BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0260%/8h= +28.4% APRnext payment +$0.32 per $10,000 · paid last 24h +0.055%

Price spread now: Deribit against Phoenix+0.038%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$150.150% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now +0.038%, 7d avg +0.025%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.025%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.089% in total (about 4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 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	85,753	−0.0160	get 0.0020% / 1h	13m 05s	$2.2M	$10.3M	40x
Short	Deribit BTC-PERPETUAL	85,785.8	0.0100	get 0.0012% / 1h	13m 05s	$891.6M	$1.53B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.038%Rate

Funding earned: $54.54
Price spread: +0.038% → +0.025%: $1.37
Slippage, 4 orders: −$1.04
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $40.86
Costs to cover: 0.150%
Break-even: 1.8 days

Slippage from Phoenix: live order book, 6 min ago; Deribit: 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	6.7 bp −$67	13.6 bp −$1,365	doesn't fit
Sell Deribit live order book, 1 min ago	0.03 bp	4.2 bp −$4	4.9 bp −$49	6.9 bp −$692	14.9 bp −$7,437

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	−0.0681%	1h	85,789.2	+0.042%	$196K	$721K	40x	as long as short
Phoenix BTClong	−0.0160%	1h	85,753	long leg	$2.2M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,785	+0.037%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,774.5	+0.025%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,743.9	−0.011%	$417.6M	$665.4M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	+0.052%	$16.8M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,738.1	−0.017%	$918.7M	$751.4M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,774.6	+0.025%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,772.2	+0.022%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,748.7	−0.005%	$516.6M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0056%	8h	85,734.9	−0.021%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,743.7	−0.011%	$2.96B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,766.8	+0.016%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.063%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,744.5	−0.010%	$2.5M	$1.7M	20x	as long as short
Phemex BTCUSDT	+0.0083%	8h	85,744.3	−0.010%	$148.8M	$479.8M	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,734	−0.022%	$5.07B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,740	−0.015%	$9.35B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,738.8	−0.017%	$2.27B	$935.9M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,748	−0.006%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,752.8	0.000%	$174.9M	$1.00B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,746.8	−0.007%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,772	+0.022%	$8.4M	$52.2M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,813.4	+0.070%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,744	−0.010%	$198K	$7.8M	50x	as long as short
Deribit BTC-PERPETUALshort	+0.0100%	1h	85,785.8	+0.038%	$891.6M	$1.53B	50x
Hyperliquid BTC	+0.0100%	1h	85,821	+0.079%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,805.4	+0.061%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,745.5	−0.009%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,751.4	−0.002%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	+0.002%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,747.8	−0.006%	$6.8M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.056%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,754.6	+0.002%	$5.56B	$10.56B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,738.3	−0.017%	$35.3M	$172.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.063%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,742.6	−0.012%	$280.1M	$921.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,770.9	+0.021%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,773.2	+0.024%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,766.5	+0.016%	$30.3M	$209.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,824.7	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,771	+0.021%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,766.7	+0.016%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,746	−0.008%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,745.2	−0.009%	$30.0M	$50.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,741.2	−0.014%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,721.1	−0.037%	$44.2M	$226.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,772.1	+0.022%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,777	+0.028%	$127.8M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,801	+0.056%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,768.8	+0.018%	$189.3M	$952.5M	100x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,784.3	+0.037%	$704K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,793.4	+0.047%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,768.9	+0.018%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,790	+0.043%	$10.6M	$758.1M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,789.9	+0.043%	$506K	$19.2M	6.7x	as long as short