BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0259%/8h= −28.4% APRnext payment −$0.32 per $10,000 · paid last 24h −0.005%

Price spread now: Phoenix against SoDEX+0.002%7-day average +0.035% · 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−$19as in the Price arb table

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

Long on SoDEX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.002%, 7d avg +0.035%

Together, before fees−0.078%−$8 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 0.032% cheaper against SoDEX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.064% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 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	SoDEX BTC-USD	86,347	0.0100	pay 0.0013% / 1h	4m 20s	$60.4M	$337.3M	40x
Short	Phoenix BTC	86,349	−0.0159	pay 0.0020% / 1h	4m 20s	$2.2M	$11.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SoDEX. 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 SoDEXbpFee PhoenixbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$54.39
Price spread: +0.002% → +0.035%: −$3.23
Slippage, 4 orders: −$0.47
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$73.09
Costs to cover: 0.155%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; 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 SoDEX live order book, 5 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.1 bp −$506	42.7 bp −$21.4K
Sell Phoenix live order book, 5 min ago	0.06 bp	3.6 bp −$4	5.0 bp −$50	10.3 bp −$1,035	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
Bluefin BTC-PERP	−0.0477%	1h	86,396.1	+0.057%	$140K	$663K	40x	as long as short
Phoenix BTCshort	−0.0159%	1h	86,349	+0.002%	$2.2M	$11.8M	40x
Hotstuff BTC-PERP	−0.0080%	1h	86,355	+0.009%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,377.8	+0.036%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,364.4	+0.020%	$503.1M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,380	+0.038%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,358.6	+0.013%	$849.1M	$713.4M	125x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,369.9	+0.026%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0008%	1h	86,352	+0.006%	$16.9M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0022%	1h	86,378	+0.036%	$917.5M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,355.8	+0.010%	$6.7M	$145.1M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	+0.015%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,368.4	+0.025%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,345.5	−0.002%	$149.7M	$477.4M	150x	as long as short
Bitget BTCUSDT	+0.0048%	8h	86,369.7	+0.026%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,367.3	+0.024%	$5.12B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,359.1	+0.014%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0065%	8h	86,367.5	+0.024%	$9.41B	$24.48B	150x	as long as short
Aftermath Perps BTCUSD	+0.0067%	1h	86,385	+0.044%	$80K	$219K	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,362.9	+0.018%	$5.84B	$10.78B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,369	+0.025%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,381.3	+0.040%	$24.0M	$153.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,366	+0.022%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0096%	8h	86,370	+0.027%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,338	−0.010%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,398.8	+0.060%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,359	+0.014%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,431	+0.097%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,390.4	+0.050%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,373.2	+0.030%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,361	+0.016%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,415.6	+0.079%	$7.7M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.030%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,336.8	−0.012%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,349.5	+0.003%	$155.5M	$568.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,273.7	−0.085%	$278.9M	$945.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	−0.013%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,285.8	−0.071%	$141.1M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,341	−0.007%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,403.5	+0.065%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,359	+0.014%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,365.2	+0.021%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,373.1	+0.030%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.1	+0.058%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,326.3	−0.024%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USDlong	+0.0100%	1h	86,347	long leg	$60.4M	$337.3M	40x
HTX BTC-USDT	+0.0100%	8h	86,335.7	−0.013%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,346	−0.001%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,377.8	+0.036%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,355.8	+0.010%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,384.9	+0.044%	$131.9M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,366	+0.022%	$191.8M	$946.6M	100x	as long as short
Hibachi BTC/USDT-P	+0.0144%	1h	86,366.7	+0.023%	$718K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0185%	8h	86,347.3	0.000%	$414.6M	$653.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0211%	1h	86,377.3	+0.035%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,360	+0.015%	$9.6M	$736.2M	6.4x	as long as short