Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.025%

Price spread now: BloFin against Kraken Futures−0.051%57s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.235% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now −0.051%, 7d avg −0.019%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of −0.019%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.002% in total) that is about 4 months. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,177.9	0.0121	pay 0.0015% / 1h	7m 56s	$191.2M	$951.4M	100x
Short	BloFin BTC-USDT	86,134	0.0204	get 0.0204% / 8h	7h 07m	$415.3M	$640.2M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.051%Rate

Funding earned: $17.44
Price spread: −0.051% → −0.019%: −$3.23
Slippage, 4 orders: −$1.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$9.28
Costs to cover: 0.235%
Break-even: 10.7 days

Slippage from Kraken Futures: live order book, 6 min ago; BloFin: live order book, 6 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, 6 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	7.3 bp −$733	9.4 bp −$4,717
Sell BloFin live order book, 6 min ago	0.12 bp	6.2 bp −$6	6.2 bp −$62	6.4 bp −$643	7.8 bp −$3,903

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	−0.0129%	1h	86,215	+0.043%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,144	−0.039%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,126.7	−0.059%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,127.2	−0.059%	$582K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,166.4	−0.013%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.217%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0025%	1h	86,156.2	−0.025%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0031%	8h	86,133.5	−0.052%	$499.4M	$1.13B	200x	as long as short
Bluefin BTC-PERP	+0.0043%	1h	86,176.2	−0.002%	$144K	$666K	40x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	86,147	−0.036%	$828.8M	$714.9M	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	+0.0049%	1h	86,134.8	−0.050%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0052%	8h	86,109.6	−0.079%	—	$15.2M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,132.2	−0.053%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0066%	8h	86,133.9	−0.051%	$2.97B	$5.04B	150x	as long as short
SoDEX BTC-USD	+0.0074%	1h	86,145	−0.038%	$60.4M	$338.3M	40x	as long as short
HTX BTC-USDT	+0.0077%	8h	86,124.9	−0.061%	$2.29B	$957.4M	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,141.2	−0.043%	$2.5M	$1.8M	20x	as long as short
Gate BTC_USDT	+0.0082%	8h	86,129.1	−0.057%	$5.77B	$10.65B	200x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,128.5	−0.057%	$5.10B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,122.1	−0.065%	$9.38B	$24.23B	150x	as long as short
Phemex BTCUSDT	+0.0085%	8h	86,144.9	−0.038%	$155.9M	$473.3M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,159.3	−0.022%	$170.2M	$994.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,165.5	−0.014%	$23.6M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,131	−0.054%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,105	−0.085%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,147.2	−0.036%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,134.9	−0.050%	$22.1M	$225.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,193	+0.018%	$3.77B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,155.5	−0.026%	$40.8M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,130.6	−0.055%	$5.25B	$9.63B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,136.5	−0.048%	$2.56B	$12.40B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,115	−0.073%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,131.9	−0.053%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.037%	$580.3M	$59.0M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,116	−0.072%	$35.5M	$161.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,205.5	+0.032%	$156.7M	$558.7M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,200.1	+0.026%	$278.4M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,266	+0.102%	$216.6M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,239.5	+0.071%	$141.2M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,190	+0.014%	$30.6M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,189	+0.013%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,138	−0.046%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,143.1	−0.040%	$190K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,143.3	−0.040%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,164.6	−0.015%	$30.3M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,116.8	−0.071%	$3.3M	$5.4M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,114.5	−0.074%	$46.0M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,162.3	−0.018%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,185.3	+0.009%	$132.0M	$5.28B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0121%	1h	86,177.9	long leg	$191.2M	$951.4M	100x
Hibachi BTC/USDT-P	+0.0136%	1h	86,193.1	+0.018%	$731K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,246.9	+0.080%	$77K	$217K	20x	as long as short
BloFin BTC-USDTshort	+0.0204%	8h	86,134	−0.051%	$415.3M	$640.2M	150x
Kalshi KXBTCPERP	+0.0206%	8h	86,156	−0.025%	$10.5M	$766.5M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,164.9	−0.015%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0219%	1h	86,202.4	+0.028%	$902.6M	$1.51B	50x	as long as short