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: Kraken Futures against Popdex+0.009%7-day average +0.014% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

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

Long on Popdex Short on Kraken Futures

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	Popdex BTCUSDT	85,473	0.0096	pay 0.0012% / 1h	49m 00s	$8.7M	$58.4M	100x
Short	Kraken Futures PF_XBTUSD	85,480.8	0.0068	get 0.0009% / 1h	49m 00s	$186.3M	$949.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Popdex. 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 PopdexbpFee Kraken FuturesbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$5.84
Price spread: +0.009% → +0.014%: −$0.47
Slippage, 4 orders: −$0.81
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.52
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Popdex: live order book, just now; Kraken Futures: live order book, 5 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 Popdex live order book, just now	0.06 bp	3.4 bp −$3	3.4 bp −$34	3.6 bp −$359	5.1 bp −$2,565
Sell Kraken Futures live order book, 5 min ago	0.06 bp	5.5 bp −$5	6.2 bp −$62	6.8 bp −$685	8.8 bp −$4,423

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	−0.009%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,461.7	−0.013%	$422.8M	$681.9M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,467	−0.007%	$307K	$23.3M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,481.8	+0.010%	$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	−0.010%	$932.4M	$775.9M	125x	as long as short
Aster BTCUSDT	+0.0028%	8h	85,463.5	−0.011%	$502.4M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0030%	1h	85,475.8	+0.003%	$16.7M	$21.0M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0066%	1h	85,501.7	+0.034%	$831.0M	$1.66B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0068%	1h	85,480.8	+0.009%	$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	+0.050%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,448.5	−0.029%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,480.5	+0.009%	$170.3M	$941.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,482.3	+0.011%	$23.6M	$133.7M	50x	as long as short
Popdex BTCUSDTlong	+0.0096%	1h	85,473	long leg	$8.7M	$58.4M	100x
Aevo BTC-PERP	+0.0096%	1h	85,459.1	−0.016%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,452	−0.025%	$265K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,509.1	+0.042%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,471.1	−0.002%	$24.1M	$220.2M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,500.4	+0.032%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,462.7	−0.012%	$9.41B	$25.13B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,455.4	−0.021%	$5.09B	$10.01B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,458.1	−0.017%	$2.61B	$12.22B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,488	+0.018%	$3.9M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,485.1	+0.014%	$4.6M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,382	−0.106%	$697.9M	$180.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,468.8	−0.005%	$5.50B	$9.86B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,466.4	−0.008%	$5.05B	$5.72B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,460.7	−0.014%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,462.5	−0.012%	$37.8M	$193.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.8	−0.008%	$155.8M	$547.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,416.6	−0.066%	$283.2M	$960.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.6	−0.029%	$214.4M	$157.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,449.8	−0.027%	$136.7M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,472.1	−0.001%	$30.1M	$217.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,541.3	+0.080%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,261	−0.248%	$10.9M	$14.9M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,470	−0.004%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,469.2	−0.004%	$2.7M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,513.8	+0.048%	$194K	$796K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,481.5	+0.010%	$2.9M	$6.3M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,468	−0.006%	$59.8M	$336.7M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,469.3	−0.004%	$2.26B	$975.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,469.4	−0.004%	$160.6M	$517.4M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,446.8	−0.031%	$45.7M	$241.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,455.5	−0.020%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,516	+0.050%	$111.6M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0147%	1h	85,458.1	−0.017%	$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	+0.002%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0187%	8h	85,498	+0.029%	$10.7M	$739.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,496.7	+0.028%	$8.9M	$42.8M	25x	as long as short
Derive BTC-PERP	+0.0240%	1h	85,554.9	+0.096%	$28.9M	$49.3M	15x	as long as short
Hyperliquid BTC	+0.0240%	1h	85,550	+0.090%	$3.82B	$5.14B	40x	as long as short
Aftermath Perps BTCUSD	+0.0291%	1h	85,442.2	−0.036%	$81K	$246K	20x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,530.4	+0.067%	$686K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,484.3	+0.013%	$468K	$18.4M	6.7x	as long as short