BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0028%/8h= +3.0% APRnext payment +$0.03 per $10,000 · paid last 24h +0.003%

Price spread now: Popdex against Kraken Futures−0.009%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Kraken Futures Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.009%, 7d avg −0.014%

Together, before fees+0.174%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, 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	85,480.8	0.0068	pay 0.0009% / 1h	48m 56s	$186.3M	$949.4M	100x
Short	Popdex BTCUSDT	85,473	0.0096	get 0.0012% / 1h	48m 56s	$8.7M	$58.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.009%Rate

Funding earned: $5.84
Price spread: −0.009% → −0.014%: $0.47
Slippage, 4 orders: −$0.81
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$10.9
Costs to cover: 0.172%
Break-even: 20.1 days

Slippage from Kraken Futures: live order book, 5 min ago; Popdex: live order book, just now.

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, 5 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	7.7 bp −$770	9.6 bp −$4,816
Sell Popdex live order book, just now	0.06 bp	3.3 bp −$3	3.3 bp −$33	3.6 bp −$357	5.1 bp −$2,556

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	85,465	−0.019%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,461.7	−0.022%	$422.8M	$681.9M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,467	−0.016%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,481.8	+0.001%	$344K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,476.9	−0.005%	$36.6M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0007%	8h	85,464.4	−0.019%	$932.4M	$775.9M	125x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,456.9	−0.028%	$502.3M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,475.8	−0.006%	$16.7M	$21.0M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	85,501.7	+0.024%	$831.0M	$1.66B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0068%	1h	85,480.8	long leg	$186.3M	$949.4M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,516	+0.041%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDT	+0.0080%	8h	85,454.2	−0.031%	—	$1.58B	—	as long as short
Lighter BTC	+0.0096%	1h	85,480.5	0.000%	$170.3M	$941.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,482.3	+0.002%	$23.6M	$133.7M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,473	−0.009%	$8.7M	$58.4M	100x
Aevo BTC-PERP	+0.0096%	1h	85,459.1	−0.025%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,452	−0.034%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,509.1	+0.033%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,471.1	−0.011%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,500.4	+0.023%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,456	−0.029%	$9.41B	$25.13B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,452	−0.034%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,454.4	−0.031%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,488	+0.008%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,485.1	+0.005%	$4.6M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.116%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,461.2	−0.023%	$5.50B	$9.86B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,454.9	−0.030%	$5.05B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,452.2	−0.034%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,462.5	−0.021%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	−0.018%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.075%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	−0.038%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	−0.036%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	−0.010%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,541.3	+0.071%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,261	−0.257%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,470	−0.013%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,469.2	−0.014%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,513.8	+0.039%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.5	+0.001%	$2.9M	$6.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,468	−0.015%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,469.3	−0.014%	$2.26B	$975.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,469.4	−0.013%	$160.6M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,429.2	−0.060%	$45.7M	$241.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,455.5	−0.030%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,516	+0.041%	$111.6M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,458.1	−0.027%	$6.6M	$139.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,474.6	−0.007%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,498	+0.020%	$10.7M	$739.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,496.7	+0.019%	$8.9M	$42.8M	25x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.087%	$28.9M	$49.3M	15x	as long as short
Hyperliquid BTC	+0.0240%	1h	85,550	+0.081%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0291%	1h	85,442.2	−0.045%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,530.4	+0.058%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.3	+0.004%	$468K	$18.4M	6.7x	as long as short