BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0011%/8h= −1.2% APRnext payment −$0.01 per $10,000 · paid last 24h +0.148%

Price spread now: Kraken Futures against Bluefin−0.038%64s7-day average +0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs+$7as 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−$220.225% of the position

Long on Bluefin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.293%+$29 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.038%, 7d avg +0.034%

Together, before fees+0.366%+$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Kraken Futures is 0.073% cheaper against Bluefin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.034%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.293%, so the current rate has only just turned against you. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin BTC-PERP	85,345.5	0.0100	pay 0.0013% / 1h	51m 30s	$193K	$795K	40x
Short	Kraken Futures PF_XBTUSD	85,312.7	0.0089	get 0.0011% / 1h	51m 30s	$187.1M	$955.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bluefin. 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 BluefinbpFee Kraken FuturesbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$2.36
Price spread: −0.038% → +0.034%: −$7.26
Slippage, 4 orders: −$5.47
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$32.09
Costs to cover: 0.225%
Break-even: never at this rate

Slippage from Bluefin: live order book, 58 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 Bluefin live order book, 58 min ago	1.33 bp	6.5 bp −$6	10.4 bp −$104	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	0.06 bp	5.2 bp −$5	6.1 bp −$61	7.2 bp −$724	9.1 bp −$4,526

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	−0.0082%	1h	85,346	+0.001%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,309	−0.043%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,279.5	−0.077%	$925.8M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,315.2	−0.036%	$421.0M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,290.7	−0.064%	$512.7M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,301.1	−0.052%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,300.4	−0.053%	$526K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,305	−0.047%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,305.2	−0.047%	$354K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0025%	1h	85,333.8	−0.014%	$139.5M	$314.5M	100x	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	85,316.8	−0.034%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.070%	$339K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,287.6	−0.068%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,298.5	−0.055%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,312.7	−0.038%	$187.1M	$955.8M	100x
Phemex BTCUSDT	+0.0092%	8h	85,303.9	−0.049%	$149.6M	$508.6M	150x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,303.3	−0.049%	$9.42B	$24.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,298.8	−0.055%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,302.2	−0.051%	$23.6M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,303	−0.050%	$8.3M	$56.0M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,290.2	−0.065%	$5.00B	$5.73B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,290.2	−0.065%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,267	−0.092%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,350.3	+0.006%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,371	+0.030%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,321.5	−0.028%	$40.0M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,296.6	−0.057%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,305.8	−0.047%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,293	−0.062%	$3.8M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,304.7	−0.048%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,285.7	−0.070%	$5.50B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,287.9	−0.067%	$36.8M	$179.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,340.9	−0.005%	$155.1M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,312.4	−0.039%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,303.8	−0.049%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,328.1	−0.020%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,361.5	+0.019%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,302	−0.051%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,294	−0.060%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,300.7	−0.052%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,345.5	long leg	$193K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,274.3	−0.083%	$29.9M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,278.1	−0.079%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,295	−0.059%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,284.7	−0.071%	$2.26B	$968.5M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.059%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,268	−0.091%	$44.5M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,327.5	−0.021%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,338.2	−0.009%	$116.7M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0123%	1h	85,297.4	−0.056%	$6.6M	$147.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0130%	1h	85,341.4	−0.005%	$865.9M	$1.63B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,296.2	−0.058%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,319.2	−0.031%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	85,335	−0.012%	$11.5M	$742.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.021%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0256%	1h	85,385	+0.046%	$79K	$229K	20x	as long as short