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 0.000%

Price spread now: Backpack against Kraken Futures−0.044%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

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

costs, in and out, $10k−$210.206% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.138%−$14 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now −0.044%, 7d avg −0.046%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.046%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,675.8	0.0116	pay 0.0015% / 1h	47m 30s	$192.0M	$927.3M	100x
Short	Backpack BTC_USDC_PERP	86,637.4	0.0100	get 0.0013% / 1h	47m 30s	$38.2M	$148.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$3.46
Price spread: −0.044% → −0.046%: $0.16
Slippage, 4 orders: −$0.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$23.95
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Backpack: 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 Kraken Futures live order book, 2 min ago	0.06 bp	5.6 bp −$6	6.1 bp −$61	7.3 bp −$733	9.4 bp −$4,682
Sell Backpack live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$556	18.9 bp −$9,425

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
Perpl BTC	−0.0335%	43m	86,624.5	−0.059%	$426K	$25.1M	6.7x	as long as short
Aftermath Perps BTCUSD	−0.0205%	1h	86,674	−0.002%	$85K	$188K	20x	as long as short
Phoenix BTC	−0.0103%	1h	86,579	−0.112%	$2.2M	$12.4M	40x	as long as short
dYdX BTC-USD	−0.0092%	1h	86,651.2	−0.028%	$18.0M	$20.0M	50x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,596	−0.092%	$9K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0002%	8h	86,595	−0.093%	$844.7M	$709.3M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	86,628.4	−0.055%	$361K	$2.5M	50x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,675.2	−0.001%	$938.9M	$1.43B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,661.7	−0.016%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,587.8	−0.102%	$505.6M	$1.16B	200x	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	86,601	−0.086%	$6.7M	$144.0M	40x	as long as short
BingX BTC-USDT	+0.0021%	8h	86,603.3	−0.084%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0023%	8h	86,637	−0.045%	$149.1M	$470.1M	150x	as long as short
Bitget BTCUSDT	+0.0027%	8h	86,597.8	−0.090%	$2.94B	$5.07B	150x	as long as short
MEXC BTC_USDT	+0.0048%	8h	86,599.5	−0.088%	$5.19B	$5.64B	500x	as long as short
Aevo BTC-PERP	+0.0048%	1h	86,635.8	−0.046%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0048%	8h	86,599.9	−0.088%	$9.43B	$24.30B	150x	as long as short
Injective BTC/USDC PERP	+0.0049%	1h	86,732	+0.065%	$315K	$26.8M	52x	as long as short
OKX BTC-USDT-SWAP	+0.0061%	8h	86,608.9	−0.077%	$2.57B	$12.69B	100x	as long as short
RISEx BTC/USDC	+0.0063%	1h	86,620.7	−0.064%	$9.2M	$42.1M	25x	as long as short
Gate BTC_USDT	+0.0066%	8h	86,606.9	−0.080%	$5.86B	$10.58B	200x	as long as short
Bybit BTCUSDT	+0.0079%	8h	86,604.8	−0.082%	$5.28B	$9.65B	150x	as long as short
Variational Omni BTC	+0.0088%	8h	86,626.8	−0.057%	$159.8M	$564.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,617.3	−0.068%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,623.7	−0.060%	$24.0M	$152.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,603	−0.084%	$8.5M	$52.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,590	−0.099%	$217.4M	$189.0M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0099%	8h	86,655.1	−0.024%	$2.5M	$8.5M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,648.1	−0.032%	$4.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,595	−0.093%	$200K	$6.8M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,599.5	−0.088%	$21.8M	$236.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,678.8	+0.003%	$3.83B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,638.6	−0.043%	$40.9M	$485.8M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,609	−0.077%	$3.9M	$18.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,678.6	+0.003%	$7.4M	$94.4M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,665	−0.013%	$572.2M	$23.5M	40x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	86,637.4	−0.044%	$38.2M	$148.1M	75x
edgeX BTCUSDC	+0.0100%	4h	86,590.7	−0.098%	$279.7M	$948.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,636.4	−0.045%	$141.8M	$322.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,613.9	−0.071%	$30.8M	$205.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,670.5	−0.006%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,609	−0.077%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,607.3	−0.079%	$198K	$3.4M	20x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,663.2	−0.015%	$141K	$619K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,642.6	−0.038%	$30.0M	$61.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,630.5	−0.052%	$3.4M	$5.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,634	−0.048%	$60.5M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,631.4	−0.051%	$2.30B	$955.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,592.1	−0.097%	$46.5M	$229.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,652.1	−0.027%	—	$98.4M	500x	as long as short
Kalshi KXBTCPERP	+0.0109%	8h	86,664	−0.014%	$8.8M	$723.2M	6.4x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0116%	1h	86,675.8	long leg	$192.0M	$927.3M	100x
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,683	+0.008%	$132.0M	$5.89B	50x	as long as short
BloFin BTC-USDT	+0.0168%	8h	86,592.1	−0.097%	$418.0M	$642.6M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0181% / S −0.0198%	1h	86,654.6	−0.025%	$15.4M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	86,618.9	−0.066%	$601K	$7.2M	30x	as long as short