BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0182%/8h= +19.9% APRnext payment +$0.23 per $10,000 · paid last 24h +0.015%

Price spread now: RISEx against Phoenix−0.164%7-day average −0.045% · 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−$25as in the Price arb table

costs, in and out, $10k−$130.134% of the position

Long on Phoenix Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.098%+$10 on $10k

Price spread, last 7 days+0.119%+$12 · spread now −0.164%, 7d avg −0.045%

Together, before fees+0.216%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.119% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.164% now, against its 7-day average of −0.045%). If the spread goes back, that is −$12 on $10k: about 2.2 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,441	−0.0129	get 0.0016% / 1h	51m 11s	$2.2M	$11.2M	40x
Short	RISEx BTC/USDC	86,299.4	0.0052	get 0.0007% / 1h	51m 11s	$8.3M	$42.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.164%Rate

Funding earned: $38.13
Price spread: −0.164% → −0.045%: −$11.87
Slippage, 4 orders: −$0.36
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee RISEx: 3 bp × 2 orders: −$6
Net: $12.9
Costs to cover: 0.134%
Break-even: 4.6 days

Slippage from Phoenix: live order book, 3 min ago; RISEx: 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	3.7 bp −$4	6.2 bp −$62	12.0 bp −$1,201	doesn't fit
Sell RISEx live order book, 3 min ago	0.01 bp	3.0 bp −$3	3.1 bp −$31	11.4 bp −$1,138	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
Phoenix BTClong	−0.0129%	1h	86,441	long leg	$2.2M	$11.2M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,297	−0.167%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,304.6	−0.158%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,324.8	−0.134%	$461K	$22.1M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,307.1	−0.155%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,351.4	−0.104%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0007%	1h	86,350.6	−0.105%	$140K	$663K	40x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,315.2	−0.146%	$500.6M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.202%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0029%	8h	86,295.4	−0.168%	$830.1M	$722.9M	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	+0.0041%	1h	86,308.4	−0.153%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0046%	8h	86,298.3	−0.165%	—	$15.3M	—	as long as short
SoDEX BTC-USD	+0.0050%	1h	86,314	−0.147%	$60.4M	$338.1M	40x	as long as short
RISEx BTC/USDCshort	+0.0052%	1h	86,299.4	−0.164%	$8.3M	$42.9M	25x
Bitget BTCUSDT	+0.0059%	8h	86,307.8	−0.154%	$2.96B	$5.10B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0062%	1h	86,356.4	−0.098%	$903.3M	$1.51B	50x	as long as short
ApeX Omni BTCUSDT	+0.0069%	1h	86,448.9	+0.009%	$141.6M	$323.3M	100x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,488.1	+0.055%	$2.5M	$1.4M	20x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,305.8	−0.156%	$9.40B	$24.52B	150x	as long as short
MEXC BTC_USDT	+0.0076%	8h	86,301	−0.162%	$5.13B	$5.66B	500x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,340.3	−0.116%	$5.83B	$10.47B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,329.8	−0.129%	$170.0M	$981.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,320.7	−0.139%	$23.7M	$148.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	−0.011%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,293	−0.171%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,269	−0.199%	$204K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,331.6	−0.127%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,278.9	−0.188%	$22.1M	$232.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,371	−0.081%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,326.6	−0.132%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,302.2	−0.161%	$5.25B	$9.75B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,308.5	−0.153%	$2.56B	$12.63B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,294	−0.170%	$3.9M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,320.9	−0.139%	$7.3M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.096%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,298.1	−0.165%	$37.5M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.152%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	−0.025%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,338	−0.119%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,350.2	−0.105%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,299	−0.164%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,322	−0.138%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,308.9	−0.153%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,345.8	−0.110%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,315.8	−0.145%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,312.9	−0.148%	$2.29B	$967.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,318	−0.142%	$152.9M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,294.8	−0.169%	$45.9M	$224.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,310.5	−0.151%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,353.3	−0.101%	$132.8M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,345.5	−0.111%	$192.4M	$950.9M	100x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,442	+0.001%	$76K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,388.4	−0.061%	$714K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,301	−0.162%	$414.7M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,341.2	−0.115%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,319	−0.141%	$9.6M	$759.8M	6.4x	as long as short