BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0299%/8h= +32.7% APRnext payment +$0.37 per $10,000 · paid last 24h +0.031%

Price spread now: Aftermath Perps against Phoenix+0.037%63s7-day average −0.006% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.282% of the position

Long on Phoenix Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.132%+$13 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now +0.037%, 7d avg −0.006%

Together, before fees+0.155%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Aftermath Perps is 0.043% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.006%. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,215	−0.0129	get 0.0016% / 1h	8m 01s	$2.2M	$11.2M	40x
Short	Aftermath Perps BTCUSD	86,246.9	0.0169	get 0.0021% / 1h	8m 01s	$77K	$217K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Phoenix. 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 PhoenixbpFee Aftermath PerpsbpOrdersPrice spread, now +0.037%Rate

Funding earned: $62.69
Price spread: +0.037% → −0.006%: $4.28
Slippage, 4 orders: −$12.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: $38.78
Costs to cover: 0.282%
Break-even: 2.7 days

Slippage from Phoenix: live order book, 6 min ago; Aftermath Perps: live order book, 1 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 Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell Aftermath Perps live order book, 1 min ago	1.00 bp	11.2 bp −$11	doesn't fit	doesn't fit	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 BTClong	−0.0129%	1h	86,215	long leg	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,144	−0.082%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,126.7	−0.102%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,127.2	−0.102%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,166.4	−0.056%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.174%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,156.2	−0.068%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,133.5	−0.095%	$499.4M	$1.13B	200x	as long as short
Bluefin BTC-PERP	+0.0043%	1h	86,176.2	−0.045%	$144K	$666K	40x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,147	−0.079%	$828.8M	$714.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0049%	1h	86,134.8	−0.093%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,109.6	−0.122%	—	$15.2M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,132.2	−0.096%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,133.9	−0.094%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,145	−0.081%	$60.4M	$338.3M	40x	as long as short
HTX BTC-USDT	+0.0077%	8h	86,124.9	−0.105%	$2.29B	$957.4M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,141.2	−0.086%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,129.1	−0.100%	$5.77B	$10.65B	200x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,128.5	−0.100%	$5.10B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,122.1	−0.108%	$9.38B	$24.23B	150x	as long as short
Phemex BTCUSDT	+0.0085%	8h	86,144.9	−0.081%	$155.9M	$473.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,159.3	−0.065%	$170.2M	$994.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,165.5	−0.057%	$23.6M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,131	−0.097%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,105	−0.128%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,147.2	−0.079%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,134.9	−0.093%	$22.1M	$225.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,193	−0.026%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,155.5	−0.069%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,130.6	−0.098%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,136.5	−0.091%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,115	−0.116%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,131.9	−0.096%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.080%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,116	−0.115%	$35.5M	$161.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	−0.011%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.1	−0.017%	$278.4M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.059%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,239.5	+0.028%	$141.2M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,190	−0.029%	$30.6M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,189	−0.030%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,138	−0.089%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,143.1	−0.083%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,143.3	−0.083%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,164.6	−0.058%	$30.3M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,116.8	−0.114%	$3.3M	$5.4M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,114.5	−0.117%	$46.0M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,162.3	−0.061%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,185.3	−0.034%	$132.0M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,177.9	−0.043%	$191.2M	$951.4M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,193.1	−0.025%	$731K	$7.9M	30x	as long as short
Aftermath Perps BTCUSDshort	+0.0169%	1h	86,246.9	+0.037%	$77K	$217K	20x
BloFin BTC-USDT	+0.0204%	8h	86,134	−0.094%	$415.3M	$640.2M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,156	−0.068%	$10.5M	$766.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,164.9	−0.058%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0219%	1h	86,202.4	−0.015%	$902.6M	$1.51B	50x	as long as short