Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.001%

Price spread now: OKX against Kraken Futures−0.025%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.025%, 7d avg −0.015%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$1 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	86,434.5	0.0121	pay 0.0015% / 1h	27m 24s	$191.4M	$943.1M	100x
Short	OKX BTC-USDT-SWAP	86,413.1	0.0100	get 0.0100% / 8h	1h 27m	$2.54B	$12.72B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$4.4
Price spread: −0.025% → −0.015%: −$0.93
Slippage, 4 orders: −$0.61
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$25.94
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; OKX: live order book, 2 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, 2 min ago	0.06 bp	5.5 bp −$5	6.1 bp −$61	7.5 bp −$745	9.6 bp −$4,786
Sell OKX live order book, 2 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$502	5.8 bp −$2,902

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	−0.0381%	1h	86,426.2	−0.010%	$140K	$618K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,388	−0.054%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,377	−0.067%	$9K	$3K	50x	as long as short
Aftermath Perps BTCUSD	−0.0058%	1h	86,468	+0.039%	$82K	$216K	20x	as long as short
Aster BTCUSDT	−0.0012%	8h	86,401.1	−0.039%	$504.3M	$1.15B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	86,410.9	−0.027%	$358K	$2.4M	50x	as long as short
KuCoin XBTUSDTM	0.0000%	8h	86,391.7	−0.050%	$851.4M	$710.9M	125x	as long as short
Perpl BTC	0.0000%	43m	86,386.6	−0.055%	$423K	$23.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,437.6	+0.004%	$921.3M	$1.48B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	86,369.9	−0.075%	$16.9M	$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/USD	L +0.0005% / S −0.0004%	1h	86,426.7	−0.009%	$36.8M	—	200x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,385.4	−0.057%	$8.5M	$43.1M	25x	as long as short
Reya BTCRUSDPERP	+0.0022%	1h	86,397.3	−0.043%	$6.7M	$144.9M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,559	+0.144%	$315K	$26.8M	52x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,367.1	−0.078%	$149.1M	$476.1M	150x	as long as short
BingX BTC-USDC	+0.0034%	8h	86,392.8	−0.048%	—	$15.3M	—	as long as short
Bitget BTCUSDT	+0.0043%	8h	86,418.3	−0.019%	$2.95B	$5.10B	150x	as long as short
MEXC BTC_USDT	+0.0059%	8h	86,407.1	−0.032%	$5.12B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0061%	8h	86,409.2	−0.029%	$9.41B	$24.38B	150x	as long as short
Hibachi BTC/USDT-P	+0.0064%	1h	86,436	+0.002%	$716K	$8.2M	30x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,408	−0.031%	$2.4M	$1.3M	20x	as long as short
Gate BTC_USDT	+0.0076%	8h	86,407.4	−0.031%	$5.85B	$10.70B	200x	as long as short
Bybit BTCUSDT	+0.0090%	8h	86,408.3	−0.030%	$5.25B	$9.75B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,389.5	−0.052%	$170.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,400.2	−0.040%	$24.0M	$152.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,400	−0.040%	$8.5M	$52.3M	100x	as long as short
SoDEX BTC-USD	+0.0099%	1h	86,402	−0.038%	$60.4M	$337.2M	40x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,367	−0.078%	$203K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,422.9	−0.013%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,379.8	−0.063%	$22.0M	$234.3M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,472	+0.043%	$3.80B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,411.9	−0.026%	$40.7M	$513.3M	50x	as long as short
OKX BTC-USDT-SWAPshort	+0.0100%	8h	86,413.1	−0.025%	$2.54B	$12.72B	100x
Ondo Perps BTC-USD.P	+0.0100%	1h	86,387	−0.055%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,451.2	+0.019%	$7.4M	$94.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,343.9	−0.105%	$570.6M	$18.8M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,359.8	−0.086%	$37.9M	$154.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,435.6	+0.001%	$155.8M	$566.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,370.9	−0.074%	$279.1M	$946.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,399.5	−0.040%	$216.9M	$174.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,399.7	−0.040%	$141.3M	$323.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,375.7	−0.068%	$30.7M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,433.5	−0.001%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,400	−0.040%	$11.0M	$13.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,408.9	−0.030%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,424	−0.012%	$2.4M	$8.6M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,410.3	−0.028%	$30.0M	$61.6M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,395.5	−0.045%	$3.4M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,365.5	−0.080%	$2.29B	$967.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,399.3	−0.041%	$45.7M	$226.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,396.6	−0.044%	—	$98.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,450.8	+0.019%	$132.2M	$5.70B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0121%	1h	86,434.5	long leg	$191.4M	$943.1M	100x
BloFin BTC-USDT	+0.0180%	8h	86,415	−0.023%	$414.6M	$653.3M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0183% / S −0.0211%	1h	86,416.6	−0.021%	$15.3M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	86,434	−0.001%	$9.7M	$731.0M	6.4x	as long as short