Funding you earn now, next payment 22:00 UTC+0.0009%/8h= +1.0% APRnext payment +$0.01 per $10,000 · paid last 24h −0.018%
Price spread now: Kraken Futures against Coinbase International−0.010%7-day average −0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$19as in the Price arb table
costs, in and out, $10k−$200.205% of the position
Funding, last 7 days+0.011%+$1 on $10k
+Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.010%, 7d avg −0.027%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Coinbase International BTC-PERP-INTX | 86,571.3 | 0.0112 | pay 0.0014% / 1h | 34m 24s | $131.6M | $5.71B | 50x |
| Short | Kraken Futures PF_XBTUSD | 86,562.4 | 0.0121 | get 0.0015% / 1h | 34m 24s | $191.6M | $937.1M | 100x |
Coinbase International BTC-PERP-INTX
Kraken Futures PF_XBTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Coinbase International. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $1.84
- Price spread: −0.010% → −0.027%
- $1.63
- Slippage, 4 orders
- −$0.5
- Fee Coinbase International: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$17.02
- Costs to cover
- 0.205%
- Break-even
- 71.7 days
Slippage from Coinbase International: live order book, 5 min ago; Kraken Futures: live order book, 5 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 Coinbase International live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.1 bp −$514 | 10.7 bp −$5,368 |
| Sell Kraken Futures live order book, 5 min ago | 0.06 bp | 5.1 bp −$5 | 5.6 bp −$56 | 6.6 bp −$658 | 8.5 bp −$4,234 |
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 | −0.0657% | 1h | 86,553.8 | −0.020% | $140K | $618K | 40x | as long as short |
| Phoenix BTC | −0.0159% | 1h | 86,627 | +0.064% | $2.2M | $11.8M | 40x | as long as short |
| Aftermath Perps BTCUSD | −0.0130% | 1h | 86,615.5 | +0.051% | $83K | $216K | 20x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,522 | −0.057% | $9K | $3K | 50x | as long as short |
| dYdX BTC-USD | −0.0010% | 1h | 86,530.8 | −0.047% | $17.3M | $20.5M | 50x | as long as short |
| Aster BTCUSDT | −0.0010% | 8h | 86,489.8 | −0.094% | $504.7M | $1.15B | 200x | as long as short |
| 01 Exchange BTCUSD | −0.0008% | 1h | 86,494 | −0.089% | $358K | $2.4M | 50x | as long as short |
| KuCoin XBTUSDTM | 0.0000% | 8h | 86,509.2 | −0.072% | $851.1M | $708.6M | 125x | as long as short |
| Perpl BTC | 0.0000% | 43m | 86,522.6 | −0.056% | $419K | $23.8M | 6.7x | as long as short |
| Deribit BTC-PERPETUAL | 0.0000% | 1h | 86,565.4 | −0.007% | $924.2M | $1.47B | 50x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Aftermath Perps BTCUSD
Hotstuff BTC-PERP
dYdX BTC-USD
Aster BTCUSDT
01 Exchange BTCUSD
KuCoin XBTUSDTM
Perpl BTC
Deribit BTC-PERPETUALShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 86,557.8 | −0.016% | $36.8M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0006% | 1h | 86,484.3 | −0.101% | $8.5M | $43.2M | 25x | as long as short |
| Reya BTCRUSDPERP | +0.0022% | 1h | 86,444.9 | −0.146% | $6.7M | $144.9M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0024% | 1h | 86,559 | −0.014% | $315K | $26.8M | 52x | as long as short |
| Phemex BTCUSDT | +0.0030% | 8h | 86,533.7 | −0.043% | $150.2M | $475.4M | 150x | as long as short |
| BingX BTC-USDT | +0.0034% | 8h | 86,516.5 | −0.063% | — | $1.59B | — | as long as short |
| Bitget BTCUSDT | +0.0043% | 8h | 86,457.9 | −0.131% | $2.95B | $5.08B | 150x | as long as short |
| Hibachi BTC/USDT-P | +0.0048% | 1h | 86,562.5 | −0.010% | $729K | $8.2M | 30x | as long as short |
| MEXC BTC_USDT | +0.0060% | 8h | 86,455.8 | −0.133% | $5.17B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0060% | 8h | 86,472 | −0.115% | $9.41B | $24.32B | 150x | as long as short |
| Aevo BTC-PERP | +0.0064% | 1h | 86,528.8 | −0.049% | $2.4M | $1.3M | 20x | as long as short |
| Gate BTC_USDT | +0.0075% | 8h | 86,506.7 | −0.075% | $5.85B | $10.66B | 200x | as long as short |
| Bybit BTCUSDT | +0.0089% | 8h | 86,470.8 | −0.116% | $5.27B | $9.70B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,526.1 | −0.052% | $171.6M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,527.3 | −0.051% | $24.0M | $151.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,476 | −0.110% | $8.5M | $52.2M | 100x | as long as short |
| SoDEX BTC-USD | +0.0098% | 1h | 86,530 | −0.048% | $60.5M | $337.1M | 40x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,468 | −0.119% | $201K | $6.9M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,551.7 | −0.023% | $4.8M | $8.4M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,495.2 | −0.088% | $21.8M | $233.4M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 86,549 | −0.026% | $3.81B | $5.09B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,549.1 | −0.026% | $41.1M | $505.2M | 50x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,469.6 | −0.117% | $2.54B | $12.68B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,496 | −0.087% | $3.9M | $18.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,570.7 | −0.001% | $7.4M | $93.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,703.1 | +0.152% | $573.0M | $18.8M | 40x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,519.1 | −0.060% | $38.4M | $153.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,541.3 | −0.035% | $156.5M | $566.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,594.3 | +0.027% | $279.8M | $944.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,592.5 | +0.024% | $217.3M | $173.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,642.9 | +0.083% | $141.6M | $323.1M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,563.2 | −0.009% | $30.7M | $203.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,530.5 | −0.047% | — | $11.6M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,467 | −0.120% | $11.1M | $13.6M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,463.4 | −0.125% | $191K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,542.8 | −0.033% | $2.4M | $8.6M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 86,538.9 | −0.037% | $30.0M | $61.6M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,536.8 | −0.040% | $3.4M | $5.4M | 100x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,527.7 | −0.050% | $2.30B | $964.6M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,476.9 | −0.109% | $46.4M | $225.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,541.9 | −0.034% | — | $98.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTXlong | +0.0112% | 1h | 86,571.3 | long leg | $131.6M | $5.71B | 50x | |
| Kraken Futures PF_XBTUSDshort | +0.0121% | 1h | 86,562.4 | −0.010% | $191.6M | $937.1M | 100x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0181% / S −0.0208% | 1h | 86,552.2 | −0.022% | $15.1M | — | 200x | as long as short |
| BloFin BTC-USDT | +0.0181% | 8h | 86,533.4 | −0.044% | $414.3M | $651.5M | 150x | as long as short |
| Kalshi KXBTCPERP | +0.0195% | 8h | 86,554 | −0.020% | $9.6M | $728.5M | 6.4x | as long as short |
gTrade (Gains Network) BTC/USD
RISEx BTC/USDC
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Phemex BTCUSDT
BingX BTC-USDT
Bitget BTCUSDT
Hibachi BTC/USDT-P
MEXC BTC_USDT
Binance BTCUSDT
Aevo BTC-PERP
Gate BTC_USDT
Bybit BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
SoDEX BTC-USD
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
GMX BTC/USD [WBTC.b-USDC]
BloFin BTC-USDT
Kalshi KXBTCPERP