BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0029%/8h= −3.1% APRnext payment −$0.29 per $10,000 · paid last 24h −0.017%

Price spread now: Phemex against Variational Omni+0.070%7-day average +0.013% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.120%−$12 · spread now +0.070%, 7d avg +0.013%

Together, before fees−0.157%+ Points / potential airdropVariational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.057% dearer against Variational Omni than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.013%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,455.5	0.0100	pay 0.0100% / 8h	4h 23m	$153.7M	$564.5M	—
Short	Phemex BTCUSDT	85,515.1	0.0071	get 0.0071% / 8h	4h 23m	$147.6M	$487.3M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. 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 Variational OmnibpFee PhemexbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$6.04
Price spread: +0.070% → +0.013%: $5.68
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.36
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Phemex: live order book, 6 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 1 min ago	0.51 bp	doesn't fit	0.5 bp −$5	3.8 bp −$378	doesn't fit
Sell Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	7.2 bp −$72	8.1 bp −$812	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 BTC	−0.0179%	1h	85,485	+0.034%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.092%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,510.4	+0.064%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,519.6	+0.075%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0020%	8h	85,490.2	+0.041%	$920.1M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,522.4	+0.078%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,509.9	+0.064%	$515.5M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	+0.049%	$16.7M	$21.2M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,490.5	+0.041%	$4.4M	$98.4M	40x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,520	+0.075%	$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	85,509.8	+0.063%	—	$17.1M	—	as long as short
Phemex BTCUSDTshort	+0.0071%	8h	85,515.1	+0.070%	$147.6M	$487.3M	150x
Bitget BTCUSDT	+0.0078%	8h	85,520.3	+0.076%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0083%	1h	85,505.1	+0.058%	$6.7M	$146.7M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,535.6	+0.094%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,535.3	+0.093%	$23.9M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,510	+0.064%	$8.4M	$52.9M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,526.2	+0.083%	$5.07B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,511.2	+0.065%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,527.6	+0.084%	$9.37B	$24.14B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,486	+0.036%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,575.2	+0.140%	$4.9M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,596	+0.164%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,546	+0.106%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,523.3	+0.079%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,529.9	+0.087%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,499	+0.051%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.071%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,526.5	+0.083%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,513.9	+0.068%	$35.7M	$176.6M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,455.5	long leg	$153.7M	$564.5M	—
edgeX BTCUSDC	+0.0100%	4h	85,482.9	+0.032%	$279.2M	$920.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.009%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,521.5	+0.077%	$139.8M	$314.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	+0.060%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,566.3	+0.130%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	+0.064%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,515	+0.070%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,514.4	+0.069%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,555.4	+0.117%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,510.6	+0.064%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,496.2	+0.048%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,520	+0.075%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,511.5	+0.065%	$2.26B	$942.3M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,494.7	+0.046%	$44.6M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.2	+0.083%	—	$107.5M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,560.8	+0.123%	$117.1M	$5.19B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0141%	1h	85,561.6	+0.124%	$884.7M	$1.57B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.023%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,543.2	+0.103%	$187.6M	$954.9M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,532.9	+0.091%	$8.2M	$42.5M	25x	as long as short
Aftermath Perps BTCUSD	+0.0201%	1h	85,518.6	+0.074%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,521.6	+0.077%	$13.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	+0.096%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,546	+0.106%	$10.4M	$756.5M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,538.3	+0.097%	$500K	$18.8M	6.7x	as long as short