data as of
Settings8H · net · $10k
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Price arb /

BTC

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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

After costs, if the gap returns to its 7d average, $10k+$3
spread now+0.174%7d average−0.020%fees + slippage, in and out−$17spread needed0.165%
Long on PhoenixShort on Hyperliquid
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix BTC85,4170.0126pay 0.0016% / 1h58m 20s$1.7M$9.5M40x
ShortHyperliquid BTC85,5660.0245get 0.0031% / 1h58m 20s$3.84B$4.03B40x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
$17.44
Funding while held
$3.59
Slippage, 4 orders
−$0.54
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$4.49
Spread needed to break even
0.165%
Slippage from Phoenix: live order book, 2 min ago; Hyperliquid: live order book, 7 min ago.

Cost of waiting

funding view
Funding /8h
+0.0120%
Per $10,000 a day
+$3.59
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 2 min ago0.06 bp3.7 bp −$46.4 bp −$6413.2 bp −$1,318doesn't fit
Sell Hyperliquid live order book, 7 min ago0.06 bp4.6 bp −$54.6 bp −$464.8 bp −$475doesn't fit

BTC price on every exchange

against the cheapest. Click to use as the short leg.
Injective85,347cheapestArcus85,401.3+0.064%StandX85,411.2+0.075%Katana Perps85,412+0.076%Backpack85,415.7+0.080%
Phoenix85,417+0.082%
Hotstuff85,426+0.093%BloFin85,427.5+0.094%Lighter85,429.7+0.097%Popdex85,431+0.098%dYdX85,431.3+0.099%Paradex85,433.2+0.101%Nado85,433.8+0.102%Aevo85,434.7+0.103%KuCoin85,439.4+0.108%Extended85,439.7+0.109%Hibachi85,441.2+0.110%Ondo Perps85,442+0.111%Kalshi85,443+0.112%Lighter RH85,446.7+0.117%Derive85,447.9+0.118%01 Exchange85,450.5+0.121%Orderly85,450.9+0.122%OKX85,451.1+0.122%Aftermath Perps85,452.8+0.124%Jupiter Perps85,455.1+0.127%Phemex85,460.5+0.133%Bybit85,462+0.135%Pacifica85,462.7+0.136%RISEx85,463.5+0.137%Bitget85,464.3+0.137%SoDEX85,467+0.141%Aster85,473.8+0.149%HTX85,477+0.152%Bluefin85,480.9+0.157%SunX85,481.2+0.157%ApeX Omni85,481.9+0.158%Binance85,484.5+0.161%Reya85,486.6+0.164%Perpl85,493+0.171%edgeX85,494.4+0.173%Vest85,498.7+0.178%Kraken Futures85,499.9+0.179%Bullet85,500.6+0.180%Coinbase International85,501+0.180%BingX85,502.2+0.182%MEXC85,503+0.183%GMX85,504.1+0.184%gTrade (Gains Network)85,505.3+0.185%Gate85,505.4+0.186%Polymarket Perps85,506+0.186%Variational Omni85,520.5+0.203%Deribit85,541.8+0.228%
Hyperliquid85,566+0.257%
Bulk85,777.6+0.505%

BTC on 55 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective BTC/USDC PERP−0.082%+0.0180%1h$306K$27.0M52xas long as short
Arcus BTC-USD−0.018%+0.0100%1h$6.2M$76.9M40xas long as short
StandX BTC-USD−0.007%+0.0100%1h$30.5M$246.7M40xas long as short
Katana Perps BTC-USD−0.006%+0.0100%8h$198K$4.8M50xas long as short
Backpack BTC_USDC_PERP−0.002%+0.0100%1h$39.7M$100.1M75xas long as short
Phoenix BTClong0.000%+0.0126%1h$1.7M$9.5M40x
Hotstuff BTC-PERP+0.011%−0.0080%1h$8K$3K50xas long as short
BloFin BTC-USDT+0.012%+0.0219%8h$419.5M$477.3M150xas long as short
Lighter BTC+0.015%+0.0048%1h$182.7M$836.5M50xas long as short
Popdex BTCUSDT+0.016%+0.0096%1h$8.4M$39.8M100xas long as short
Show all 55 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
dYdX BTC-USD+0.017%0.0000%1h$16.0M$13.6M50xas long as short
Paradex BTC-USD-PERP+0.019%+0.0090%8h$4.3M$6.7M50xas long as short
Nado BTC-PERP+0.020%+0.0023%1h$24.4M$219.9M50xas long as short
Aevo BTC-PERP+0.021%+0.0096%1h$2.4M$1.7M20xas long as short
KuCoin XBTUSDTM+0.026%+0.0068%8h$796.1M$580.0M125xas long as short
Extended BTC-USD+0.027%+0.0104%1h$47.6M$198.8M50xas long as short
Hibachi BTC/USDT-P+0.028%+0.0256%1h$596K$7.4M30xas long as short
Ondo Perps BTC-USD.P+0.029%+0.0100%1h$3.9M$15.6M25xas long as short
Kalshi KXBTCPERP+0.030%0.0000%8h$8.1M$485.2M6.4xas long as short
Lighter RH BTC+0.035%+0.0072%1h$25.1M$127.8M50xas long as short
Derive BTC-PERP+0.036%+0.0100%1h$27.6M$50.8M15xas long as short
01 Exchange BTCUSD+0.039%−0.0024%1h$279K$2.3M50xas long as short
Orderly PERP_BTC_USDC+0.040%+0.0100%8h$2.3M$6.6M100xas long as short
OKX BTC-USDT-SWAP+0.040%+0.0062%8h$2.57B$10.60B100xas long as short
Aftermath Perps BTCUSD+0.042%−0.0027%1h$85K$143K20xas long as short
Jupiter Perps WBTC-PERP+0.045%L +0.0104% / S +0.0048%1h—$85.2M500xas long as short
Phemex BTCUSDT+0.051%−0.0028%8h$160.2M$369.3M150xas long as short
Bybit BTCUSDT+0.053%+0.0100%8h$5.06B$7.69B150xas long as short
Pacifica BTC+0.054%+0.0100%1h$36.3M$310.2M50xas long as short
RISEx BTC/USDC+0.054%+0.0178%1h$8.5M$36.5M25xas long as short
Bitget BTCUSDT+0.055%−0.0012%8h$2.96B$4.23B150xas long as short
SoDEX BTC-USD+0.059%+0.0100%1h$61.3M$234.4M40xas long as short
Aster BTCUSDT+0.066%+0.0046%8h$482.8M$965.7M200xas long as short
HTX BTC-USDT+0.070%+0.0019%8h$2.29B$778.8M200xas long as short
Bluefin BTC-PERP+0.075%+0.0100%1h$142K$399K40xas long as short
SunX BTC-USDT+0.075%+0.0100%8h$3.3M$5.2M100xas long as short
ApeX Omni BTCUSDT+0.076%−0.0044%1h$137.7M$315.4M100xas long as short
Binance BTCUSDT+0.079%+0.0098%8h$9.52B$19.18B150xas long as short
Reya BTCRUSDPERP+0.081%−0.0037%1h$6.8M$134.8M40xas long as short
Perpl BTC+0.089%−0.0447%43m$437K$31.6M6.7xas long as short
edgeX BTCUSDC+0.091%−0.0087%4h$283.5M$782.6M100xas long as short
Vest BTC-PERP+0.096%+0.0100%1h—$13.1M50xas long as short
Kraken Futures PF_XBTUSD+0.097%+0.0042%1h$187.2M$742.5M100xas long as short
Bullet BTC-USD+0.098%+0.0100%1h$250K$3.3M20xas long as short
Coinbase International BTC-PERP-INTX+0.098%+0.0112%1h$142.7M$6.08B50xas long as short
BingX BTC-USDT+0.100%−0.0012%8h—$1.28B—as long as short
MEXC BTC_USDT+0.101%+0.0099%8h$4.95B$4.56B500xas long as short
GMX BTC/USD [WBTC.b-USDC]+0.102%L +0.0195% / S −0.0202%1h$12.9M—200xas long as short
gTrade (Gains Network) BTC/USD+0.103%L +0.0004% / S −0.0004%1h$36.5M—200xas long as short
Gate BTC_USDT+0.103%−0.0022%8h$6.03B$8.31B200xas long as short
Polymarket Perps BTC-USD+0.104%+0.0100%1h$10.8M$10.4M50xas long as short
Variational Omni BTC+0.121%+0.0100%8h$173.2M$463.3M—as long as short
Deribit BTC-PERPETUAL+0.146%+0.0456%1h$842.6M$906.5M50xas long as short
Hyperliquid BTCshort+0.174%+0.0245%1h$3.84B$4.03B40x
Bulk BTC-USD+0.422%+0.0100%1h$535.7M$60.2M40xas long as short