BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0196%/8h= +21.5% APRnext payment +$0.25 per $10,000 · paid last 24h +0.030%

Price spread now: Kraken Futures against Phoenix+0.009%71s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as 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−$180.182% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now +0.009%, 7d avg −0.005%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.106% in total (about 5.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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	Phoenix BTC	85,413	−0.0140	get 0.0018% / 1h	56m 07s	$2.1M	$10.4M	40x
Short	Kraken Futures PF_XBTUSD	85,420.5	0.0056	get 0.0007% / 1h	56m 07s	$187.5M	$956.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now +0.009%Rate

Funding earned: $41.19
Price spread: +0.009% → −0.005%: $1.4
Slippage, 4 orders: −$1.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $24.39
Costs to cover: 0.182%
Break-even: 2.9 days

Slippage from Phoenix: live order book, 3 min ago; Kraken Futures: 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 Phoenix live order book, 3 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	10.1 bp −$1,009	doesn't fit
Sell Kraken Futures live order book, 3 min ago	0.06 bp	5.8 bp −$6	6.3 bp −$63	6.9 bp −$688	8.5 bp −$4,245

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 BTClong	−0.0140%	1h	85,413	long leg	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,374	−0.046%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,381.2	−0.037%	$920.3M	$760.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,453.7	+0.048%	$422.3M	$676.6M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,376	−0.043%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,389.9	−0.027%	$514.1M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	−0.005%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,370.2	−0.050%	$539K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,415.4	+0.003%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.042%	$339K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0045%	1h	85,383.1	−0.035%	$24.3M	$223.2M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0056%	1h	85,420.5	+0.009%	$187.5M	$956.5M	100x
BingX BTC-USDC	+0.0063%	8h	85,363.3	−0.058%	—	$17.3M	—	as long as short
Bullet BTC-USD	+0.0070%	1h	85,397.8	−0.018%	$202K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0072%	8h	85,402.1	−0.013%	$149.1M	$499.0M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,387	−0.030%	$2.95B	$5.14B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,394.7	−0.021%	$2.6M	$6.2M	20x	as long as short
MEXC BTC_USDT	+0.0089%	8h	85,384	−0.034%	$5.07B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,398	−0.018%	$59.9M	$335.9M	40x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,393.5	−0.023%	$9.44B	$24.66B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,405.4	−0.009%	$171.9M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,414.4	+0.002%	$23.9M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,373	−0.047%	$8.4M	$55.2M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,437	+0.028%	$117.2M	$5.28B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,349	−0.075%	$239K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,415	+0.002%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,462	+0.057%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,424.2	+0.013%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,378.9	−0.040%	$5.18B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,390.3	−0.027%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,420	+0.008%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,379.4	−0.039%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,385.2	−0.033%	$5.54B	$10.76B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,371.3	−0.049%	$36.5M	$176.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,397.6	−0.018%	$154.3M	$564.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,391.5	−0.025%	$279.0M	$933.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	+0.005%	$214.5M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,428.6	+0.018%	$139.6M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,439.9	+0.032%	$30.1M	$206.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,450.1	+0.043%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,373	−0.047%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,401.4	−0.014%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,447.7	+0.041%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,382.8	−0.035%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,380.7	−0.038%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,390.9	−0.026%	$2.26B	$950.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.010%	$678.7M	$662.5M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0102%	1h	85,443	+0.035%	$872.2M	$1.60B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,376.5	−0.043%	$45.8M	$236.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,406.2	−0.008%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,368.7	−0.052%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0166%	8h	85,421	+0.009%	$11.4M	$750.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,407.3	−0.007%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,501.3	+0.103%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0243%	1h	85,437.5	+0.029%	$78K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,409.3	−0.004%	$8.7M	$43.0M	25x	as long as short