Funding you earn now, next payment 03:00 UTC+0.0038%/8h= +4.2% APRnext payment +$0.05 per $10,000 · paid last 24h −0.003%
Price spread now: Kraken Futures against Backpack+0.052%7-day average +0.045% · you sell dearer than you buy
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$200.205% of the position
Funding, last 7 days+0.144%+$14 on $10k
+Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.052%, 7d avg +0.045%
=The price spread sits at its 7-day average of +0.045%, 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 | Backpack BTC_USDC_PERP | 85,820.6 | 0.0100 | pay 0.0013% / 1h | 9m 33s | $35.3M | $172.9M | 75x |
| Short | Kraken Futures PF_XBTUSD | 85,865.1 | 0.0138 | get 0.0017% / 1h | 9m 33s | $189.5M | $952.9M | 100x |
Backpack BTC_USDC_PERP
Kraken Futures PF_XBTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $7.98
- Price spread: +0.052% → +0.045%
- $0.66
- Slippage, 4 orders
- −$0.45
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$11.81
- Costs to cover
- 0.205%
- Break-even
- 17.4 days
Slippage from Backpack: live order book, 5 min ago; 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 Backpack live order book, 5 min ago | 0.01 bp | 5.0 bp −$5 | 5.0 bp −$50 | 5.6 bp −$558 | 24.7 bp −$12.4K |
| Sell Kraken Futures live order book, 5 min ago | 0.06 bp | 5.3 bp −$5 | 5.9 bp −$59 | 7.3 bp −$727 | 8.9 bp −$4,446 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0589% | 1h | 85,861.4 | +0.048% | $197K | $721K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,805 | −0.018% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,804 | −0.019% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,787.2 | −0.039% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0033% | 8h | 85,822.6 | +0.002% | $418.0M | $666.5M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,787.9 | −0.038% | $16.7M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 85,765.8 | −0.064% | $919.8M | $751.5M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,786.9 | −0.039% | $36.7M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0013% | 1h | 85,781.9 | −0.045% | $22.6M | $219.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0020% | 8h | 85,782.5 | −0.044% | $516.8M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDT | +0.0057% | 8h | 85,785.3 | −0.041% | — | $1.53B | — | as long as short |
| Bitget BTCUSDT | +0.0072% | 8h | 85,769.2 | −0.060% | $2.96B | $5.01B | 150x | as long as short |
| Phemex BTCUSDT | +0.0073% | 8h | 85,835.7 | +0.018% | $149.3M | $479.8M | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0073% | 1h | 85,761.8 | −0.069% | $6.7M | $146.5M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | −0.016% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,821.8 | +0.001% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,767.8 | −0.062% | $5.08B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,778.7 | −0.049% | $9.36B | $23.88B | 150x | as long as short |
| HTX BTC-USDT | +0.0093% | 8h | 85,833.6 | +0.015% | $2.27B | $936.0M | 200x | as long as short |
| SoDEX BTC-USD | +0.0096% | 1h | 85,830 | +0.011% | $60.1M | $336.2M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,785.9 | −0.040% | $174.7M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,786.5 | −0.040% | $23.9M | $149.5M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,790 | −0.036% | $8.4M | $52.3M | 100x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,814.6 | −0.007% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,762 | −0.068% | $197K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,852 | +0.037% | $3.75B | $4.96B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,809.4 | −0.013% | $40.2M | $576.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,785.1 | −0.041% | $5.34B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,781.7 | −0.045% | $2.58B | $12.12B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,760 | −0.071% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,757.9 | −0.073% | $6.8M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,800.8 | −0.023% | $635.6M | $478.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,784.6 | −0.042% | $5.56B | $10.56B | 200x | as long as short |
| Backpack BTC_USDC_PERPlong | +0.0100% | 1h | 85,820.6 | long leg | $35.3M | $172.9M | 75x | |
| Variational Omni BTC | +0.0100% | 8h | 85,777.2 | −0.051% | $157.4M | $555.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,754.5 | −0.077% | $280.1M | $916.5M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,809.7 | −0.013% | $215.5M | $165.9M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,774.1 | −0.054% | $140.3M | $314.6M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,831.8 | +0.013% | $30.3M | $208.9M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,833.5 | +0.015% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,780 | −0.047% | $11.1M | $14.1M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,782 | −0.045% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,815.5 | −0.006% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,819.1 | −0.002% | $30.1M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,819.1 | −0.002% | $2.9M | $6.1M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,759.5 | −0.071% | $44.3M | $226.8M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,853.5 | +0.038% | — | $105.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,868 | +0.055% | $125.9M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,809.8 | −0.013% | $8.4M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSDshort | +0.0138% | 1h | 85,865.1 | +0.052% | $189.5M | $952.9M | 100x | |
| Deribit BTC-PERPETUAL | +0.0172% | 1h | 85,879.4 | +0.069% | $891.4M | $1.53B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,853.1 | +0.038% | $704K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0178% | 1h | 85,831.6 | +0.013% | $13.6M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0204% | 1h | 85,805.9 | −0.017% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0219% | 8h | 85,866 | +0.053% | $10.7M | $758.3M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,808.4 | −0.014% | $502K | $19.2M | 6.7x | as long as short |
BingX BTC-USDT
Bitget BTCUSDT
Phemex BTCUSDT
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
HTX BTC-USDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC