BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0117%/8h= −12.8% APRnext payment −$0.15 per $10,000 · paid last 24h −0.019%

Price spread now: gTrade (Gains Network) against Kraken Futures+0.016%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Kraken Futures Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.016%, 7d avg −0.004%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$3 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	86,398.4	0.0121	pay 0.0015% / 1h	25m 24s	$191.3M	$943.2M	100x
Short	gTrade (Gains Network) BTC/USD	86,411.9	L +0.0005% / S −0.0004%	get 0.0001% / 1h	25m 24s	$36.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.016%Rate

Funding earned: −$24.47
Price spread: +0.016% → −0.004%: $1.94
Slippage, 4 orders: −$1.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$41.17
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 4 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	5.5 bp −$5	6.1 bp −$61	7.5 bp −$745	9.6 bp −$4,786
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,181

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
Bluefin BTC-PERP	−0.0398%	1h	85,547.9	−0.984%	$139K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,405	+0.008%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,377	−0.025%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0051%	1h	86,456.4	+0.067%	$82K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,427.8	+0.034%	$504.4M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,472.4	+0.086%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,411	+0.015%	$851.1M	$711.3M	125x	as long as short
Perpl BTC	0.0000%	43m	86,465.9	+0.078%	$422K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,402.9	+0.005%	$921.3M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0002%	1h	86,413.7	+0.018%	$17.0M	$21.1M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) BTC/USDshort	L +0.0005% / S −0.0004%	1h	86,411.9	+0.016%	$36.8M	—	200x
RISEx BTC/USDC	+0.0006%	1h	86,440.3	+0.048%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,474.5	+0.088%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.186%	$315K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0034%	8h	86,429.8	+0.036%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0034%	8h	86,388.7	−0.011%	$149.1M	$476.1M	150x	as long as short
Bitget BTCUSDT	+0.0044%	8h	86,478.3	+0.092%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0061%	8h	86,402.6	+0.005%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,481.6	+0.096%	$9.42B	$24.39B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,431.8	+0.039%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,374.1	−0.028%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,423.8	+0.029%	$5.85B	$10.71B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,486.6	+0.102%	$5.25B	$9.76B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,413.7	+0.018%	$171.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,420.9	+0.026%	$24.1M	$152.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,481	+0.096%	$8.5M	$52.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,415	+0.019%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,436.3	+0.044%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,414.4	+0.018%	$22.0M	$234.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,548.5	+0.174%	$3.81B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,430.4	+0.037%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,489.6	+0.106%	$2.54B	$12.73B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,441	+0.049%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,501.2	+0.119%	$7.4M	$94.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.063%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,370.3	−0.033%	$37.8M	$155.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.043%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.032%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	+0.001%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	+0.002%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,388.4	−0.012%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,490.9	+0.107%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,476	+0.090%	$11.1M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,489	+0.105%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,403.6	+0.006%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,379.9	−0.021%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,359.2	−0.045%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,382	−0.019%	$60.4M	$337.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,376.9	−0.025%	$2.29B	$967.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,412.7	+0.017%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,399.7	+0.001%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,416.6	+0.021%	$132.1M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0121%	1h	86,398.4	long leg	$191.3M	$943.2M	100x
BloFin BTC-USDT	+0.0181%	8h	86,399.4	+0.001%	$414.5M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0212%	1h	86,406.8	+0.010%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	86,412	+0.016%	$9.7M	$731.7M	6.4x	as long as short