Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h +0.010%

Price spread now: Kraken Futures against Phemex+0.035%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.035%, 7d avg +0.018%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,691.9	0.0080	pay 0.0080% / 8h	5h 32m	$147.9M	$479.0M	150x
Short	Kraken Futures PF_XBTUSD	85,721.5	0.0138	get 0.0017% / 1h	32m 33s	$188.9M	$949.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.035%Rate

Funding earned: $12.33
Price spread: +0.035% → +0.018%: $1.62
Slippage, 4 orders: −$0.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$8.66
Costs to cover: 0.226%
Break-even: 11.9 days

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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 Phemex live order book, 2 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.3 bp −$730	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	6.2 bp −$62	7.5 bp −$751	9.3 bp −$4,631

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
Phoenix BTC	−0.0160%	1h	85,662	−0.035%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,712	+0.023%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,685.6	−0.007%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	+0.004%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	−0.007%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.7	+0.011%	$36.6M	—	200x	as long as short
Bluefin BTC-PERP	+0.0010%	1h	85,726.5	+0.040%	$196K	$722K	40x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,701.3	+0.011%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,687.9	−0.005%	$918.3M	$753.0M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,694.8	+0.003%	$516.4M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0054%	8h	85,692.5	+0.001%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,694.6	+0.003%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,690.9	−0.001%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,690.8	−0.001%	$2.27B	$935.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.133%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDTlong	+0.0080%	8h	85,691.9	long leg	$147.9M	$479.0M	150x
Aevo BTC-PERP	+0.0080%	1h	85,686.5	−0.006%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,675.7	−0.019%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0086%	8h	85,698.5	+0.008%	$5.05B	$5.62B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,733.2	+0.048%	$892.7M	$1.52B	50x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,701.2	+0.011%	$9.36B	$23.90B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,703.4	+0.013%	$170.2M	$989.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,712.1	+0.024%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,704	+0.014%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,738.7	+0.055%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,673	−0.022%	$196K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,770	+0.091%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,728.8	+0.043%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,709	+0.020%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,706.4	+0.017%	$2.57B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,705	+0.015%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,662.5	−0.034%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,707.7	+0.018%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,692.2	0.000%	$35.5M	$172.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,622.5	−0.081%	$155.0M	$548.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.108%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.054%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.086%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,683.1	−0.010%	$30.3M	$210.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,750.6	+0.068%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,697	+0.006%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,699	+0.008%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	+0.002%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	−0.007%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,696	+0.005%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.090%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,676.8	−0.018%	$44.1M	$227.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	−0.010%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,736.2	+0.052%	$130.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,730.4	+0.045%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0138%	1h	85,721.5	+0.035%	$188.9M	$949.4M	100x
Aftermath Perps BTCUSD	+0.0194%	1h	85,650.4	−0.048%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0179%	1h	85,699.1	+0.008%	$13.6M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,723.6	+0.037%	$702K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,712	+0.023%	$10.5M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,713.3	+0.025%	$519K	$19.4M	6.7x	as long as short