BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0229%/8h= +25.1% APRnext payment +$0.29 per $10,000 · paid last 24h +0.017%

Price spread now: Bulk against Phoenix−0.085%51s7-day average −0.053% · you buy dearer than you sell

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−$140.144% of the position

Long on Phoenix Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.110%+$11 on $10k

Price spread, last 7 days+0.025%+$2 · spread now −0.085%, 7d avg −0.053%

Together, before fees+0.135%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.032% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of −0.053%). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day). At the pace of the last 3 days (+0.110% in total) that is about 24 hours. The two prices were read 51 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	6m 21s	$2.2M	$11.2M	40x
Short	Bulk BTC-USD	86,141.5	0.0100	get 0.0013% / 1h	6m 21s	$581.0M	$76.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.085%Rate

Funding earned: $48.17
Price spread: −0.085% → −0.053%: −$3.22
Slippage, 4 orders: −$0.38
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $30.56
Costs to cover: 0.144%
Break-even: 2.6 days

Slippage from Phoenix: live order book, 8 min ago; Bulk: 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 Phoenix live order book, 8 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell Bulk live order book, 3 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	5.4 bp −$2,702

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	86,106	−0.126%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,073.8	−0.164%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,118.3	−0.112%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,103.1	−0.130%	$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	+0.0024%	1h	86,108.9	−0.123%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0032%	8h	86,079.3	−0.157%	$499.1M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,074.7	−0.163%	$827.6M	$715.6M	125x	as long as short
Reya BTCRUSDPERP	+0.0049%	1h	86,066.4	−0.172%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,087.1	−0.148%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	86,089.3	−0.146%	—	$1.57B	—	as long as short
Bluefin BTC-PERP	+0.0065%	1h	86,106.9	−0.125%	$144K	$666K	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,071.9	−0.166%	$2.96B	$5.05B	150x	as long as short
HTX BTC-USDT	+0.0070%	8h	86,094.7	−0.140%	$2.29B	$957.7M	200x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,112	−0.119%	$60.3M	$338.3M	40x	as long as short
Phemex BTCUSDT	+0.0078%	8h	86,112.2	−0.119%	$155.7M	$473.1M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,074.8	−0.163%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0083%	8h	86,076.6	−0.161%	$5.10B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0083%	8h	86,075.4	−0.162%	$9.37B	$24.22B	150x	as long as short
Gate BTC_USDT	+0.0091%	8h	86,087.7	−0.148%	$5.77B	$10.66B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,110.5	−0.121%	$170.1M	$994.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,098.5	−0.135%	$23.6M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,073	−0.165%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,049	−0.193%	$199K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,126.1	−0.103%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,098	−0.136%	$22.0M	$225.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,148.2	−0.077%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,128.5	−0.100%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,090.3	−0.145%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,089.1	−0.146%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,090	−0.145%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,098.6	−0.135%	$7.2M	$95.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,102	−0.131%	$35.5M	$161.7M	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	86,183.7	−0.036%	$278.4M	$939.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	−0.046%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	−0.024%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,117.1	−0.114%	$30.6M	$207.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,128.2	−0.101%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,074	−0.164%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,079.5	−0.157%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,077.2	−0.160%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,137	−0.090%	$30.3M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,120.2	−0.110%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	86,141.5	−0.085%	$581.0M	$76.4M	40x
Extended BTC-USD	+0.0104%	1h	86,056.7	−0.184%	$46.0M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,128.7	−0.100%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,152.3	−0.073%	$132.3M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,141.7	−0.085%	$190.9M	$952.2M	100x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	86,147.6	−0.078%	$727K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0170%	1h	86,207.1	−0.009%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,110	−0.122%	$415.5M	$640.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0206%	8h	86,163	−0.060%	$10.5M	$766.4M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,099.4	−0.134%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0210%	1h	86,165.7	−0.057%	$902.7M	$1.51B	50x	as long as short