BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0290%/8h= −31.8% APRnext payment −$0.36 per $10,000 · paid last 24h −0.016%

Price spread now: Phoenix against Kraken Futures−0.016%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$180.176% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now −0.016%, 7d avg +0.010%

Together, before fees−0.149%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phoenix is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.090% in total (about -4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,748.7	0.0146	pay 0.0018% / 1h	26m 32s	$188.8M	$964.9M	100x
Short	Phoenix BTC	85,735	−0.0144	pay 0.0018% / 1h	26m 32s	$2.2M	$10.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$60.96
Price spread: −0.016% → +0.010%: −$2.57
Slippage, 4 orders: −$0.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$81.12
Costs to cover: 0.176%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: live order book, 3 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, 3 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.3 bp −$727	9.3 bp −$4,661
Sell Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	5.3 bp −$53	10.8 bp −$1,082	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
Phoenix BTCshort	−0.0144%	1h	85,735	−0.016%	$2.2M	$10.5M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,748	−0.001%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0064%	1h	85,771.6	+0.027%	$365K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,792.2	+0.051%	$514K	$20.7M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,751.5	+0.003%	$16.8M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,754.9	+0.007%	$36.7M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0020%	1h	85,691	−0.067%	$340K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0033%	8h	85,734.9	−0.016%	$903.3M	$754.9M	125x	as long as short
Aster BTCUSDT	+0.0035%	8h	85,765.1	+0.019%	$516.7M	$1.14B	200x	as long as short
RISEx BTC/USDC	+0.0044%	1h	85,798.5	+0.058%	$8.2M	$42.1M	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0055%	8h	85,781.3	+0.038%	—	$1.57B	—	as long as short
Reya BTCRUSDPERP	+0.0057%	1h	85,744.4	−0.005%	$6.7M	$146.2M	40x	as long as short
Nado BTC-PERP	+0.0058%	1h	85,740	−0.010%	$22.6M	$227.8M	50x	as long as short
HTX BTC-USDT	+0.0064%	8h	85,731	−0.021%	$2.27B	$947.9M	200x	as long as short
Bitget BTCUSDT	+0.0069%	8h	85,773.5	+0.029%	$2.95B	$5.08B	150x	as long as short
ApeX Omni BTCUSDT	+0.0070%	1h	85,752.5	+0.004%	$140.2M	$319.5M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,732	−0.019%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,759.9	+0.013%	$5.07B	$5.72B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,784.8	+0.042%	$9.34B	$24.31B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,757.1	+0.010%	$170.4M	$989.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,754.5	+0.007%	$23.6M	$147.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,785	+0.042%	$8.4M	$51.9M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,752	+0.004%	$203K	$7.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,744.2	−0.005%	$3.8M	$8.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,798	+0.058%	$3.77B	$5.01B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,780.3	+0.037%	$40.3M	$571.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,796.7	+0.056%	$5.30B	$9.74B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,797.9	+0.057%	$2.54B	$12.37B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,764	+0.018%	$4.0M	$18.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,750.4	+0.002%	$7.3M	$98.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,744.8	−0.005%	$590.5M	$195.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,777.2	+0.033%	$5.62B	$10.53B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,724.9	−0.028%	$35.3M	$164.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,640.3	−0.126%	$156.2M	$559.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,721	−0.032%	$278.7M	$938.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,711.6	−0.043%	$215.2M	$165.9M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,743.8	−0.006%	$30.3M	$208.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,827.6	+0.092%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,784	+0.041%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,752	+0.004%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,740.6	−0.009%	$2.4M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,766.7	+0.021%	$186K	$708K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,740.2	−0.010%	$30.0M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,726.4	−0.026%	$2.9M	$6.6M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,736	−0.015%	$60.0M	$337.4M	40x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,730.6	−0.021%	$153.6M	$480.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,758.1	+0.011%	$44.0M	$227.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,778.2	+0.034%	—	$101.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,765.4	+0.020%	$131.1M	$5.16B	50x	as long as short
Hibachi BTC/USDT-P	+0.0136%	1h	85,775.8	+0.032%	$696K	$7.9M	30x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0146%	1h	85,748.7	long leg	$188.8M	$964.9M	100x
Deribit BTC-PERPETUAL	+0.0164%	1h	85,773.6	+0.029%	$894.5M	$1.53B	50x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	85,708.8	−0.047%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0192%	1h	85,758.7	+0.012%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,777	+0.033%	$10.1M	$770.1M	6.4x	as long as short