BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0022%/8h= +2.4% APRnext payment +$0.03 per $10,000 · paid last 24h −0.004%

Price spread now: Kraken Futures against Bulk−0.060%7-day average +0.015% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Bulk Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.045%−$4 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now −0.060%, 7d avg +0.015%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.075% cheaper against Bulk than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of +0.015%). If the spread goes back, that is −$7 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BTC-USD	86,141.5	0.0100	pay 0.0013% / 1h	3m 45s	$581.0M	$76.4M	40x
Short	Kraken Futures PF_XBTUSD	86,090	0.0122	get 0.0015% / 1h	3m 45s	$190.1M	$954.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bulk. 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 BulkbpFee Kraken FuturesbpOrdersPrice spread, now −0.060%Rate

Funding earned: $4.52
Price spread: −0.060% → +0.015%: −$7.5
Slippage, 4 orders: −$0.85
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$20.83
Costs to cover: 0.178%
Break-even: 39.3 days

Slippage from Bulk: 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 Bulk live order book, just now	0.03 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$353	4.3 bp −$2,160
Sell Kraken Futures live order book, 5 min ago	0.06 bp	5.5 bp −$5	5.7 bp −$57	5.8 bp −$579	7.1 bp −$3,526

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	−0.0129%	1h	86,215	+0.085%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,129	−0.015%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	86,111.1	−0.035%	$363K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	86,144.7	+0.004%	$518K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,126.9	−0.017%	$36.8M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	−0.222%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.259%	$343K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,973.6	−0.195%	$498.5M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0044%	8h	85,915.2	−0.263%	$825.7M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	86,101.2	−0.047%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	86,122.8	−0.022%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDC	+0.0053%	8h	85,908.2	−0.271%	—	$15.3M	—	as long as short
HTX BTC-USDT	+0.0056%	8h	86,045.8	−0.111%	$2.28B	$959.1M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,909.3	−0.270%	$2.95B	$5.07B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,057.3	−0.098%	$155.2M	$473.2M	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	86,066	−0.088%	$60.3M	$338.3M	40x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,069.6	−0.083%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,949.1	−0.223%	$9.35B	$24.33B	150x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,925.9	−0.250%	$5.09B	$5.78B	500x	as long as short
Bluefin BTC-PERP	+0.0087%	1h	86,118	−0.027%	$144K	$666K	40x	as long as short
Gate BTC_USDT	+0.0095%	8h	85,972.8	−0.196%	$5.74B	$10.68B	200x	as long as short
Lighter BTC	+0.0096%	1h	85,960.1	−0.211%	$169.8M	$998.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,961.9	−0.208%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,113	−0.033%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,091	−0.059%	$201K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,946.5	−0.226%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,113.4	−0.033%	$21.8M	$225.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,000	−0.164%	$3.76B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,984	−0.183%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,945.1	−0.228%	$5.23B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,938.3	−0.236%	$2.54B	$12.42B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,120	−0.025%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,134.1	−0.009%	$7.3M	$95.2M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,014	−0.148%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.072%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	−0.032%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,175.4	+0.039%	$216.3M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,194.2	+0.061%	$141.1M	$320.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,069.2	−0.084%	$30.5M	$206.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,148.9	+0.009%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,112	−0.034%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,116.5	−0.029%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,080.1	−0.071%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,088.5	−0.061%	$30.2M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,047.1	−0.110%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USDlong	+0.0100%	1h	86,141.5	long leg	$581.0M	$76.4M	40x
Extended BTC-USD	+0.0104%	1h	85,950.3	−0.222%	$46.0M	$222.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,080.4	−0.071%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,084.4	−0.066%	$132.2M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0122%	1h	86,090	−0.060%	$190.1M	$954.0M	100x
Hibachi BTC/USDT-P	+0.0128%	1h	86,108.8	−0.038%	$724K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0169%	1h	86,174.5	+0.038%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	86,111.8	−0.034%	$902.8M	$1.51B	50x	as long as short
BloFin BTC-USDT	+0.0203%	8h	86,079.9	−0.072%	$415.6M	$640.3M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,114	−0.032%	$10.2M	$766.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,121.5	−0.023%	$14.5M	—	200x	as long as short