Funding you earn now, next payment 05:00 UTC−0.0031%/8h= −3.4% APRnext payment −$0.04 per $10,000 · paid last 24h +0.004%
Price spread now: Extended against Kraken Futures−0.096%7-day average −0.050% · you buy dearer than you sell
Net, funding: paid 7d − costs−$12as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$150.152% of the position
Funding, last 7 days+0.034%+$3 on $10k
+Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.096%, 7d avg −0.050%
=Together, before fees+0.151%+ Points / potential airdropExtended: Active · farm board+$15 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.046% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.050%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,680.2 | 0.0135 | pay 0.0017% / 1h | 55m 40s | $187.7M | $956.1M | 100x |
| Short | Extended BTC-USD | 85,598.3 | 0.0104 | get 0.0013% / 1h | 55m 40s | $44.8M | $231.3M | 50x |
Kraken Futures PF_XBTUSD
Extended BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Extended 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
- −$6.49
- Price spread: −0.096% → −0.050%
- −$4.59
- Slippage, 4 orders
- −$0.23
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Extended: 2.5 bp × 2 orders
- −$5
- Net
- −$26.31
- Costs to cover
- 0.152%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Extended: 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, 4 min ago | 0.06 bp | 5.1 bp −$5 | 5.1 bp −$51 | 6.3 bp −$630 | 9.1 bp −$4,570 |
| Sell Extended live order book, 3 min ago | 0.06 bp | 2.6 bp −$3 | 2.6 bp −$26 | 3.6 bp −$355 | 9.5 bp −$4,730 |
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 | −0.0179% | 1h | 85,646 | −0.040% | $2.1M | $10.4M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,643 | −0.043% | $8K | $3K | 50x | as long as short |
| KuCoin XBTUSDTM | −0.0037% | 8h | 85,609.1 | −0.083% | $923.2M | $754.0M | 125x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,624.5 | −0.065% | $417.3M | $675.4M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 85,628.4 | −0.060% | $367K | $2.3M | 50x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,635.6 | −0.052% | $16.8M | $21.2M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,664.6 | −0.018% | $36.6M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0013% | 8h | 85,624.8 | −0.065% | $515.9M | $1.10B | 200x | as long as short |
| Nado BTC-PERP | +0.0026% | 1h | 85,624 | −0.066% | $25.0M | $222.4M | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0044% | 1h | 85,690 | +0.011% | $340K | $26.9M | 52x | as long as short |
Phoenix BTC
Hotstuff BTC-PERP
KuCoin XBTUSDTM
BloFin BTC-USDT
01 Exchange BTCUSD
dYdX BTC-USD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
Nado BTC-PERP
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0063% | 8h | 85,611.4 | −0.080% | — | $17.1M | — | as long as short |
| Phemex BTCUSDT | +0.0064% | 8h | 85,653.6 | −0.031% | $148.6M | $489.3M | 150x | as long as short |
| Deribit BTC-PERPETUAL | +0.0065% | 1h | 85,697.7 | +0.020% | $886.1M | $1.58B | 50x | as long as short |
| Bitget BTCUSDT | +0.0080% | 8h | 85,631.6 | −0.057% | $2.96B | $5.10B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0089% | 1h | 85,621.1 | −0.069% | $6.6M | $146.9M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,655.1 | −0.029% | $172.3M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,643.3 | −0.043% | $23.9M | $147.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,621 | −0.069% | $8.7M | $54.0M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,640.1 | −0.047% | $2.5M | $1.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,590 | −0.105% | $202K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,696.1 | +0.019% | $5.3M | $9.2M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,678.2 | −0.002% | $40.5M | $582.0M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,641.5 | −0.045% | $9.38B | $24.27B | 150x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,641.2 | −0.046% | $5.19B | $9.82B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,651.3 | −0.034% | $2.59B | $12.18B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,611 | −0.081% | $3.8M | $17.8M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,608 | −0.084% | $4.4M | $98.4M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,487.5 | −0.225% | $672.1M | $698.9M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,624.6 | −0.065% | $5.52B | $10.72B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,647 | −0.039% | $5.07B | $5.63B | 500x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,634.6 | −0.053% | $35.7M | $176.9M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,637.7 | −0.050% | $153.8M | $564.1M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,637 | −0.050% | $279.8M | $921.8M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,666.6 | −0.016% | $215.0M | $167.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,668.6 | −0.014% | $140.1M | $315.0M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,629.2 | −0.060% | $30.2M | $208.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,673.2 | −0.008% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,621 | −0.069% | $11.1M | $14.3M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,640 | −0.047% | $195K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,654.5 | −0.030% | $2.4M | $8.7M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,698.1 | +0.021% | $207K | $739K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,652.1 | −0.033% | $30.0M | $50.1M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,595.1 | −0.099% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,660 | −0.024% | $60.0M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,643.4 | −0.043% | $2.27B | $946.1M | 200x | as long as short |
| Extended BTC-USDshort | +0.0104% | 1h | 85,598.3 | −0.096% | $44.8M | $231.3M | 50x | |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 85,639.1 | −0.048% | — | $107.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,697.2 | +0.020% | $117.5M | $5.21B | 50x | as long as short |
| Hyperliquid BTC | +0.0105% | 1h | 85,711 | +0.036% | $3.79B | $5.01B | 40x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0135% | 1h | 85,680.2 | long leg | $187.7M | $956.1M | 100x | |
| RISEx BTC/USDC | +0.0174% | 1h | 85,645.9 | −0.040% | $8.9M | $42.9M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,657.5 | −0.027% | $13.2M | — | 200x | as long as short |
| Kalshi KXBTCPERP | +0.0215% | 8h | 85,655 | −0.029% | $12.0M | $757.3M | 6.4x | as long as short |
| Aftermath Perps BTCUSD | +0.0222% | 1h | 85,644.1 | −0.042% | $78K | $220K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0256% | 1h | 85,664 | −0.019% | $702K | $7.9M | 30x | as long as short |
| Perpl BTC | +0.0335% | 43m | 85,626.5 | −0.063% | $500K | $18.8M | 6.7x | as long as short |
BingX BTC-USDC
Phemex BTCUSDT
Deribit BTC-PERPETUAL
Bitget BTCUSDT
Reya BTCRUSDPERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC 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
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hyperliquid BTC
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Kalshi KXBTCPERP
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC