BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0033%/8h= −3.6% APRnext payment −$0.04 per $10,000 · paid last 24h −0.025%

Price spread now: dYdX against Kraken Futures−0.016%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Kraken Futures Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 4 days (all we have)+0.202%+$20 · spread now −0.016%, 7d avg −0.005%

Together, before fees+0.055%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, 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	85,489.2	0.0068	pay 0.0009% / 1h	47m 15s	$186.4M	$948.7M	100x
Short	dYdX BTC-USD	85,475.8	0.0036	get 0.0004% / 1h	47m 15s	$16.7M	$21.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$6.86
Price spread: −0.016% → −0.005%: −$1.04
Slippage, 4 orders: −$2.44
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$30.35
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; dYdX: live order book, 2 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, 2 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.9 bp −$793	9.7 bp −$4,874
Sell dYdX live order book, 2 min ago	0.06 bp	6.1 bp −$6	10.7 bp −$107	14.7 bp −$1,470	20.2 bp −$10.1K

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
Hotstuff BTC-PERP	−0.0080%	1h	85,489	0.000%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,467.6	−0.025%	$422.8M	$682.2M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,535	+0.054%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,493.6	+0.005%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,494.9	+0.007%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0008%	8h	85,478.1	−0.013%	$932.5M	$776.7M	125x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,477	−0.014%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USDshort	+0.0036%	1h	85,475.8	−0.016%	$16.7M	$21.0M	50x
Kraken Futures PF_XBTUSDlong	+0.0068%	1h	85,489.2	long leg	$186.4M	$948.7M	100x
Phoenix BTC	+0.0075%	1h	85,516	+0.031%	$2.3M	$10.4M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0080%	8h	85,469	−0.024%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,487.3	−0.002%	$170.5M	$941.6M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,485.8	−0.004%	$23.6M	$133.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,490	+0.001%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,458.4	−0.036%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0099%	1h	85,509.2	+0.023%	$831.3M	$1.66B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,462	−0.032%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,531.7	+0.050%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,481.6	−0.009%	$24.1M	$217.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,511	+0.025%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,481.8	−0.009%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,475.3	−0.016%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,470.3	−0.022%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,498	+0.010%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,493.7	+0.005%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	−0.042%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,485.8	−0.004%	$5.50B	$9.86B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,484.2	−0.006%	$5.06B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,468.3	−0.024%	$2.98B	$5.16B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,480.4	−0.010%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	−0.027%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,452.5	−0.043%	$283.3M	$961.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,471.5	−0.021%	$214.7M	$156.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,470.1	−0.022%	$136.6M	$312.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	−0.020%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,557.3	+0.080%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,256	−0.273%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,492.6	+0.004%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,472.2	−0.020%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,511.1	+0.026%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,488.3	−0.001%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,469	−0.024%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,473.3	−0.019%	$2.26B	$974.3M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,467.6	−0.025%	$160.7M	$517.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,437.6	−0.060%	$45.7M	$241.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,497.6	+0.010%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,517	+0.032%	$111.8M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,474.3	−0.017%	$6.6M	$139.3M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,493.4	+0.005%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	85,516	+0.031%	$10.6M	$738.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,488.6	−0.001%	$8.9M	$42.8M	25x	as long as short
Hyperliquid BTC	+0.0223%	1h	85,560	+0.083%	$3.81B	$5.15B	40x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.077%	$28.9M	$49.3M	15x	as long as short
Aftermath Perps BTCUSD	+0.0287%	1h	85,458	−0.037%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0344%	1h	85,508.2	+0.022%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.2	−0.006%	$468K	$18.4M	6.7x	as long as short