Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.006%

Price spread now: edgeX against Kraken Futures−0.102%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.102%, 7d avg −0.039%

Together, before fees−0.131%+ Points / potential airdropedgeX: Active · farm board−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.063% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of −0.039%). If the spread goes back, that is −$6 on $10k: about 19 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.209%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,324.6	0.0089	pay 0.0011% / 1h	33m 04s	$186.1M	$957.8M	100x
Short	edgeX BTCUSDC	85,237.8	0.0100	get 0.0050% / 4h	1h 33m	$279.3M	$950.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.102%Rate

Funding earned: $2.36
Price spread: −0.102% → −0.039%: −$6.29
Slippage, 4 orders: −$0.45
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$23.38
Costs to cover: 0.195%
Break-even: 76.3 days

Slippage from Kraken Futures: live order book, 1 min ago; edgeX: live order book, 1 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, 1 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	7.4 bp −$737	9.7 bp −$4,855
Sell edgeX live order book, 1 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.7 bp −$475	5.8 bp −$2,892

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	−0.0082%	1h	85,242	−0.097%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,248	−0.090%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,298.8	−0.030%	$927.9M	$773.4M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,299.8	−0.029%	$421.2M	$682.4M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,295.5	−0.034%	$512.5M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,311.6	−0.015%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,299.9	−0.029%	$494K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,279.9	−0.052%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,316.3	−0.010%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,238.4	−0.101%	$24.4M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni BTCUSDT	+0.0055%	1h	85,263.5	−0.072%	$139.4M	$314.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.091%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,279.6	−0.053%	—	$17.4M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,297.5	−0.032%	$2.96B	$5.18B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,285.5	−0.046%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0089%	1h	85,324.6	long leg	$186.1M	$957.8M	100x
MEXC BTC_USDT	+0.0091%	8h	85,301.8	−0.027%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,309.4	−0.018%	$9.42B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,323.7	−0.001%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,322.1	−0.003%	$23.5M	$148.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,311	−0.016%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,266	−0.069%	$237K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,349.7	+0.029%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,380	+0.065%	$3.74B	$5.08B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,304.4	−0.024%	$40.2M	$604.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,301.2	−0.027%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,301.8	−0.027%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,284	−0.048%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,288.8	−0.042%	$5.2M	$99.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,278.8	−0.054%	$682.9M	$449.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,305	−0.023%	$5.50B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,297.8	−0.031%	$36.9M	$179.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.8	−0.137%	$154.6M	$557.8M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,237.8	−0.102%	$279.3M	$950.0M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,263.3	−0.072%	$214.1M	$166.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,224.6	−0.117%	$30.0M	$203.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,346.7	+0.026%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,302	−0.026%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,302	−0.026%	$203K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,297.5	−0.032%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,336.1	+0.014%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.129%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,290	−0.041%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,294	−0.036%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,297.9	−0.031%	$2.26B	$968.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,322.3	−0.003%	$151.4M	$509.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,272.2	−0.061%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,257.9	−0.078%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,350	+0.030%	$116.2M	$5.46B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0108%	1h	85,344.7	+0.024%	$862.3M	$1.64B	50x	as long as short
Reya BTCRUSDPERP	+0.0128%	1h	85,293.3	−0.037%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,243.6	−0.095%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,305	−0.023%	$11.8M	$741.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,316.3	−0.010%	$8.7M	$42.9M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,271.9	−0.062%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0270%	1h	85,281.2	−0.051%	$79K	$230K	20x	as long as short