Live Bitcoin (BTC) Perp Price

The chart shows the BTC perp price in Solflare Perps over the window you select. A BTC perpetual futures contract tracks the price of Bitcoin rather than representing ownership of it, so the BTC perp price sits close to the Bitcoin spot price but rarely matches it exactly. The gap between the two is the basis, and the funding rate is the mechanism that keeps it narrow. The 24-hour change above the chart is the move in the BTC perp price over the previous day.

Bitcoin market data

Open interest

$2.04M

Notional value of all open BTC positions

24h volume

$11.71M

Max leverage

40x

Open interest is the notional value of the BTC perpetual futures positions still open in Solflare Perps. The 24-hour volume is the notional value of BTC traded over the previous day. The two measure different things: open interest describes exposure that is still held, while volume describes how much changed hands. Neither figure shows on its own whether traders are net long or net short. Maximum leverage is the highest multiple Phoenix Trade allows on BTC. It is set per market and Phoenix Trade can change it. Higher leverage increases the risk of liquidation.

BTC funding rate

1 hour

+0.0002%

8 hours

+0.0016%

24 hours

+0.0048%

APR

+1.75%

The BTC funding rate is a recurring payment between traders holding BTC perpetual futures positions. A positive rate means traders holding long BTC positions pay traders holding short positions, and a negative rate means the payment flows the other way. Funding settles every hour on Phoenix Trade, so the 1-hour figure is the one that is charged. The 8-hour, 24-hour and annualized figures are comparison horizons for that same rate, not separate rates and not price forecasts.

What the BTC funding rate tells you

A positive rate usually means the BTC perp is trading above the Bitcoin spot price and positioning is skewed towards longs. A negative rate usually means the opposite. It describes what traders are doing now, not what the price will do next.

The size matters as much as the sign. A rate near zero costs little to hold in either direction. A persistently high rate makes the paying side expensive to hold over time, and because funding comes out of your collateral, it moves your liquidation price closer even when the market itself has not moved against you.

BTC perpetual contract specification

No expiry

Unlike dated futures, a BTC perpetual futures contract does not expire. A BTC position remains open until you close it or the position is liquidated.

Contract type

Perpetual futures, no expiry

Quote currency

USD

A BTC perpetual futures contract has no expiry date, so a BTC position stays open until you close it or it is liquidated. That is what separates a perpetual contract from a dated futures contract, which settles on a fixed date. The BTC contract is quoted in USD and margined in USDC, and both the collateral and the position stay on Solana. Funding is exchanged every hour. Phoenix Trade on Solana is the venue for every BTC perp order placed through Solflare.

How BTC liquidations use mark price

Phoenix Trade uses the mark price to determine BTC liquidations. The mark price is an average drawn from the wider market rather than the last BTC trade printed on the chart, which is why a BTC liquidation can happen at a price the chart never showed. Each BTC position uses only the collateral you assign to it, so a liquidation on one position does not draw on your other positions or the rest of your wallet.