Funding you earn now, next payment 07:00 UTC+0.0121%/8h= +13.2% APRnext payment +$0.15 per $10,000 · paid last 24h +0.039%
Price spread now: Nado against Phoenix+0.041%57s7-day average −0.045% · you sell dearer than you buy
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−$140.145% of the position
Funding, last 4 days (all we have)+0.116%+$12 on $10k
+Price spread, last 7 days−0.084%−$8 · spread now +0.041%, 7d avg −0.045%
=Together, before fees+0.032%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Nado is 0.085% dearer against Phoenix than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.045%. The two prices were read 57 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 | 85,189 | −0.0034 | get 0.0004% / 1h | 18m 15s | $2.3M | $10.8M | 40x |
| Short | Nado BTC-PERP | 85,223.6 | 0.0087 | get 0.0011% / 1h | 18m 15s | $24.1M | $220.9M | 50x |
Phoenix BTC
Nado BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Nado 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
- $25.35
- Price spread: +0.041% → −0.045%
- $8.52
- Slippage, 4 orders
- −$0.47
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Nado: 3.5 bp × 2 orders
- −$7
- Net
- $19.4
- Costs to cover
- 0.145%
- Break-even
- 1.6 days
Slippage from Phoenix: live order book, 6 min ago; Nado: 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 | 6.2 bp −$62 | 11.8 bp −$1,179 | doesn't fit |
| Sell Nado live order book, 1 min ago | 0.06 bp | 3.6 bp −$4 | 3.6 bp −$36 | 4.8 bp −$476 | 10.7 bp −$5,370 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,241 | +0.061% | $8K | $3K | 50x | as long as short |
| Phoenix BTClong | −0.0034% | 1h | 85,189 | long leg | $2.3M | $10.8M | 40x | |
| BloFin BTC-USDT | −0.0020% | 8h | 85,240.6 | +0.061% | $422.4M | $686.2M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0015% | 8h | 85,202.3 | +0.016% | $926.9M | $778.1M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,226.9 | +0.044% | $343K | $2.3M | 50x | as long as short |
| Aster BTCUSDT | +0.0001% | 8h | 85,212.3 | +0.027% | $509.1M | $1.09B | 200x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,214.5 | +0.030% | $36.4M | — | 200x | as long as short |
| dYdX BTC-USD | +0.0011% | 1h | 85,231.4 | +0.050% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0026% | 1h | 85,232.5 | +0.051% | $185.7M | $955.6M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0058% | 1h | 85,166 | −0.027% | $139.5M | $312.5M | 100x | as long as short |
Hotstuff BTC-PERP
BloFin BTC-USDT
KuCoin XBTUSDTM
01 Exchange BTCUSD
Aster BTCUSDT
gTrade (Gains Network) BTC/USD
dYdX BTC-USD
Kraken Futures PF_XBTUSD
ApeX Omni BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0064% | 8h | 85,211.8 | +0.027% | — | $1.58B | — | as long as short |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,181 | −0.009% | $302K | $25.3M | 52x | as long as short |
| Bybit BTCUSDT | +0.0080% | 8h | 85,206.5 | +0.021% | $5.10B | $10.03B | 150x | as long as short |
| Nado BTC-PERPshort | +0.0087% | 1h | 85,223.6 | +0.041% | $24.1M | $220.9M | 50x | |
| Lighter BTC | +0.0096% | 1h | 85,224.6 | +0.042% | $168.3M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,224.9 | +0.042% | $23.6M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,215 | +0.031% | $8.4M | $57.7M | 100x | as long as short |
| Bitget BTCUSDT | +0.0096% | 8h | 85,206.2 | +0.020% | $2.97B | $5.21B | 150x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,202.8 | +0.016% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,197 | +0.009% | $269K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,256.7 | +0.079% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,296 | +0.126% | $3.75B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,237.4 | +0.057% | $40.3M | $604.7M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,215.7 | +0.031% | $9.38B | $25.16B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,219.8 | +0.036% | $2.60B | $12.27B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,239 | +0.059% | $3.8M | $17.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,232 | +0.050% | $4.7M | $97.5M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,210.2 | +0.025% | $5.49B | $11.14B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,216.5 | +0.032% | $5.02B | $5.77B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,203.6 | +0.017% | $36.9M | $189.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,136.5 | −0.062% | $156.2M | $549.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,142.9 | −0.054% | $282.3M | $957.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,165.4 | −0.028% | $213.7M | $159.2M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,160.1 | −0.034% | $30.0M | $212.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,276.9 | +0.103% | — | $10.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,210 | +0.025% | $10.9M | $15.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,215.8 | +0.032% | $196K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,214.1 | +0.029% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,244.2 | +0.065% | $194K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,209.5 | +0.024% | $29.2M | $45.3M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,176.7 | −0.014% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,209 | +0.023% | $59.7M | $336.6M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,209.5 | +0.024% | $2.25B | $974.1M | 200x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,211.4 | +0.026% | $158.8M | $516.2M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,240 | +0.060% | $693.3M | $214.1M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,180.9 | −0.009% | $45.4M | $241.1M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,215.2 | +0.031% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,250.9 | +0.073% | $111.7M | $5.48B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0138% | 1h | 85,254.2 | +0.077% | $840.0M | $1.67B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0142% | 1h | 85,197.7 | +0.010% | $6.6M | $143.0M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0171% | 8h | 85,243 | +0.063% | $12.1M | $737.5M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,244.8 | +0.066% | $8.8M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0146% | 1h | 85,212.2 | +0.027% | $13.0M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0240% | 1h | 85,273.5 | +0.099% | $679K | $7.7M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0289% | 1h | 85,238 | +0.058% | $81K | $254K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,244.2 | +0.065% | $459K | $18.4M | 6.7x | as long as short |
BingX BTC-USDT
Injective BTC/USDC PERP
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Bitget BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
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
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC