Funding you earn now, next payment 03:00 UTC+0.0283%/8h= +31.0% APRnext payment +$0.35 per $10,000 · paid last 24h +0.041%
Price spread now: Coinbase International against Phoenix−0.035%7-day average +0.019% · you buy dearer than you sell
Net, funding: paid 7d − costs−$9as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$170.173% of the position
Funding, last 7 days+0.088%+$9 on $10k
+Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.035%, 7d avg +0.019%
=Funding pays, the price is against you. Coinbase International is 0.054% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.035% now, against its 7-day average of +0.019%). If the spread goes back, that is −$5 on $10k: about 15 hours of funding at the current rate (+$8 a day). At the pace of the last 7 days (+0.088% in total) that is about 4.3 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.088% in total (about 4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.35 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BTC | 85,530 | −0.0179 | get 0.0022% / 1h | 20m 52s | $2.1M | $10.3M | 40x |
| Short | Coinbase International BTC-PERP-INTX | 85,500.1 | 0.0104 | get 0.0013% / 1h | 20m 52s | $117.2M | $5.19B | 50x |
Phoenix BTC
Coinbase International BTC-PERP-INTXFunding history
latest
Range statsloading…
Price spread between the two exchanges
Coinbase International against Phoenix. 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
- $59.49
- Price spread: −0.035% → +0.019%
- −$5.39
- Slippage, 4 orders
- −$0.3
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Net
- $36.8
- Costs to cover
- 0.173%
- Break-even
- 2.7 days
Slippage from Phoenix: live order book, 3 min ago; Coinbase International: 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, 3 min ago | 0.06 bp | 3.6 bp −$4 | 4.9 bp −$49 | 10.1 bp −$1,010 | doesn't fit |
| Sell Coinbase International live order book, 3 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.3 bp −$528 | 11.7 bp −$5,856 |
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 | −0.0179% | 1h | 85,530 | long leg | $2.1M | $10.3M | 40x | |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,528 | −0.002% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0056% | 1h | 85,460 | −0.082% | $365K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0022% | 8h | 85,466.9 | −0.074% | $416.3M | $667.3M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0021% | 8h | 85,447.5 | −0.096% | $918.4M | $751.6M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,475.8 | −0.063% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,456.1 | −0.086% | $515.2M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0014% | 1h | 85,497.7 | −0.038% | $16.7M | $21.2M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,448.2 | −0.096% | $4.4M | $98.0M | 40x | as long as short |
| Nado BTC-PERP | +0.0021% | 1h | 85,472 | −0.068% | $25.4M | $222.3M | 50x | as long as short |
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Arcus BTC-USD
Nado BTC-PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0062% | 8h | 85,454.9 | −0.088% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0076% | 8h | 85,466.8 | −0.074% | $147.6M | $488.0M | 150x | as long as short |
| Bitget BTCUSDT | +0.0078% | 8h | 85,461.4 | −0.080% | $2.95B | $5.07B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0083% | 1h | 85,459.3 | −0.083% | $6.7M | $146.8M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,477.6 | −0.061% | $172.6M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,474.6 | −0.065% | $23.9M | $149.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,464 | −0.077% | $8.4M | $52.9M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,461.3 | −0.080% | $2.4M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0097% | 8h | 85,473.2 | −0.066% | $5.06B | $5.64B | 500x | as long as short |
| Binance BTCUSDT | +0.0098% | 8h | 85,488.3 | −0.049% | $9.36B | $24.15B | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,436 | −0.110% | $209K | $8.1M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,539 | +0.010% | $4.9M | $9.0M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,547 | +0.020% | $3.74B | $4.98B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,504.9 | −0.029% | $40.7M | $580.0M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,461.7 | −0.080% | $5.21B | $9.79B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,470.5 | −0.070% | $2.58B | $12.13B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,474 | −0.065% | $3.9M | $18.2M | 25x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,516 | −0.016% | $659.1M | $647.8M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,468.8 | −0.072% | $5.51B | $10.73B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,454 | −0.089% | $35.7M | $176.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,443.5 | −0.101% | $153.4M | $565.7M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,504 | −0.030% | $279.3M | $921.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,513.1 | −0.020% | $214.6M | $168.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,521.5 | −0.010% | $139.8M | $314.7M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,512.1 | −0.021% | $30.2M | $208.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,528 | −0.002% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,460 | −0.082% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,464 | −0.077% | $190K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,464.4 | −0.077% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,504.7 | −0.030% | $207K | $738K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,454 | −0.089% | $29.9M | $50.4M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,438.9 | −0.107% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,470 | −0.070% | $59.9M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,475 | −0.064% | $2.26B | $942.5M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,447.8 | −0.096% | $44.5M | $230.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,479.5 | −0.059% | — | $107.5M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXshort | +0.0104% | 1h | 85,500.1 | −0.035% | $117.2M | $5.19B | 50x | |
| Deribit BTC-PERPETUAL | +0.0107% | 1h | 85,515 | −0.018% | $884.3M | $1.58B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,475 | −0.064% | $339K | $26.9M | 52x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0170% | 1h | 85,481.9 | −0.056% | $187.6M | $955.1M | 100x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,482.9 | −0.055% | $8.2M | $42.5M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0177% | 1h | 85,473.1 | −0.067% | $13.4M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0206% | 1h | 85,532.2 | +0.003% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0216% | 1h | 85,549.5 | +0.023% | $703K | $7.9M | 30x | as long as short |
| Kalshi KXBTCPERP | +0.0218% | 8h | 85,495 | −0.041% | $10.3M | $756.4M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,515.6 | −0.017% | $500K | $18.8M | 6.7x | as long as short |
BingX BTC-USDC
Phemex BTCUSDT
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
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
Extended BTC-USD
Jupiter Perps WBTC-PERP
Deribit BTC-PERPETUAL
Injective BTC/USDC PERP
Kraken Futures PF_XBTUSD
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Kalshi KXBTCPERP
Perpl BTC