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 +0.021%

Price spread now: Bullet against Phoenix−0.007%62s7-day average −0.046% · 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−$170.171% of the position

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 7 days−0.049%−$5 · spread now −0.007%, 7d avg −0.046%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bullet is 0.039% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 62 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	86,337	−0.0129	get 0.0016% / 1h	32m 05s	$2.2M	$11.2M	40x
Short	Bullet BTC-USD	86,330.8	0.0100	get 0.0013% / 1h	32m 05s	$192K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.007%Rate

Funding earned: $48.17
Price spread: −0.007% → −0.046%: $3.92
Slippage, 4 orders: −$2.07
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: $35.02
Costs to cover: 0.171%
Break-even: 1.9 days

Slippage from Phoenix: live order book, 2 min ago; Bullet: 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 Phoenix live order book, 2 min ago	0.06 bp	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,200	doesn't fit
Sell Bullet live order book, 2 min ago	0.12 bp	5.1 bp −$5	8.6 bp −$86	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
Bluefin BTC-PERP	−0.0500%	1h	86,381.8	+0.052%	$144K	$666K	40x	as long as short
Phoenix BTClong	−0.0129%	1h	86,337	long leg	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,330	−0.008%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,303.8	−0.038%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,312.5	−0.028%	$483K	$21.6M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,353.3	+0.019%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,353.2	+0.019%	$500.8M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,358	+0.024%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0026%	1h	86,331.5	−0.006%	$16.9M	$20.5M	50x	as long as short
KuCoin XBTUSDTM	+0.0040%	8h	86,351.4	+0.017%	$830.6M	$721.0M	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	+0.0045%	1h	86,322.8	−0.016%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,364	+0.031%	—	$1.57B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,312.9	−0.028%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,358.4	+0.025%	$2.97B	$5.04B	150x	as long as short
HTX BTC-USDT	+0.0073%	8h	86,323.6	−0.016%	$2.29B	$965.1M	200x	as long as short
Phemex BTCUSDT	+0.0076%	8h	86,355.4	+0.021%	$154.2M	$473.9M	150x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,351.5	+0.017%	$9.40B	$24.30B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,354.8	+0.021%	$5.13B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,329.1	−0.009%	$2.5M	$1.7M	20x	as long as short
SoDEX BTC-USD	+0.0096%	1h	86,349	+0.014%	$60.4M	$338.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	86,364.1	+0.031%	$170.5M	$985.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,366.9	+0.035%	$23.7M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,298	−0.045%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,279	−0.067%	$202K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,336.3	−0.001%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,336.8	0.000%	$22.0M	$228.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,417	+0.093%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,351.2	+0.016%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,361.9	+0.029%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,373.7	+0.043%	$2.56B	$12.49B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,312	−0.029%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,331.2	−0.007%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	+0.013%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,364.9	+0.032%	$5.80B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,354.9	+0.021%	$37.6M	$156.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	+0.073%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,352.6	+0.018%	$278.9M	$950.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,334.3	−0.003%	$216.8M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,397.4	+0.070%	$141.7M	$321.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,355.2	+0.021%	$30.7M	$209.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,357.1	+0.023%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,324	−0.015%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,330.8	−0.007%	$192K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,346	+0.010%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,375.4	+0.044%	$30.5M	$58.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,325.6	−0.013%	$3.4M	$5.2M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,333.7	−0.004%	$45.9M	$222.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,325	−0.014%	—	$98.7M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0115%	1h	86,392.1	+0.064%	$902.8M	$1.51B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,393	+0.065%	$132.1M	$5.41B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,383.1	+0.053%	$192.4M	$942.3M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,386	+0.057%	$77K	$217K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,382.3	+0.052%	$710K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,325.8	−0.013%	$415.7M	$645.9M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,352	+0.017%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	86,340	+0.003%	$10.2M	$763.8M	6.4x	as long as short