BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRnext payment −$0.13 per $10,000 · paid last 24h +0.001%

Price spread now: Kraken Futures against RISEx+0.003%7-day average −0.002% · 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−$17as in the Price arb table

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

Long on RISEx Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.032%−$3 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now +0.003%, 7d avg −0.002%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BTC/USDC	85,360.4	0.0193	pay 0.0024% / 1h	55m 39s	$8.8M	$43.2M	25x
Short	Kraken Futures PF_XBTUSD	85,362.9	0.0089	get 0.0011% / 1h	55m 39s	$187.8M	$955.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against RISEx. 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 RISExbpFee Kraken FuturesbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$21.87
Price spread: +0.003% → −0.002%: $0.51
Slippage, 4 orders: −$1.18
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$38.54
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Kraken Futures: live order book, 4 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 RISEx live order book, 4 min ago	0.01 bp	3.2 bp −$3	3.2 bp −$32	9.8 bp −$985	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.2 bp −$5	6.2 bp −$62	7.1 bp −$706	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	−0.0111%	1h	85,444	+0.098%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,437	+0.090%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0049%	8h	85,347.7	−0.015%	$927.1M	$772.1M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,384.4	+0.028%	$420.4M	$683.7M	150x	as long as short
Aster BTCUSDT	−0.0008%	8h	85,333.7	−0.031%	$513.1M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,390	+0.035%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,350.7	−0.011%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,378.1	+0.021%	$529K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,368.6	+0.010%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0038%	1h	85,366.6	+0.007%	$24.5M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.052%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,320.6	−0.047%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,343.2	−0.020%	$2.95B	$5.18B	150x	as long as short
Phemex BTCUSDT	+0.0088%	8h	85,361.2	+0.001%	$149.4M	$508.1M	150x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,362.9	+0.003%	$187.8M	$955.7M	100x
Lighter BTC	+0.0096%	1h	85,369.1	+0.010%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,370.1	+0.011%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,349	−0.013%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,348.9	−0.013%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,338.8	−0.025%	$9.43B	$24.99B	150x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,354.9	−0.006%	$5.02B	$5.72B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,394.6	+0.040%	$866.8M	$1.63B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,315	−0.053%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,408.5	+0.056%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,442	+0.096%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,386	+0.030%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,327.7	−0.038%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,360	0.000%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,339	−0.025%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353.4	−0.008%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,353.9	−0.008%	$5.51B	$10.95B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,343.3	−0.020%	$36.8M	$179.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,340.9	−0.023%	$155.1M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.2	+0.013%	$279.6M	$950.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,385.1	+0.029%	$214.3M	$167.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,382.8	+0.026%	$139.6M	$314.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,420.3	+0.070%	$30.1M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,436.9	+0.090%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,362	+0.002%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,361.9	+0.002%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,360.6	0.000%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,396.4	+0.042%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,335.3	−0.029%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,368.5	+0.010%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,351	−0.011%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,366.5	+0.007%	$2.26B	$960.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.136%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,313.4	−0.055%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,388.3	+0.033%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,392.5	+0.038%	$117.0M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0122%	1h	85,352.7	−0.009%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,369.1	+0.010%	$13.0M	—	200x	as long as short
RISEx BTC/USDClong	+0.0193%	1h	85,360.4	long leg	$8.8M	$43.2M	25x
Kalshi KXBTCPERP	+0.0204%	8h	85,394	+0.039%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0238%	1h	85,444.1	+0.098%	$79K	$229K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,420.3	+0.070%	$690K	$8.0M	30x	as long as short