8 | −0.079% | $282.5M | $959.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,282.2 | +0.035% | $214.0M | $159.8M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,274.9 | +0.026% | $30.1M | $213.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,331.9 | +0.093% | — | $10.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,256 | +0.004% | $10.9M | $15.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,259.1 | +0.008% | $197K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,265 | +0.015% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,294.5 | +0.049% | $194K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,275.3 | +0.027% | $28.8M | $45.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,243.5 | −0.010% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,250 | −0.003% | $59.7M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,240 | −0.015% | $2.25B | $973.8M | 200x | as long as short |
| Phemex BTCUSDTlong | +0.0100% | 8h | 85,252.4 | long leg | $158.8M | $516.0M | 150x | |
| Bulk BTC-USD | +0.0100% | 1h | 85,240 | −0.015% | $693.3M | $214.1M | 40x | as long as short |
| Hyperliquid BTC | +0.0101% | 1h | 85,320 | +0.079% | $3.78B | $5.11B | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,230.4 | −0.026% | $45.4M | $241.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,279.5 | +0.032% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,293.1 | +0.048% | $111.8M | $5.47B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0105% | 1h | 85,288.9 | +0.043% | $835.9M | $1.67B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0143% | 1h | 85,249.4 | −0.003% | $6.6M | $142.3M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0171% | 8h | 85,280 | +0.032% | $12.0M | $737.8M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,276.5 | +0.028% | $8.8M | $43.0M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0146% | 1h | 85,257.6 | +0.006% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,270.8 | +0.022% | $694K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0297% | 1h | 85,258.2 | +0.007% | $81K | $245K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,294.7 | +0.050% | $465K | $18.3M | 6.7x | as long as short |
Injective BTC/USDC PERP
Bybit BTCUSDT
Nado BTC-PERP
ApeX Omni BTCUSDT
Lighter BTC
Lighter RH BTC
Aevo BTC-PERP
Bitget BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Hyperliquid BTC
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC