BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.005%

Price spread now: Polymarket Perps against Kraken Futures−0.175%48s7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$415as 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−$4184.182% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 4 days (all we have)+0.168%+$17 · spread now −0.175%, 7d avg −0.016%

Together, before fees+0.199%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.159% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.175% now, against its 7-day average of −0.016%). If the spread goes back, that is −$16 on $10k: about 17 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.031% in total) that is about 36 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,419.2	0.0068	pay 0.0009% / 1h	56m 23s	$186.4M	$953.7M	100x
Short	Polymarket Perps BTC-USD	85,270	0.0100	get 0.0013% / 1h	56m 23s	$10.9M	$14.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.175%Rate

Funding earned: $6.67
Price spread: −0.175% → −0.016%: −$15.92
Slippage, 4 orders: −$400.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$427.47
Costs to cover: 4.182%
Break-even: 455.7 days

Slippage from Kraken Futures: live order book, 3 min ago; Polymarket Perps: 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	5.3 bp −$5	5.8 bp −$58	7.2 bp −$722	9.4 bp −$4,697
Sell Polymarket Perps live order book, 3 min ago	17.36 bp	128.5 bp −$129	doesn't fit	doesn't fit	doesn't fit

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
Hotstuff BTC-PERP	−0.0080%	1h	85,396	−0.027%	$8K	$2K	50x	as long as short
Phemex BTCUSDT	−0.0052%	8h	85,416.7	−0.003%	$159.5M	$517.0M	150x	as long as short
Phoenix BTC	−0.0034%	1h	85,441	+0.026%	$2.3M	$10.4M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,412.1	−0.008%	$425.2M	$685.6M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,412	−0.008%	$307K	$22.9M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,406.7	−0.015%	$344K	$2.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0002%	8h	85,387.5	−0.037%	$928.0M	$776.8M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,379.5	−0.046%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0023%	8h	85,379.5	−0.046%	$502.0M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,413.1	−0.007%	$16.7M	$21.0M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit BTC-PERPETUAL	+0.0041%	1h	85,440.9	+0.025%	$829.4M	$1.67B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0068%	1h	85,419.2	long leg	$186.4M	$953.7M	100x
BingX BTC-USDC	+0.0073%	8h	85,352.5	−0.078%	—	$17.5M	—	as long as short
Lighter BTC	+0.0096%	1h	85,417.1	−0.002%	$169.8M	$936.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,414.3	−0.006%	$23.6M	$133.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,396	−0.027%	$8.7M	$58.4M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,373	−0.054%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,377	−0.049%	$263K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,449.4	+0.035%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,411.5	−0.009%	$24.1M	$220.0M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,434.4	+0.018%	$40.2M	$604.6M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,376.2	−0.050%	$9.40B	$25.19B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,373.5	−0.054%	$5.08B	$10.04B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,375	−0.052%	$2.61B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,401	−0.021%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,417.1	−0.002%	$4.6M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.044%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,373.3	−0.054%	$5.46B	$9.82B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,387.4	−0.037%	$5.01B	$5.71B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,385.6	−0.039%	$2.97B	$5.18B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,410.9	−0.010%	$37.5M	$192.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,265.8	−0.180%	$155.3M	$548.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,309.9	−0.128%	$282.9M	$958.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,349.1	−0.082%	$214.2M	$159.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,343.3	−0.089%	$138.1M	$312.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,422.2	+0.004%	$30.1M	$216.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,475.5	+0.066%	—	$9.6M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,270	−0.175%	$10.9M	$14.9M	50x
Bullet BTC-USD	+0.0100%	1h	85,386.7	−0.038%	$200K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,377.5	−0.049%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,414	−0.006%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,401.4	−0.021%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,409	−0.012%	$59.8M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,412.9	−0.007%	$2.26B	$975.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,372	−0.055%	$45.7M	$241.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,422.9	+0.004%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,450	+0.036%	$111.7M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0146%	1h	85,371.2	−0.056%	$6.6M	$140.6M	40x	as long as short
Derive BTC-PERP	+0.0170%	1h	85,488.3	+0.081%	$28.8M	$49.6M	15x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0149%	1h	85,377.8	−0.048%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0175%	8h	85,445	+0.030%	$11.8M	$739.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,425.1	+0.007%	$8.9M	$42.9M	25x	as long as short
Hyperliquid BTC	+0.0253%	1h	85,477	+0.068%	$3.79B	$5.12B	40x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,342.7	−0.090%	$81K	$249K	20x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,450.2	+0.036%	$687K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,426.1	+0.008%	$471K	$18.4M	6.7x	as long as short