Settings8H · net · $10k
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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.4% APRnext payment −$0.08 per $10,000 · paid last 24h −0.014%
Price spread now: Injective against Kraken Futures−0.014%63s7-day average +0.001% · you buy dearer than you sell
Net, funding: paid 7d − costs−$16as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$150.149% of the position
Long on Kraken FuturesShort on Injective
What this pair did over the last
the charts below follow
Funding, last 7 days−0.015%−$1 on $10k
Price spread, last 3 days (all we have)−0.038%−$4 · spread now −0.014%, 7d avg +0.001%
Together, before fees−0.053%−$5 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_XBTUSD86,651.40.0117pay 0.0015% / 1h27m 31s$188.7M$931.8M100x
ShortInjective BTC/USDC PERP86,6390.0049get 0.0006% / 1h27m 31s$315K$26.8M52x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Injective against Kraken Futures. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
−$14.17
Price spread: −0.014% → +0.001%
−$1.5
Slippage, 4 orders
−$4.9
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Injective: 0.01 bp × 2 orders
−$0.02
Net
−$30.58
Costs to cover
0.149%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Injective: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kraken Futures live order book, 2 min ago0.06 bp5.1 bp −$55.7 bp −$577.3 bp −$7269.4 bp −$4,719
Sell Injective live order book, 2 min ago2.13 bp2.3 bp −$214.3 bp −$143doesn't fitdoesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps BTCUSD−0.0235%1h86,626.7−0.029%$85K$188K20xas long as short
Perpl BTC−0.0223%43m86,651.20.000%$428K$24.8M6.7xas long as short
Phoenix BTC−0.0103%1h86,583−0.079%$2.2M$12.4M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,653+0.002%$9K$3K50xas long as short
dYdX BTC-USD−0.0077%1h86,673.4+0.025%$17.6M$20.5M50xas long as short
01 Exchange BTCUSD0.0000%1h86,692.5+0.047%$364K$2.4M50xas long as short
Deribit BTC-PERPETUAL0.0000%1h86,658.9+0.009%$935.3M$1.44B50xas long as short
KuCoin XBTUSDTM+0.0002%8h86,657.1+0.007%$844.4M$704.7M125xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,647.7−0.004%$36.8M—200xas long as short
Aster BTCUSDT+0.0008%8h86,655.2+0.004%$506.1M$1.16B200xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Reya BTCRUSDPERP+0.0021%1h86,677.7+0.030%$6.7M$144.4M40xas long as short
BingX BTC-USDC+0.0023%8h86,661.8+0.012%—$15.2M—as long as short
Phemex BTCUSDT+0.0024%8h86,636.9−0.017%$149.9M$471.4M150xas long as short
Bitget BTCUSDT+0.0032%8h86,679.1+0.032%$2.95B$5.07B150xas long as short
Injective BTC/USDC PERPshort+0.0049%1h86,639−0.014%$315K$26.8M52x
MEXC BTC_USDT+0.0054%8h86,668.2+0.019%$5.18B$5.68B500xas long as short
Binance BTCUSDT+0.0055%8h86,679.3+0.032%$9.45B$24.31B150xas long as short
Aevo BTC-PERP+0.0056%1h86,626.8−0.028%$2.4M$1.3M20xas long as short
RISEx BTC/USDC+0.0063%1h86,676.1+0.028%$9.2M$42.0M25xas long as short
Gate BTC_USDT+0.0077%8h86,669.6+0.021%$5.86B$10.64B200xas long as short
OKX BTC-USDT-SWAP+0.0077%8h86,685.9+0.040%$2.56B$12.71B100xas long as short
Bybit BTCUSDT+0.0083%8h86,673.9+0.026%$5.27B$9.67B150xas long as short
Variational Omni BTC+0.0095%8h86,614.5−0.043%$160.3M$564.8M—as long as short
Lighter BTC+0.0096%1h86,681.2+0.034%$172.1M$1.01B50xas long as short
Lighter RH BTC+0.0096%1h86,683.3+0.037%$24.0M$153.6M50xas long as short
Popdex BTCUSDT+0.0096%1h86,668+0.019%$8.5M$52.3M100xas long as short
Katana Perps BTC-USD+0.0100%8h86,662+0.012%$194K$6.8M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,714.5+0.073%$4.8M$8.2M50xas long as short
Nado BTC-PERP+0.0100%1h86,668.7+0.020%$21.8M$235.5M50xas long as short
Hyperliquid BTC+0.0100%1h86,740+0.102%$3.82B$5.13B40xas long as short
Pacifica BTC+0.0100%1h86,697.6+0.053%$40.9M$492.6M50xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,664+0.015%$3.9M$18.5M25xas long as short
Arcus BTC-USD+0.0100%1h86,738.9+0.101%$7.4M$93.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,577.9−0.085%$571.8M$22.4M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,632.7−0.022%$38.1M$148.4M75xas long as short
edgeX BTCUSDC+0.0100%4h86,587−0.074%$279.7M$950.9M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,622.1−0.034%$217.5M$187.8M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,626.6−0.029%$141.4M$322.8M100xas long as short
StandX BTC-USD+0.0100%1h86,625.2−0.030%$30.8M$205.2M40xas long as short
Vest BTC-PERP+0.0100%1h86,724.6+0.085%—$11.6M50xas long as short
Polymarket Perps BTC-USD+0.0100%1h86,680+0.033%$11.1M$13.7M50xas long as short
Bullet BTC-USD+0.0100%1h86,627−0.028%$196K$3.4M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,642.3−0.010%$2.5M$8.5M100xas long as short
Bluefin BTC-PERP+0.0100%1h86,653.2+0.002%$141K$619K40xas long as short
Derive BTC-PERP+0.0100%1h86,636.1−0.018%$30.0M$61.6M15xas long as short
SunX BTC-USDT+0.0100%8h86,643.8−0.009%$3.4M$5.5M100xas long as short
SoDEX BTC-USD+0.0100%1h86,619−0.037%$60.5M$336.4M40xas long as short
HTX BTC-USDT+0.0100%8h86,626.4−0.029%$2.30B$957.0M200xas long as short
Extended BTC-USD+0.0104%1h86,657.4+0.007%$46.4M$227.9M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,660.6+0.011%—$98.4M500xas long as short
Kraken Futures PF_XBTUSDlong+0.0117%1h86,651.4long leg$188.7M$931.8M100x
Coinbase International BTC-PERP-INTX+0.0120%1h86,664.1+0.015%$131.9M$5.86B50xas long as short
Kalshi KXBTCPERP+0.0126%8h86,660+0.010%$8.9M$723.6M6.4xas long as short
BloFin BTC-USDT+0.0174%8h86,596.5−0.063%$417.0M$653.0M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0178% / S −0.0185%1h86,641.1−0.012%$14.9M—200xas long as short
Hibachi BTC/USDT-P+0.0224%1h86,636.4−0.017%$614K$7.1M30xas long as short