BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0279%/8h= −30.6% APRnext payment −$0.35 per $10,000 · paid last 24h −0.031%

Price spread now: Phoenix against Polymarket Perps−0.028%7-day average +0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$150.155% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.135%−$14 on $10k

Price spread, last 7 days+0.073%+$7 · spread now −0.028%, 7d avg +0.061%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Phoenix is 0.089% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.061%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.135% in total (about -7.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	85,509	0.0100	pay 0.0013% / 1h	24m 34s	$11.0M	$14.3M	50x
Short	Phoenix BTC	85,485	−0.0179	pay 0.0022% / 1h	24m 34s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$58.65
Price spread: −0.028% → +0.061%: −$8.91
Slippage, 4 orders: −$0.49
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$83.05
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 4 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 Polymarket Perps live order book, 5 min ago	0.06 bp	4.1 bp −$4	5.1 bp −$51	8.1 bp −$813	doesn't fit
Sell Phoenix live order book, 4 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.5 bp −$1,155	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 BTCshort	−0.0179%	1h	85,485	−0.028%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.029%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,498.6	−0.012%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	−0.004%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,492.5	−0.019%	$921.8M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.9	+0.021%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,495	−0.016%	$515.4M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	−0.013%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,475.5	−0.039%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,517.1	+0.009%	$25.5M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0062%	8h	85,493.4	−0.018%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,505.4	−0.004%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,495.7	−0.016%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,509.2	0.000%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,519.8	+0.013%	$5.06B	$5.63B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,527.1	+0.021%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,534.1	+0.029%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,506	−0.004%	$8.4M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,513.9	+0.006%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,507.9	−0.001%	$9.36B	$24.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,469	−0.047%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,590.5	+0.095%	$4.8M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,591.2	+0.096%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	+0.035%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,509.4	+0.001%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,518.4	+0.011%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	−0.008%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.008%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,502.2	−0.008%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,486.1	−0.027%	$35.6M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,455.5	−0.063%	$153.7M	$564.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.070%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.071%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	−0.056%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	−0.002%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,560.4	+0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,509	long leg	$11.0M	$14.3M	50x
Bullet BTC-USD	+0.0100%	1h	85,517.1	+0.009%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,517.7	+0.010%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,562.6	+0.063%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,513.1	+0.005%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,498	−0.013%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,522	+0.015%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,505.8	−0.004%	$2.26B	$942.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,466.2	−0.050%	$44.7M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,528.5	+0.023%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.6	+0.059%	$117.1M	$5.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,560.6	+0.060%	$884.2M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	−0.040%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,535.9	+0.031%	$187.6M	$955.0M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,529.4	+0.024%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,520.1	+0.013%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,523.6	+0.017%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,509.7	+0.001%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,525	+0.019%	$10.4M	$756.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,523.6	+0.017%	$501K	$18.8M	6.7x	as long as short