BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0038%/8h= +4.2% APRnext payment +$0.05 per $10,000 · paid last 24h −0.003%

Price spread now: Kraken Futures against Backpack+0.054%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.144%+$14 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.054%, 7d avg +0.045%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.045%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BTC_USDC_PERP	85,794.9	0.0100	pay 0.0013% / 1h	16m 03s	$35.2M	$172.7M	75x
Short	Kraken Futures PF_XBTUSD	85,841.2	0.0138	get 0.0017% / 1h	16m 03s	$189.0M	$951.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.054%Rate

Funding earned: $7.99
Price spread: +0.054% → +0.045%: $0.87
Slippage, 4 orders: −$0.47
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$11.61
Costs to cover: 0.205%
Break-even: 17.2 days

Slippage from Backpack: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$538	16.7 bp −$8,352
Sell Kraken Futures live order book, 3 min ago	0.06 bp	5.2 bp −$5	6.1 bp −$61	7.3 bp −$733	9.0 bp −$4,519

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	−0.0785%	1h	85,850.8	+0.065%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,789	−0.007%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,792	−0.003%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,782.7	−0.014%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,769.9	−0.029%	$418.4M	$665.5M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,797.8	+0.003%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,825.7	+0.036%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	85,799.2	+0.005%	$918.9M	$751.3M	125x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,787.6	−0.009%	$22.7M	$219.6M	50x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,792.1	−0.003%	$516.9M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0056%	8h	85,804	+0.011%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0071%	8h	85,804.3	+0.011%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0072%	1h	85,798.4	+0.004%	$6.7M	$146.5M	40x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,801.5	+0.008%	$148.8M	$479.8M	150x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.014%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,803.8	+0.010%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,802.6	+0.009%	$5.05B	$5.64B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,804	+0.011%	$9.36B	$23.87B	150x	as long as short
HTX BTC-USDT	+0.0087%	8h	85,805.5	+0.012%	$2.27B	$935.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	85,819.8	+0.029%	$170.3M	$995.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,822.5	+0.032%	$24.0M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,788	−0.008%	$8.4M	$52.2M	100x	as long as short
SoDEX BTC-USD	+0.0098%	1h	85,817	+0.026%	$60.1M	$336.1M	40x	as long as short
SunX BTC-USDT	+0.0098%	8h	85,769.7	−0.029%	$2.9M	$6.1M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,817.7	+0.027%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,754	−0.048%	$198K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,886	+0.106%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,811.9	+0.020%	$40.2M	$577.3M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,809	+0.016%	$5.34B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,815.2	+0.024%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,755	−0.047%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,754.5	−0.047%	$6.8M	$97.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,807.5	+0.015%	$5.56B	$10.55B	200x	as long as short
Backpack BTC_USDC_PERPlong	+0.0100%	1h	85,794.9	long leg	$35.2M	$172.7M	75x
Variational Omni BTC	+0.0100%	8h	85,806.6	+0.014%	$157.6M	$550.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,731	−0.074%	$280.0M	$921.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,760.8	−0.040%	$215.4M	$166.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,808.4	+0.016%	$140.4M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,760.8	−0.040%	$30.3M	$209.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,833	+0.044%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,799	+0.005%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,814	+0.022%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,803.1	+0.010%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,810.6	+0.018%	$30.1M	$50.9M	15x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,681.9	−0.132%	$628.9M	$439.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,794.4	−0.001%	$44.2M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,787.3	−0.009%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,858.6	+0.074%	$129.4M	$5.10B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,812.6	+0.021%	$8.4M	$42.2M	25x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0138%	1h	85,841.2	+0.054%	$189.0M	$951.7M	100x
Deribit BTC-PERPETUAL	+0.0169%	1h	85,858.8	+0.075%	$891.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0199%	1h	85,776.7	−0.021%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,800.6	+0.007%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,820.5	+0.030%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,821	+0.030%	$10.6M	$758.0M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,800.1	+0.006%	$509K	$19.3M	6.7x	as long as short