BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0040%/8h= +4.4% APRnext payment +$0.05 per $10,000 · paid last 24h +0.014%

Price spread now: Coinbase International against Kraken Futures+0.024%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.024%, 7d avg +0.026%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: +$1 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	85,389.1	0.0056	pay 0.0007% / 1h	16m 27s	$187.5M	$954.6M	100x
Short	Coinbase International BTC-PERP-INTX	85,409.8	0.0096	get 0.0012% / 1h	16m 27s	$117.2M	$5.42B	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.024%Rate

Funding earned: $8.39
Price spread: +0.024% → +0.026%: −$0.13
Slippage, 4 orders: −$0.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$12.53
Costs to cover: 0.208%
Break-even: 17.5 days

Slippage from Kraken Futures: live order book, 3 min ago; Coinbase International: 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	0.06 bp	5.1 bp −$5	5.9 bp −$59	7.2 bp −$722	9.7 bp −$4,853
Sell Coinbase International live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.2 bp −$517	11.5 bp −$5,727

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	85,394.4	+0.006%	$526K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,308	−0.095%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,379	−0.012%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,376	−0.015%	$923.1M	$765.0M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,377.4	−0.014%	$419.8M	$681.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,383.3	−0.007%	$513.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,405.7	+0.019%	$354K	$2.4M	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,386.9	−0.003%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,397.9	+0.010%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,349	−0.047%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0041%	1h	85,362.1	−0.032%	$24.8M	$222.5M	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0056%	1h	85,389.1	long leg	$187.5M	$954.6M	100x
BingX BTC-USDC	+0.0068%	8h	85,364.7	−0.029%	—	$17.4M	—	as long as short
Phemex BTCUSDT	+0.0076%	8h	85,368.5	−0.024%	$147.8M	$505.3M	150x	as long as short
Bitget BTCUSDT	+0.0086%	8h	85,388.3	−0.001%	$2.96B	$5.16B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,396.8	+0.009%	$5.04B	$5.74B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,370.9	−0.021%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,396.6	+0.009%	$9.45B	$24.86B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,382	−0.008%	$171.1M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,383.2	−0.007%	$23.7M	$148.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,395	+0.007%	$8.3M	$55.8M	100x	as long as short
Coinbase International BTC-PERP-INTXshort	+0.0096%	1h	85,409.8	+0.024%	$117.2M	$5.42B	50x
Katana Perps BTC-USD	+0.0100%	8h	85,369	−0.024%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,426.9	+0.044%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,469	+0.094%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,405.5	+0.019%	$40.0M	$597.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,388.5	−0.001%	$5.15B	$9.95B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,399	+0.012%	$2.58B	$12.21B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,387	−0.002%	$3.8M	$17.5M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,397.3	+0.010%	$4.6M	$98.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	−0.264%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,380.8	−0.010%	$5.50B	$11.03B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,367.4	−0.025%	$36.3M	$176.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,218.8	−0.199%	$154.2M	$561.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,241.6	−0.173%	$279.4M	$948.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,345.8	−0.051%	$214.4M	$167.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,331.7	−0.067%	$139.5M	$314.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,363.6	−0.030%	$30.1M	$207.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,454.9	+0.077%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,387	−0.002%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,390	+0.001%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,382.2	−0.008%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,420.8	+0.037%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,352.1	−0.043%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,334.9	−0.063%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,377	−0.014%	$59.8M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,366.2	−0.027%	$2.26B	$941.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,356.9	−0.038%	$45.0M	$239.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,386.2	−0.003%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0117%	1h	85,385.3	−0.004%	$6.6M	$147.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0165%	1h	85,415	+0.030%	$866.8M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,372.4	−0.019%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0190%	8h	85,387	−0.002%	$11.4M	$743.4M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,314.3	−0.088%	$79K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,407.2	+0.021%	$689K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,413.9	+0.029%	$8.7M	$43.3M	25x	as long as short