BTC

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.383%

7d average−0.066%if it closes, per $10,000$38funding while held, a day+$2.55

Long on Phoenix Short on Variational Omni

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	85,490	0.0015	pay 0.0002% / 1h	50m 12s	$1.6M	$10.8M	40x
Short	Variational Omni BTC	85,162.2	0.0100	get 0.0100% / 8h	1h 50m	$171.1M	$466.0M	—

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 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee PhoenixbpFee Variational OmnibpOrdersClose when spread is

Spread captured: −$38.34
Funding while held: $2.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$42.79
Spread needed to break even: 0.070%

Slippage unknown: Phoenix: live order book, 10 min ago; Variational Omni: RFQ quote, just now. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0085%
Per $10,000 a day: +$2.55
Average in range /8h: —

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, 10 min ago	0.06 bp	3.7 bp −$4	6.4 bp −$64	13.2 bp −$1,318	doesn't fit
Sell Variational Omni RFQ quote, just now	0.50 bp	doesn't fit	0.5 bp −$5	1.6 bp −$159	doesn't fit

BTC price on every exchange

against the cheapest. Click to use as the short leg.

ApeX Omni85,007.3cheapest edgeX85,053.1+0.054%Derive85,058.2+0.060%Hotstuff85,088+0.095%BloFin85,088.4+0.095%Hibachi85,089.4+0.097%Katana Perps85,140+0.156%Extended85,153.4+0.172%Backpack85,154.2+0.173%

Variational Omni85,162.2+0.182%

Arcus85,162.6+0.183%01 Exchange85,163.8+0.184%Lighter85,164+0.184%Phemex85,164.5+0.185%BingX85,164.9+0.185%Perpl85,165.2+0.186%Aster85,166.4+0.187%Lighter RH85,170+0.191%Popdex85,171+0.193%Bybit85,172+0.194%Binance85,172+0.194%OKX85,173.1+0.195%KuCoin85,174.7+0.197%StandX85,175+0.197%Aevo85,175.6+0.198%Orderly85,176.5+0.199%Jupiter Perps85,177.1+0.200%HTX85,180.2+0.203%SunX85,181.4+0.205%SoDEX85,183+0.207%MEXC85,184.5+0.208%dYdX85,188.9+0.214%Nado85,190+0.215%Kraken Futures85,190.6+0.216%Kalshi85,192+0.217%Ondo Perps85,194+0.220%RISEx85,197.1+0.223%Pacifica85,198+0.224%Reya85,200.2+0.227%Injective85,202+0.229%Bitget85,206.1+0.234%Bluefin85,207.6+0.236%Gate85,210.2+0.239%gTrade (Gains Network)85,211.9+0.241%Paradex85,212.2+0.241%Coinbase International85,215.6+0.245%Bullet85,216+0.246%GMX85,216.5+0.246%Polymarket Perps85,220+0.250%Vest85,225.2+0.256%Aftermath Perps85,246.2+0.281%Deribit85,258.2+0.295%Hyperliquid85,303+0.348%Bulk85,463.5+0.537%

Phoenix85,490+0.568%

BTC on 55 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	−0.565%	−0.0172%	1h	$137.1M	$315.6M	100x	as long as short
edgeX BTCUSDC	−0.511%	−0.0114%	4h	$281.7M	$788.6M	100x	as long as short
Derive BTC-PERP	−0.505%	−0.0016%	1h	$27.7M	$54.7M	15x	as long as short
Hotstuff BTC-PERP	−0.470%	−0.0080%	1h	$8K	$3K	50x	as long as short
BloFin BTC-USDT	−0.470%	+0.0215%	8h	$421.4M	$477.0M	150x	as long as short
Hibachi BTC/USDT-P	−0.469%	+0.0200%	1h	$630K	$7.6M	30x	as long as short
Katana Perps BTC-USD	−0.409%	+0.0100%	8h	$209K	$4.9M	50x	as long as short
Extended BTC-USD	−0.394%	+0.0104%	1h	$47.0M	$199.5M	50x	as long as short
Backpack BTC_USDC_PERP	−0.393%	+0.0100%	1h	$38.8M	$101.9M	75x	as long as short
Variational Omni BTCshort	−0.383%	+0.0100%	8h	$171.1M	$466.0M	—

Show all 55 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Arcus BTC-USD	−0.383%	+0.0100%	1h	$6.1M	$77.1M	40x	as long as short
01 Exchange BTCUSD	−0.382%	−0.0032%	1h	$279K	$2.3M	50x	as long as short
Lighter BTC	−0.381%	+0.0096%	1h	$181.5M	$846.0M	50x	as long as short
Phemex BTCUSDT	−0.381%	−0.0016%	8h	$158.1M	$371.2M	150x	as long as short
BingX BTC-USDC	−0.380%	−0.0011%	8h	—	$14.4M	—	as long as short
Perpl BTC	−0.380%	−0.0447%	43m	$431K	$31.6M	6.7x	as long as short
Aster BTCUSDT	−0.379%	+0.0037%	8h	$486.3M	$990.1M	200x	as long as short
Lighter RH BTC	−0.374%	+0.0096%	1h	$25.2M	$130.6M	50x	as long as short
Popdex BTCUSDT	−0.373%	+0.0096%	1h	$8.4M	$40.2M	100x	as long as short
Bybit BTCUSDT	−0.372%	+0.0100%	8h	$5.04B	$7.77B	150x	as long as short
Binance BTCUSDT	−0.372%	+0.0094%	8h	$9.48B	$19.39B	150x	as long as short
OKX BTC-USDT-SWAP	−0.371%	+0.0058%	8h	$2.55B	$10.61B	100x	as long as short
KuCoin XBTUSDTM	−0.369%	+0.0067%	8h	$800.6M	$574.4M	125x	as long as short
StandX BTC-USD	−0.368%	+0.0100%	1h	$30.4M	$246.9M	40x	as long as short
Aevo BTC-PERP	−0.368%	+0.0096%	1h	$2.4M	$1.7M	20x	as long as short
Orderly PERP_BTC_USDC	−0.367%	+0.0100%	8h	$2.3M	$6.7M	100x	as long as short
Jupiter Perps WBTC-PERP	−0.366%	L +0.0104% / S +0.0048%	1h	—	$85.3M	500x	as long as short
HTX BTC-USDT	−0.362%	+0.0025%	8h	$2.28B	$777.8M	200x	as long as short
SunX BTC-USDT	−0.361%	+0.0100%	8h	$3.3M	$5.3M	100x	as long as short
SoDEX BTC-USD	−0.359%	+0.0054%	1h	$61.1M	$234.5M	40x	as long as short
MEXC BTC_USDT	−0.357%	+0.0094%	8h	$4.92B	$4.62B	500x	as long as short
dYdX BTC-USD	−0.352%	0.0000%	1h	$16.0M	$13.8M	50x	as long as short
Nado BTC-PERP	−0.351%	+0.0100%	1h	$23.5M	$220.4M	50x	as long as short
Kraken Futures PF_XBTUSD	−0.350%	+0.0042%	1h	$185.6M	$746.2M	100x	as long as short
Kalshi KXBTCPERP	−0.349%	0.0000%	8h	$8.2M	$493.7M	6.4x	as long as short
Ondo Perps BTC-USD.P	−0.346%	+0.0100%	1h	$3.9M	$15.5M	25x	as long as short
RISEx BTC/USDC	−0.343%	+0.0178%	1h	$8.5M	$36.6M	25x	as long as short
Pacifica BTC	−0.342%	+0.0100%	1h	$36.2M	$310.2M	50x	as long as short
Reya BTCRUSDPERP	−0.339%	−0.0035%	1h	$6.8M	$136.0M	40x	as long as short
Injective BTC/USDC PERP	−0.337%	+0.0180%	1h	$306K	$27.0M	52x	as long as short
Bitget BTCUSDT	−0.332%	−0.0011%	8h	$2.95B	$4.26B	150x	as long as short
Bluefin BTC-PERP	−0.330%	+0.0100%	1h	$142K	$399K	40x	as long as short
Gate BTC_USDT	−0.327%	−0.0018%	8h	$6.00B	$8.43B	200x	as long as short
gTrade (Gains Network) BTC/USD	−0.325%	L +0.0004% / S −0.0004%	1h	$36.4M	—	200x	as long as short
Paradex BTC-USD-PERP	−0.325%	+0.0084%	8h	$4.3M	$6.5M	50x	as long as short
Coinbase International BTC-PERP-INTX	−0.321%	+0.0112%	1h	$142.7M	$6.09B	50x	as long as short
Bullet BTC-USD	−0.321%	+0.0100%	1h	$248K	$3.3M	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	−0.320%	L +0.0196% / S −0.0203%	1h	$12.9M	—	200x	as long as short
Polymarket Perps BTC-USD	−0.316%	+0.0100%	1h	$10.8M	$10.5M	50x	as long as short
Vest BTC-PERP	−0.310%	+0.0100%	1h	—	$13.1M	50x	as long as short
Aftermath Perps BTCUSD	−0.285%	−0.0046%	1h	$83K	$140K	20x	as long as short
Deribit BTC-PERPETUAL	−0.271%	+0.0506%	1h	$849.1M	$919.5M	50x	as long as short
Hyperliquid BTC	−0.219%	+0.0111%	1h	$3.84B	$4.07B	40x	as long as short
Bulk BTC-USD	−0.031%	+0.0100%	1h	$534.4M	$59.0M	40x	as long as short
Phoenix BTClong	0.000%	+0.0015%	1h	$1.6M	$10.8M	40x