Funding you earn now, next payment 03:00 UTC−0.0038%/8h= −4.2% APRnext payment −$0.05 per $10,000 · paid last 24h +0.002%
Price spread now: Bulk against Kraken Futures−0.044%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−$21as in the Price arb table
costs, in and out, $10k−$180.178% of the position
Funding, last 4 days (all we have)+0.044%+$4 on $10k
+Price spread, last 4 days (all we have)+0.244%+$24 · spread now −0.044%, 7d avg −0.013%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bulk is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.013%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,600.6 | 0.0138 | pay 0.0017% / 1h | 39m 59s | $187.8M | $948.4M | 100x |
| Short | Bulk BTC-USD | 85,562.7 | 0.0100 | get 0.0013% / 1h | 39m 59s | $616.1M | $358.9M | 40x |
Kraken Futures PF_XBTUSD
Bulk BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bulk 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
- −$8.07
- Price spread: −0.044% → −0.013%
- −$3.18
- Slippage, 4 orders
- −$0.77
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Net
- −$29.02
- Costs to cover
- 0.178%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Bulk: 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 Kraken Futures live order book, 4 min ago | 0.06 bp | 5.4 bp −$5 | 6.1 bp −$61 | 7.2 bp −$720 | 9.1 bp −$4,530 |
| Sell Bulk live order book, 4 min ago | 0.01 bp | 3.5 bp −$4 | 3.5 bp −$35 | 3.5 bp −$351 | 3.8 bp −$1,890 |
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 | −0.135% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,596 | −0.005% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,579.9 | −0.024% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,512.5 | −0.103% | $414.8M | $661.8M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,549.1 | −0.060% | $16.7M | $20.9M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,600.9 | 0.000% | $36.7M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0009% | 1h | 85,591.1 | −0.011% | $22.8M | $221.7M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0012% | 8h | 85,563.6 | −0.043% | $918.3M | $753.2M | 125x | as long as short |
| Aster BTCUSDT | +0.0019% | 8h | 85,574.5 | −0.030% | $515.7M | $1.11B | 200x | as long as short |
| BingX BTC-USDT | +0.0054% | 8h | 85,587.3 | −0.016% | — | $1.54B | — | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
KuCoin XBTUSDTM
Aster BTCUSDT
BingX BTC-USDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Reya BTCRUSDPERP | +0.0067% | 1h | 85,576 | −0.029% | $6.7M | $146.4M | 40x | as long as short |
| Bitget BTCUSDT | +0.0067% | 8h | 85,578.9 | −0.025% | $2.95B | $5.02B | 150x | as long as short |
| HTX BTC-USDT | +0.0069% | 8h | 85,563.7 | −0.043% | $2.27B | $932.5M | 200x | as long as short |
| Phemex BTCUSDT | +0.0077% | 8h | 85,578.4 | −0.026% | $148.3M | $478.5M | 150x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,617 | +0.019% | $340K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,579.1 | −0.025% | $2.5M | $1.7M | 20x | as long as short |
| SunX BTC-USDT | +0.0083% | 8h | 85,551.4 | −0.057% | $2.9M | $6.1M | 100x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,581.9 | −0.022% | $5.05B | $5.61B | 500x | as long as short |
| Binance BTCUSDT | +0.0087% | 8h | 85,583.7 | −0.020% | $9.33B | $23.91B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,578.2 | −0.026% | $169.8M | $987.6M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,586.5 | −0.016% | $23.9M | $147.9M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,591 | −0.011% | $8.4M | $52.0M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0098% | 1h | 85,617.9 | +0.020% | $893.1M | $1.52B | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0099% | 8h | 85,620.2 | +0.023% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,546 | −0.064% | $203K | $7.7M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,642 | +0.048% | $3.77B | $4.94B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,608.8 | +0.010% | $40.1M | $571.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,584.7 | −0.019% | $5.34B | $9.58B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,580 | −0.024% | $2.56B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,562 | −0.045% | $3.9M | $17.9M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,542.6 | −0.068% | $7.2M | $97.1M | 40x | as long as short |
| Bulk BTC-USDshort | +0.0100% | 1h | 85,562.7 | −0.044% | $616.1M | $358.9M | 40x | |
| Gate BTC_USDT | +0.0100% | 8h | 85,583.5 | −0.020% | $5.55B | $10.47B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,571.6 | −0.034% | $35.1M | $171.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,503.7 | −0.113% | $154.4M | $549.8M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,579.7 | −0.024% | $278.9M | $926.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,591.1 | −0.011% | $214.8M | $164.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,603.5 | +0.003% | $140.0M | $316.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,631 | +0.036% | $30.3M | $211.0M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,632.7 | +0.037% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,572 | −0.033% | $11.0M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,591.9 | −0.010% | $188K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,586.9 | −0.016% | $2.3M | $8.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,631.8 | +0.036% | $197K | $721K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,587.6 | −0.015% | $30.0M | $52.5M | 15x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,587 | −0.016% | $59.9M | $336.2M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,556.2 | −0.052% | $44.1M | $227.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,543.4 | −0.067% | — | $106.0M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,608.9 | +0.010% | $130.6M | $5.08B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,607.3 | +0.008% | $8.3M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0138% | 1h | 85,600.6 | long leg | $187.8M | $948.4M | 100x | |
| Aftermath Perps BTCUSD | +0.0194% | 1h | 85,589.4 | −0.013% | $78K | $219K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,675.7 | +0.088% | $704K | $7.9M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0203% / S −0.0180% | 1h | 85,592 | −0.010% | $13.6M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0212% | 8h | 85,614 | +0.016% | $10.5M | $760.1M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,585 | −0.018% | $522K | $19.5M | 6.7x | as long as short |
Reya BTCRUSDPERP
Bitget BTCUSDT
HTX BTC-USDT
Phemex BTCUSDT
Injective BTC/USDC PERP
Aevo BTC-PERP
SunX BTC-USDT
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Deribit BTC-PERPETUAL
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
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SoDEX BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Perpl BTC