BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0039%/8h= +4.2% APRnext payment +$0.05 per $10,000 · paid last 24h −0.002%

Price spread now: Kraken Futures against Bulk−0.037%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Bulk Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.163%−$16 · spread now −0.037%, 7d avg +0.013%

Together, before fees−0.207%−$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.049% cheaper against Bulk than usual: you would sell low and buy high (spread −0.037% now, against its 7-day average of +0.013%). If the spread goes back, that is −$5 on $10k: about 4.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	85,562.7	0.0100	pay 0.0013% / 1h	40m 26s	$616.1M	$358.9M	40x
Short	Kraken Futures PF_XBTUSD	85,531.3	0.0139	get 0.0017% / 1h	40m 26s	$187.6M	$948.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bulk. 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 BulkbpFee Kraken FuturesbpOrdersPrice spread, now −0.037%Rate

Funding earned: $8.09
Price spread: −0.037% → +0.013%: −$4.92
Slippage, 4 orders: −$0.77
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$14.6
Costs to cover: 0.178%
Break-even: 19.6 days

Slippage from Bulk: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Bulk live order book, 4 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.9 bp −$392	4.9 bp −$2,437
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.3 bp −$5	6.5 bp −$65	7.6 bp −$765	9.3 bp −$4,634

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	−0.0160%	1h	85,485	−0.091%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,596	+0.039%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,579.9	+0.020%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,512.5	−0.059%	$414.8M	$661.8M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,549.1	−0.016%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,527.1	−0.042%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,591.1	+0.033%	$22.8M	$221.7M	50x	as long as short
KuCoin XBTUSDTM	+0.0013%	8h	85,557.3	−0.006%	$918.6M	$749.6M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,573.5	+0.013%	$515.7M	$1.11B	200x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,564.1	+0.002%	—	$17.0M	—	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0055%	1h	85,539.9	−0.027%	$893.3M	$1.52B	50x	as long as short
Reya BTCRUSDPERP	+0.0067%	1h	85,576	+0.016%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0067%	8h	85,581.4	+0.022%	$2.95B	$5.02B	150x	as long as short
HTX BTC-USDT	+0.0071%	8h	85,501.8	−0.071%	$2.26B	$933.1M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.063%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,494.2	−0.080%	$2.4M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0084%	8h	85,517.4	−0.053%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,583.4	+0.024%	$5.04B	$5.61B	500x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,594.3	+0.037%	$9.33B	$23.91B	150x	as long as short
Phemex BTCUSDT	+0.0091%	8h	85,511.7	−0.060%	$148.2M	$478.5M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,578.7	+0.019%	$169.8M	$987.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,580.1	+0.020%	$23.9M	$147.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,591	+0.033%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,620.2	+0.067%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,546	−0.019%	$203K	$7.7M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,647	+0.099%	$3.77B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,608.8	+0.054%	$40.1M	$571.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,591.7	+0.034%	$5.34B	$9.59B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,586.2	+0.027%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,562	−0.001%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,542.6	−0.023%	$7.2M	$97.1M	40x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	85,562.7	long leg	$616.1M	$358.9M	40x
Gate BTC_USDT	+0.0100%	8h	85,584.3	+0.025%	$5.55B	$10.46B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,518.2	−0.052%	$35.0M	$171.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,503.7	−0.069%	$154.4M	$549.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,579.7	+0.020%	$278.9M	$926.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,591.1	+0.033%	$214.8M	$164.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,603.5	+0.048%	$140.0M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,631	+0.080%	$30.3M	$211.0M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,632.7	+0.082%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,572	+0.011%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,525	−0.044%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,500.4	−0.073%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,540.9	−0.025%	$196K	$721K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,497.1	−0.077%	$29.9M	$52.5M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,500	−0.073%	$59.9M	$336.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,558.6	−0.005%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,664.8	+0.119%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,548.4	−0.017%	$130.8M	$5.08B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,607.3	+0.052%	$8.3M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0139%	1h	85,531.3	−0.037%	$187.6M	$948.0M	100x
Aftermath Perps BTCUSD	+0.0195%	1h	85,571.8	+0.011%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,675.7	+0.132%	$704K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,525.7	−0.043%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,576	+0.016%	$10.6M	$760.4M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,585	+0.026%	$522K	$19.5M	6.7x	as long as short