BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0016%/8h= +1.8% APRnext payment +$0.02 per $10,000 · paid last 24h +0.178%

Price spread now: Kraken Futures against Bluefin+0.002%7-day average +0.039% · 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−$26as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Bluefin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.281%+$28 on $10k

Price spread, last 3 days (all we have)+0.026%+$3 · spread now +0.002%, 7d avg +0.039%

Together, before fees+0.306%+$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.037% cheaper against Bluefin than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.039%). If the spread goes back, that is −$4 on $10k: about 7.5 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.281% in total) that is about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	86,728.9	0.0100	pay 0.0013% / 1h	12m 32s	$141K	$619K	40x
Short	Kraken Futures PF_XBTUSD	86,730.4	0.0116	get 0.0015% / 1h	12m 32s	$188.0M	$933.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bluefin. 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 BluefinbpFee Kraken FuturesbpOrdersPrice spread, now +0.002%Rate

Funding earned: $3.44
Price spread: +0.002% → +0.039%: −$3.68
Slippage, 4 orders: −$5.41
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$22.65
Costs to cover: 0.224%
Break-even: 53.0 days

Slippage from Bluefin: live order book, 12 min ago; Kraken Futures: live order book, 2 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 Bluefin live order book, 12 min ago	1.09 bp	6.3 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	6.9 bp −$687	9.0 bp −$4,503

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
Aftermath Perps BTCUSD	−0.0243%	1h	86,753.4	+0.028%	$85K	$188K	20x	as long as short
Perpl BTC	−0.0223%	43m	86,742	+0.015%	$426K	$24.6M	6.7x	as long as short
Phoenix BTC	−0.0103%	1h	86,739	+0.012%	$2.2M	$12.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,668	−0.070%	$9K	$3K	50x	as long as short
dYdX BTC-USD	−0.0063%	1h	86,692.6	−0.042%	$17.6M	$20.6M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,704.4	−0.028%	$362K	$2.4M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,736.7	+0.009%	$930.2M	$1.47B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,732.4	+0.004%	$36.9M	—	200x	as long as short
Aster BTCUSDT	+0.0005%	8h	86,667.4	−0.071%	$506.0M	$1.16B	200x	as long as short
KuCoin XBTUSDTM	+0.0006%	8h	86,676.3	−0.061%	$849.9M	$707.7M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0021%	1h	86,705.3	−0.027%	$6.7M	$144.4M	40x	as long as short
Phemex BTCUSDT	+0.0026%	8h	86,700.8	−0.032%	$150.2M	$472.0M	150x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,671.4	−0.066%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0036%	8h	86,678.7	−0.058%	$2.96B	$5.09B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,752	+0.027%	$315K	$26.8M	52x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,682.3	−0.054%	$9.43B	$24.37B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,684.3	−0.051%	$5.19B	$5.71B	500x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,696	−0.038%	$9.3M	$41.9M	25x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,703.8	−0.029%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,678.9	−0.058%	$5.85B	$10.69B	200x	as long as short
Bybit BTCUSDT	+0.0084%	8h	86,686.5	−0.049%	$5.28B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0090%	8h	86,691.8	−0.043%	$2.56B	$12.74B	100x	as long as short
Lighter BTC	+0.0096%	1h	86,698.1	−0.036%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,699.3	−0.034%	$24.1M	$154.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,682	−0.054%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,672	−0.066%	$201K	$6.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,729.2	0.000%	$4.8M	$8.2M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,670.7	−0.067%	$21.7M	$235.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,745.7	+0.019%	$3.82B	$5.12B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,717.1	−0.014%	$41.0M	$494.9M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,680	−0.056%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,751.5	+0.026%	$7.5M	$94.8M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,792.1	+0.073%	$573.3M	$22.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,713.3	−0.018%	$38.2M	$149.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,796.1	+0.078%	$159.7M	$566.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,761.4	+0.037%	$280.3M	$953.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,797.1	+0.079%	$218.0M	$187.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,754.9	+0.030%	$141.6M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,730.5	+0.002%	$30.8M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,782.8	+0.062%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,722	−0.008%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,710.5	−0.021%	$197K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,720	−0.010%	$2.4M	$8.6M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	86,728.9	long leg	$141K	$619K	40x
Derive BTC-PERP	+0.0100%	1h	86,716.4	−0.014%	$30.0M	$61.8M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,729.2	0.000%	$3.4M	$5.5M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,700	−0.033%	$60.5M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,706.4	−0.026%	$2.30B	$959.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,674.5	−0.063%	$46.4M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,775.6	+0.054%	—	$98.8M	500x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0116%	1h	86,730.4	+0.002%	$188.0M	$933.9M	100x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,743.7	+0.017%	$131.8M	$5.84B	50x	as long as short
Kalshi KXBTCPERP	+0.0163%	8h	86,755	+0.030%	$9.7M	$727.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0180% / S −0.0209%	1h	86,727.7	−0.001%	$15.0M	—	200x	as long as short
BloFin BTC-USDT	+0.0181%	8h	86,700	−0.033%	$416.5M	$655.6M	150x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	86,778.3	+0.057%	$781K	$7.8M	30x	as long as short