BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0109%/8h= +11.9% APRnext payment +$0.14 per $10,000 · paid last 24h +0.009%

Price spread now: 01 Exchange against Phoenix−0.058%52s7-day average −0.054% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.173% of the position

Long on Phoenix Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.058%, 7d avg −0.054%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 52 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	86,126	−0.0133	get 0.0017% / 1h	52m 02s	$2.0M	$7.8M	40x
Short	01 Exchange BTCUSD	86,076.4	−0.0024	pay 0.0003% / 1h	52m 02s	$363K	$2.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.058%Rate

Funding earned: $22.83
Price spread: −0.058% → −0.054%: −$0.41
Slippage, 4 orders: −$3.29
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: $5.13
Costs to cover: 0.173%
Break-even: 5.4 days

Slippage from Phoenix: live order book, 5 min ago; 01 Exchange: live order book, just now.

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, 5 min ago	0.06 bp	3.7 bp −$4	5.9 bp −$59	11.5 bp −$1,154	doesn't fit
Sell 01 Exchange live order book, just now	0.01 bp	3.6 bp −$4	8.5 bp −$85	doesn't fit	doesn't fit

BTC on 55 exchanges

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	−0.0133%	1h	86,126	long leg	$2.0M	$7.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.082%	$8K	$2K	50x	as long as short
01 Exchange BTCUSDshort	−0.0024%	1h	86,076.4	−0.058%	$363K	$2.0M	50x
BloFin BTC-USDT	−0.0020%	8h	86,091.8	−0.040%	$421.2M	$564.2M	150x	as long as short
SoDEX BTC-USD	0.0000%	1h	86,097	−0.034%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,064.4	−0.072%	$16.9M	$14.6M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	−0.021%	$481K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	−0.017%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.102%	$301K	$26.1M	52x	as long as short
Aster BTCUSDT	+0.0028%	8h	86,085.8	−0.047%	$513.2M	$875.3M	200x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSD	+0.0029%	1h	86,113.5	−0.014%	$191.3M	$770.3M	100x	as long as short
BingX BTC-USDC	+0.0030%	8h	86,078.4	−0.055%	—	$16.3M	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,100	−0.030%	$5.14B	$8.14B	150x	as long as short
ApeX Omni BTCUSDT	+0.0037%	1h	86,155.8	+0.035%	$137.8M	$295.3M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,091.3	−0.040%	$943.1M	$634.7M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,103.2	−0.026%	$5.52B	$8.88B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,073	−0.062%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0088%	8h	86,088.5	−0.044%	$170.6M	$479.1M	150x	as long as short
Bitget BTCUSDT	+0.0095%	8h	86,097.5	−0.033%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,103.5	−0.026%	$173.8M	$852.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,105.8	−0.023%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,069.3	−0.066%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0097%	8h	86,076.7	−0.057%	$2.27B	$805.8M	200x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,098.7	−0.032%	$9.46B	$20.58B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,048	−0.091%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,112	−0.016%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,059.5	−0.077%	$23.5M	$196.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,101.8	−0.028%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,107.4	−0.022%	$2.62B	$9.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,063	−0.073%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,105.1	−0.024%	$4.2M	$90.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.050%	$716.4M	$134.3M	40x	as long as short
MEXC BTC_USDT	+0.0100%	8h	86,097.7	−0.033%	$5.17B	$4.82B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,092	−0.039%	$38.7M	$196.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	−0.001%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,136.3	+0.012%	$290.0M	$813.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,151.9	+0.030%	$216.4M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,151	+0.029%	$30.3M	$222.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,134.7	+0.010%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,077	−0.057%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,093.8	−0.037%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	−0.053%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,127.2	+0.001%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,061.2	−0.075%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,062.9	−0.073%	$47.0M	$203.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,101.5	−0.028%	—	$81.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,143.8	+0.021%	$112.3M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,102	−0.028%	$11.9M	$733.1M	6.4x	as long as short
Hyperliquid BTC	+0.0163%	1h	86,191	+0.075%	$3.97B	$4.36B	40x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,062.8	−0.073%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,098.7	−0.032%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.029%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0245%	1h	86,143.2	+0.020%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,160	+0.039%	$727K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0450%	1h	86,144.6	+0.022%	$79K	$245K	20x	as long as short