Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.013%

Price spread now: Gate against Kraken Futures+0.043%7-day average −0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$250.254% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.043%, 7d avg −0.020%

Together, before fees−0.115%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.064% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.020%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	86,516.9	0.0110	pay 0.0014% / 1h	4m 33s	$193.0M	$952.9M	100x
Short	Gate BTC_USDT	86,554.5	0.0081	get 0.0081% / 8h	4m 33s	$5.85B	$10.82B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.043%Rate

Funding earned: −$6.1
Price spread: +0.043% → −0.020%: $6.38
Slippage, 4 orders: −$0.42
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$25.14
Costs to cover: 0.254%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Gate: live order book, 5 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, 5 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.5 bp −$754	9.4 bp −$4,701
Sell Gate live order book, 5 min ago	0.01 bp	7.5 bp −$8	7.5 bp −$75	7.6 bp −$763	9.8 bp −$4,923

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	−0.0118%	1h	86,444	−0.084%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,513	−0.005%	$9K	$3K	50x	as long as short
Injective BTC/USDC PERP	−0.0035%	1h	86,345	−0.199%	$332K	$26.9M	52x	as long as short
RISEx BTC/USDC	−0.0024%	1h	86,571.7	+0.063%	$8.3M	$42.7M	25x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,581.3	+0.074%	$360K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,504.2	−0.015%	$412K	$22.5M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0005%	1h	86,510.6	−0.007%	$36.8M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	86,570	+0.061%	$502.1M	$1.15B	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	86,550.7	+0.039%	$834.8M	$728.4M	125x	as long as short
Reya BTCRUSDPERP	+0.0037%	1h	86,496.4	−0.024%	$6.7M	$145.5M	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-USDT	+0.0044%	8h	86,564.6	+0.055%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0056%	8h	86,489.6	−0.032%	$151.6M	$478.9M	150x	as long as short
Bitget BTCUSDT	+0.0056%	8h	86,565.4	+0.056%	$2.97B	$5.12B	150x	as long as short
dYdX BTC-USD	+0.0064%	1h	86,559.6	+0.049%	$17.0M	$21.2M	50x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,488	−0.033%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,547.9	+0.036%	$5.16B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0075%	8h	86,585.9	+0.080%	$9.45B	$24.54B	150x	as long as short
Gate BTC_USDTshort	+0.0081%	8h	86,554.5	+0.043%	$5.85B	$10.82B	200x
Lighter BTC	+0.0096%	1h	86,564.2	+0.055%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,565	+0.056%	$23.8M	$153.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,578	+0.071%	$8.5M	$52.3M	100x	as long as short
Bybit BTCUSDT	+0.0099%	8h	86,578.9	+0.072%	$5.27B	$9.79B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,540	+0.027%	$195K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,592.1	+0.087%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,531.5	+0.017%	$21.7M	$233.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,622	+0.121%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,580.7	+0.074%	$41.1M	$538.1M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,588	+0.082%	$2.55B	$12.75B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,568	+0.059%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,588.6	+0.083%	$7.3M	$96.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,483.4	−0.039%	$38.0M	$155.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,474	−0.050%	$157.6M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,494.6	−0.026%	$279.4M	$947.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,461.1	−0.065%	$217.1M	$172.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,505.5	−0.013%	$141.8M	$323.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,504	−0.015%	$30.7M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,604.7	+0.101%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,493	−0.028%	$11.1M	$13.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,495.3	−0.025%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,490.1	−0.031%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,530.9	+0.016%	$141K	$663K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,525.8	+0.010%	$30.5M	$62.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,490	−0.031%	$3.4M	$5.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,491	−0.030%	$60.5M	$338.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,485	−0.037%	$2.30B	$968.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,452.9	−0.074%	$572.2M	$12.3M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,547.3	+0.035%	$45.8M	$225.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,525.5	+0.010%	—	$100.0M	500x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0110%	1h	86,516.9	long leg	$193.0M	$952.9M	100x
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,528.9	+0.014%	$132.1M	$5.63B	50x	as long as short
Aftermath Perps BTCUSD	+0.0160%	1h	86,510.1	−0.008%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0184%	1h	86,528.1	+0.013%	$717K	$8.1M	30x	as long as short
BloFin BTC-USDT	+0.0195%	8h	86,487.6	−0.034%	$415.0M	$659.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0224%	1h	86,505.9	−0.013%	$15.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0208%	8h	86,532	+0.017%	$10.2M	$754.0M	6.4x	as long as short
Deribit BTC-PERPETUAL	+0.0247%	1h	86,541	+0.028%	$912.9M	$1.49B	50x	as long as short