Funding you earn now, next payment 02:00 UTC−0.0046%/8h= −5.0% APRnext payment −$0.06 per $10,000 · paid last 24h −0.168%
Price spread now: Bluefin against Kraken Futures+0.027%7-day average −0.037% · you sell dearer than you buy
Net, funding: paid 7d − costs−$51as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$230.226% of the position
Funding, last 7 days−0.284%−$28 on $10k
+Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.027%, 7d avg −0.037%
=The price spread pays, funding is against you. Bluefin is 0.064% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.037%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.284% in total) that is about 38 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,641.7 | 0.0146 | pay 0.0018% / 1h | 3m 54s | $187.2M | $955.8M | 100x |
| Short | Bluefin BTC-PERP | 85,664.8 | 0.0100 | get 0.0013% / 1h | 3m 54s | $197K | $722K | 40x |
Kraken Futures PF_XBTUSD
Bluefin BTC-PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bluefin 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$9.67
- Price spread: +0.027% → −0.037%
- $6.37
- Slippage, 4 orders
- −$5.6
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bluefin: 3.5 bp × 2 orders
- −$7
- Net
- −$25.9
- Costs to cover
- 0.226%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Bluefin: live order book, just now.
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, 5 min ago | 0.06 bp | 5.5 bp −$5 | 6.7 bp −$67 | 7.3 bp −$727 | 9.3 bp −$4,674 |
| Sell Bluefin live order book, just now | 0.88 bp | 6.0 bp −$6 | 11.3 bp −$113 | doesn't fit | doesn't fit |
BTC on 55 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 | −0.0144% | 1h | 85,616 | −0.030% | $2.1M | $10.5M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,614 | −0.032% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0064% | 1h | 85,641.2 | −0.001% | $362K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | +0.0002% | 1h | 85,643.5 | +0.002% | $16.8M | $21.0M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,641 | −0.001% | $36.7M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0020% | 1h | 85,682 | +0.047% | $340K | $26.9M | 52x | as long as short |
| Aster BTCUSDT | +0.0023% | 8h | 85,624.5 | −0.020% | $516.3M | $1.12B | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0025% | 8h | 85,615.4 | −0.031% | $901.3M | $748.9M | 125x | as long as short |
| Nado BTC-PERP | +0.0032% | 1h | 85,613.6 | −0.033% | $22.7M | $225.5M | 50x | as long as short |
| RISEx BTC/USDC | +0.0044% | 1h | 85,668.2 | +0.031% | $8.4M | $42.2M | 25x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERP
Aster BTCUSDT
KuCoin XBTUSDTM
Nado BTC-PERP
RISEx BTC/USDCShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0056% | 8h | 85,642.7 | +0.001% | — | $1.56B | — | as long as short |
| HTX BTC-USDT | +0.0057% | 8h | 85,617.4 | −0.028% | $2.27B | $936.4M | 200x | as long as short |
| Reya BTCRUSDPERP | +0.0062% | 1h | 85,638.7 | −0.004% | $6.7M | $146.3M | 40x | as long as short |
| Bitget BTCUSDT | +0.0069% | 8h | 85,630.5 | −0.013% | $2.95B | $5.04B | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,608.7 | −0.039% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0081% | 8h | 85,616.6 | −0.029% | $2.9M | $6.6M | 100x | as long as short |
| MEXC BTC_USDT | +0.0085% | 8h | 85,638.2 | −0.004% | $5.08B | $5.76B | 500x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,638.7 | −0.004% | $9.34B | $24.01B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,622.4 | −0.023% | $170.4M | $996.4M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,628.8 | −0.015% | $23.9M | $148.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,644 | +0.003% | $8.4M | $51.7M | 100x | as long as short |
| ApeX Omni BTCUSDT | +0.0097% | 1h | 85,611.5 | −0.035% | $140.0M | $317.0M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,673.1 | +0.037% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,612 | −0.035% | $206K | $7.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,689 | +0.055% | $3.77B | $4.91B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,659.9 | +0.021% | $40.2M | $569.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,647.5 | +0.007% | $5.32B | $9.64B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,646.1 | +0.005% | $2.55B | $12.20B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,599 | −0.050% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,610.5 | −0.036% | $7.1M | $96.4M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,642.6 | +0.001% | $5.58B | $10.61B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,614.6 | −0.032% | $35.1M | $167.5M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,602.8 | −0.045% | $154.0M | $555.5M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,588.5 | −0.062% | $278.4M | $938.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,544.9 | −0.113% | $214.7M | $162.9M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,623.8 | −0.021% | $30.3M | $210.2M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,687.8 | +0.054% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,644 | +0.003% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,631.7 | −0.012% | $187K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,617.4 | −0.028% | $2.4M | $8.9M | 100x | as long as short |
| Bluefin BTC-PERPshort | +0.0100% | 1h | 85,664.8 | +0.027% | $197K | $722K | 40x | |
| Derive BTC-PERP | +0.0100% | 1h | 85,617.9 | −0.028% | $30.0M | $56.1M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,618 | −0.028% | $59.9M | $336.5M | 40x | as long as short |
| Phemex BTCUSDT | +0.0100% | 8h | 85,614.1 | −0.032% | $150.8M | $480.3M | 150x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,593.2 | −0.057% | $605.0M | $283.5M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,619.1 | −0.026% | $44.1M | $228.0M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,644.5 | +0.003% | — | $101.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,662.4 | +0.024% | $130.7M | $5.10B | 50x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0146% | 1h | 85,641.7 | long leg | $187.2M | $955.8M | 100x | |
| Hibachi BTC/USDT-P | +0.0176% | 1h | 85,644.8 | +0.004% | $682K | $7.8M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0179% | 1h | 85,648.3 | +0.008% | $78K | $219K | 20x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0186% | 1h | 85,635.7 | −0.007% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,645 | +0.004% | $10.3M | $765.4M | 6.4x | as long as short |
| Deribit BTC-PERPETUAL | +0.0256% | 1h | 85,668.1 | +0.031% | $894.9M | $1.53B | 50x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,651.5 | +0.011% | $510K | $19.9M | 6.7x | as long as short |
BingX BTC-USDT
HTX BTC-USDT
Reya BTCRUSDPERP
Bitget BTCUSDT
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
ApeX Omni BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SoDEX BTC-USD
Phemex BTCUSDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Deribit BTC-PERPETUAL
Perpl BTC