Funding you earn now, next payment 09:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.010%
Price spread now: Phemex against Kraken Futures−0.015%7-day average −0.018% · you buy dearer than you sell
Net, funding: paid 7d − costs−$30as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$230.232% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 4 days (all we have)−0.003%$0 · spread now −0.015%, 7d avg −0.018%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 86,228.6 | 0.0068 | pay 0.0008% / 1h | 3m 05s | $189.4M | $867.0M | 100x |
| Short | Phemex BTCUSDT | 86,215.6 | 0.0059 | get 0.0059% / 8h | 7h 03m | $168.0M | $498.8M | 150x |
Kraken Futures PF_XBTUSD
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- −$1.74
- Price spread: −0.015% → −0.018%
- $0.26
- Slippage, 4 orders
- −$1.22
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$24.7
- Costs to cover
- 0.232%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 1 min ago; Phemex: live order book, 6 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, 1 min ago | 0.06 bp | 5.1 bp −$5 | 6.0 bp −$60 | 7.5 bp −$753 | 9.7 bp −$4,837 |
| Sell Phemex live order book, 6 min ago | 0.01 bp | 7.0 bp −$7 | 7.1 bp −$71 | 8.1 bp −$815 | doesn't fit |
BTC on 55 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 | −0.0223% | 1h | 86,259.3 | +0.036% | $196K | $673K | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 86,246 | +0.020% | $8K | $2K | 50x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 86,210.2 | −0.021% | $423.4M | $623.5M | 150x | as long as short |
| 01 Exchange BTCUSD | −0.0016% | 1h | 86,227.1 | −0.002% | $360K | $2.1M | 50x | as long as short |
| Injective BTC/USDC PERP | −0.0006% | 1h | 86,248 | +0.022% | $471K | $28.2M | 52x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 86,236.1 | +0.009% | $36.9M | — | 200x | as long as short |
| KuCoin XBTUSDTM | +0.0034% | 8h | 86,203.4 | −0.029% | $938.4M | $667.2M | 125x | as long as short |
| dYdX BTC-USD | +0.0034% | 1h | 86,243 | +0.017% | $16.9M | $17.7M | 50x | as long as short |
| Aster BTCUSDT | +0.0049% | 8h | 86,215.7 | −0.015% | $504.6M | $974.4M | 200x | as long as short |
| BingX BTC-USDT | +0.0053% | 8h | 86,196.9 | −0.037% | — | $1.45B | — | as long as short |
Bluefin BTC-PERP
Hotstuff BTC-PERP
BloFin BTC-USDT
01 Exchange BTCUSD
Injective BTC/USDC PERP
gTrade (Gains Network) BTC/USD
KuCoin XBTUSDTM
dYdX BTC-USD
Aster BTCUSDT
BingX BTC-USDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit BTCUSDT | +0.0053% | 8h | 86,193.5 | −0.041% | $5.12B | $9.04B | 150x | as long as short |
| Phemex BTCUSDTshort | +0.0059% | 8h | 86,215.6 | −0.015% | $168.0M | $498.8M | 150x | |
| Kraken Futures PF_XBTUSDlong | +0.0068% | 1h | 86,228.6 | long leg | $189.4M | $867.0M | 100x | |
| Phoenix BTC | +0.0075% | 1h | 86,283 | +0.063% | $2.3M | $10.4M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 86,220.7 | −0.009% | $173.5M | $969.1M | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 86,217.6 | −0.013% | $23.4M | $137.8M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 86,222 | −0.008% | $8.8M | $52.5M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 86,210.4 | −0.021% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 86,197 | −0.037% | $223K | $8.2M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 86,302.5 | +0.086% | $6.1M | $8.7M | 50x | as long as short |
| Nado BTC-PERP | +0.0100% | 1h | 86,211.3 | −0.020% | $22.0M | $210.0M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 86,269 | +0.047% | $40.3M | $585.4M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 86,185.6 | −0.050% | $9.47B | $23.06B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 86,191.8 | −0.043% | $2.62B | $10.77B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 86,224 | −0.005% | $4.0M | $16.4M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 86,255.3 | +0.031% | $4.6M | $93.5M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 86,176.9 | −0.060% | $711.8M | $175.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 86,209.6 | −0.022% | $5.47B | $10.32B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 86,201.5 | −0.031% | $5.09B | $5.91B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 86,195.5 | −0.038% | $2.99B | $4.54B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 86,188.2 | −0.047% | $37.6M | $187.6M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 86,275.4 | +0.054% | $158.2M | $510.0M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 86,267.1 | +0.045% | $289.9M | $986.6M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 86,243.6 | +0.017% | $216.7M | $143.1M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 86,270.8 | +0.049% | $137.3M | $302.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 86,245.8 | +0.020% | $30.4M | $212.7M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 86,304.1 | +0.088% | — | $10.3M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 86,224 | −0.005% | $11.0M | $13.5M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 86,223 | −0.007% | $207K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 86,219.6 | −0.010% | $2.6M | $9.5M | 100x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 86,244.2 | +0.018% | $3.2M | $7.0M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 86,214 | −0.017% | $60.3M | $257.8M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 86,204.6 | −0.028% | $2.28B | $909.9M | 200x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 86,188.2 | −0.047% | $46.4M | $219.9M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0048% | 1h | 86,234.7 | +0.007% | — | $94.2M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 86,252 | +0.027% | $112.5M | $5.28B | 50x | as long as short |
| Deribit BTC-PERPETUAL | +0.0125% | 1h | 86,266.9 | +0.044% | $834.1M | $1.61B | 50x | as long as short |
| Hyperliquid BTC | +0.0140% | 1h | 86,287 | +0.068% | $3.88B | $4.74B | 40x | as long as short |
| Reya BTCRUSDPERP | +0.0153% | 1h | 86,203.4 | −0.029% | $6.7M | $132.7M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0188% | 8h | 86,255 | +0.031% | $11.1M | $726.2M | 6.4x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 86,253.2 | +0.028% | $9.0M | $40.7M | 25x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0200% / S −0.0185% | 1h | 86,221.2 | −0.009% | $13.3M | — | 200x | as long as short |
| Hibachi BTC/USDT-P | +0.0280% | 1h | 86,292.6 | +0.074% | $684K | $7.4M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0396% | 1h | 86,247 | +0.021% | $82K | $252K | 20x | as long as short |
| Perpl BTC | +0.0447% | 43m | 86,265.4 | +0.043% | $496K | $16.5M | 6.7x | as long as short |
Bybit BTCUSDT
Phoenix BTC
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Nado BTC-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
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
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Deribit BTC-PERPETUAL
Hyperliquid BTC
Reya BTCRUSDPERP
Kalshi KXBTCPERP
RISEx BTC/USDC
GMX BTC/USD [WBTC.b-USDC]
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Perpl BTC