Funding you earn now, next payment 06:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.003%
Price spread now: Bybit against Kraken Futures+0.056%7-day average −0.018% · you sell dearer than you buy
Net, funding: paid 7d − costs−$25as in the Funding arb table
Net, price: spread back to 7d avg − costs−$14as in the Price arb table
costs, in and out, $10k−$220.216% of the position
Funding, last 7 days−0.035%−$3 on $10k
+Price spread, last 4 days (all we have)−0.062%−$6 · spread now +0.056%, 7d avg −0.018%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.074% dearer against Kraken Futures than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.018%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,235 | 0.0056 | pay 0.0007% / 1h | 20m 48s | $187.1M | $953.3M | 100x |
| Short | Bybit BTCUSDT | 85,282.8 | 0.0100 | get 0.0100% / 8h | 2h 20m | $5.15B | $9.94B | 150x |
Kraken Futures PF_XBTUSD
Bybit BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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
- $9.2
- Price spread: +0.056% → −0.018%
- $7.4
- Slippage, 4 orders
- −$0.64
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$5.04
- Costs to cover
- 0.216%
- Break-even
- 10.8 days
Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago | 0.12 bp | 5.2 bp −$5 | 6.6 bp −$66 | 8.2 bp −$816 | 10.4 bp −$5,180 |
| Sell Bybit live order book, 3 min ago | 0.01 bp | 5.5 bp −$6 | 5.5 bp −$55 | 6.5 bp −$648 | 8.3 bp −$4,169 |
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 | −0.0112% | 43m | 85,249.9 | +0.017% | $524K | $18.4M | 6.7x | as long as short |
| Phoenix BTC | −0.0111% | 1h | 85,134 | −0.119% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,272 | +0.043% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0054% | 8h | 85,263.6 | +0.034% | $922.9M | $764.2M | 125x | as long as short |
| BloFin BTC-USDT | −0.0034% | 8h | 85,226.9 | −0.010% | $419.4M | $680.0M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,292.3 | +0.067% | $354K | $2.4M | 50x | as long as short |
| Aster BTCUSDT | −0.0015% | 8h | 85,279.3 | +0.052% | $512.4M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | +0.0001% | 1h | 85,297 | +0.073% | $16.7M | $21.4M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,249.2 | +0.017% | $36.4M | — | 200x | as long as short |
| Injective BTC/USDC PERP | +0.0023% | 1h | 85,225 | −0.012% | $338K | $26.8M | 52x | as long as short |
Perpl BTC
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
Aster BTCUSDT
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0035% | 1h | 85,254.5 | +0.023% | $24.8M | $222.4M | 50x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0056% | 1h | 85,235 | long leg | $187.1M | $953.3M | 100x | |
| BingX BTC-USDC | +0.0067% | 8h | 85,262.3 | +0.032% | — | $17.4M | — | as long as short |
| Deribit BTC-PERPETUAL | +0.0075% | 1h | 85,257.1 | +0.026% | $867.0M | $1.61B | 50x | as long as short |
| Phemex BTCUSDT | +0.0078% | 8h | 85,225.3 | −0.011% | $147.3M | $505.4M | 150x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,219.2 | −0.019% | $2.4M | $6.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0084% | 8h | 85,270.2 | +0.041% | $5.05B | $5.73B | 500x | as long as short |
| Bitget BTCUSDT | +0.0085% | 8h | 85,288.8 | +0.063% | $2.95B | $5.16B | 150x | as long as short |
| Binance BTCUSDT | +0.0086% | 8h | 85,291.5 | +0.066% | $9.42B | $24.82B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,298.5 | +0.074% | $171.1M | $1.02B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,302.9 | +0.080% | $23.7M | $148.7M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,283 | +0.056% | $8.3M | $55.7M | 100x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0096% | 1h | 85,260.8 | +0.030% | $116.9M | $5.39B | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,248 | +0.015% | $238K | $8.6M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,312.2 | +0.091% | $5.8M | $9.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,367 | +0.155% | $3.75B | $5.06B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,283 | +0.056% | $40.2M | $599.0M | 50x | as long as short |
| Bybit BTCUSDTshort | +0.0100% | 8h | 85,282.8 | +0.056% | $5.15B | $9.94B | 150x | |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,293.2 | +0.068% | $2.58B | $12.19B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,273 | +0.045% | $3.8M | $17.6M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,281.3 | +0.054% | $4.6M | $99.1M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,163.7 | −0.084% | $678.5M | $565.0M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,278 | +0.050% | $5.51B | $11.00B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,223.2 | −0.014% | $36.3M | $176.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,218.8 | −0.019% | $154.2M | $561.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,112.3 | −0.144% | $279.0M | $947.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,107.4 | −0.150% | $213.8M | $166.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,093.4 | −0.166% | $139.1M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,186.1 | −0.057% | $30.1M | $207.1M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,327.9 | +0.109% | — | $10.9M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,268 | +0.039% | $11.0M | $14.4M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,259 | +0.028% | $205K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,230.1 | −0.006% | $2.6M | $9.6M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,269.2 | +0.040% | $228K | $760K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,204.5 | −0.036% | $29.9M | $48.5M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,101.4 | −0.157% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,223 | −0.014% | $59.7M | $336.2M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,219 | −0.019% | $2.26B | $942.4M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,247 | +0.014% | $45.1M | $239.4M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,281.5 | +0.055% | — | $106.9M | 500x | as long as short |
| Reya BTCRUSDPERP | +0.0116% | 1h | 85,260 | +0.029% | $6.6M | $147.4M | 40x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,248 | +0.015% | $13.0M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0183% | 8h | 85,273 | +0.045% | $11.5M | $743.3M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,197.4 | −0.044% | $78K | $227K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0232% | 1h | 85,232.1 | −0.003% | $688K | $8.0M | 30x | as long as short |
| RISEx BTC/USDC | +0.0257% | 1h | 85,294.4 | +0.070% | $8.7M | $43.2M | 25x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Deribit BTC-PERPETUAL
Phemex BTCUSDT
Aevo BTC-PERP
MEXC BTC_USDT
Bitget BTCUSDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Coinbase International BTC-PERP-INTX
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk 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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Reya BTCRUSDPERP
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
RISEx BTC/USDC