BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0275%/8h= −30.1% APRnext payment −$0.34 per $10,000 · paid last 24h −0.028%

Price spread now: Phoenix against Popdex+0.080%7-day average +0.047% · 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−$11as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on Popdex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.117%−$12 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.080%, 7d avg +0.047%

Together, before fees−0.148%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.033% dearer against Popdex than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of +0.047%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 4 days (−0.117% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex BTCUSDT	85,462	0.0096	pay 0.0012% / 1h	18m 56s	$8.4M	$52.9M	100x
Short	Phoenix BTC	85,530	−0.0179	pay 0.0022% / 1h	18m 56s	$2.1M	$10.3M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Popdex. 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 PopdexbpFee PhoenixbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$57.81
Price spread: +0.080% → +0.047%: $3.27
Slippage, 4 orders: −$0.86
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$68.8
Costs to cover: 0.143%
Break-even: never at this rate

Slippage from Popdex: live order book, just now; Phoenix: live order book, 5 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 Popdex live order book, just now	0.06 bp	3.4 bp −$3	8.6 bp −$86	10.5 bp −$1,054	13.4 bp −$6,688
Sell Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.5 bp −$1,145	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	85,530	+0.080%	$2.1M	$10.3M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,474	+0.014%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,450.4	−0.014%	$365K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	−0.0023%	8h	85,383.9	−0.091%	$918.2M	$751.9M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,447.7	−0.017%	$416.2M	$667.6M	150x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,469.4	+0.009%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,434.8	−0.032%	$515.1M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0013%	1h	85,497.7	+0.042%	$16.7M	$21.2M	50x	as long as short
Nado BTC-PERP	+0.0018%	1h	85,445.6	−0.019%	$25.3M	$222.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,442.7	−0.023%	$4.4M	$98.1M	40x	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	85,419.3	−0.050%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0075%	8h	85,440	−0.026%	$147.5M	$488.2M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,394	−0.080%	$2.94B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,449.9	−0.014%	$6.7M	$146.8M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,454.3	−0.009%	$172.4M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,460.1	−0.002%	$23.8M	$149.2M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,462	long leg	$8.4M	$52.9M	100x
Aevo BTC-PERP	+0.0096%	1h	85,444.7	−0.020%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,397.7	−0.075%	$5.06B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	85,408.4	−0.063%	$9.35B	$24.15B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,424	−0.044%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,519.4	+0.067%	$4.9M	$9.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,521	+0.069%	$3.74B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,481.4	+0.023%	$40.1M	$579.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,394.6	−0.079%	$5.20B	$9.80B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,400.1	−0.072%	$2.58B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,441	−0.025%	$3.9M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.063%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,436.1	−0.030%	$5.51B	$10.73B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,427	−0.041%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,443.5	−0.022%	$153.4M	$565.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,504	+0.049%	$279.3M	$921.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,513.1	+0.060%	$214.6M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,457.2	−0.006%	$139.7M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,489.4	+0.032%	$30.2M	$208.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,514.5	+0.061%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,450	−0.014%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,457	−0.006%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,448.5	−0.016%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,495.3	+0.039%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,442.4	−0.023%	$29.9M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,441.4	−0.024%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,448	−0.016%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,450	−0.014%	$2.26B	$942.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,370.6	−0.107%	$44.6M	$230.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,468.6	+0.008%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,481.6	+0.023%	$117.2M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0149%	1h	85,493.3	+0.037%	$891.3M	$1.58B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.015%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,464.2	+0.003%	$187.5M	$955.3M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,482.7	+0.024%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,465.4	+0.004%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,497.8	+0.042%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,480	+0.021%	$10.3M	$756.2M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0225%	1h	85,532.2	+0.082%	$78K	$219K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,462.2	0.000%	$497K	$18.8M	6.7x	as long as short