BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0015%/8h= −1.7% APRnext payment −$0.02 per $10,000 · paid last 24h −0.014%

Price spread now: Kraken Futures against Coinbase International−0.025%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.025%, 7d avg −0.026%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,505.4	0.0104	pay 0.0013% / 1h	23m 26s	$115.2M	$5.49B	50x
Short	Kraken Futures PF_XBTUSD	85,483.9	0.0089	get 0.0011% / 1h	23m 26s	$186.3M	$960.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$3.24
Price spread: −0.025% → −0.026%: $0.05
Slippage, 4 orders: −$0.54
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.72
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Kraken Futures: live order book, 6 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 Coinbase International live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$559	12.5 bp −$6,245
Sell Kraken Futures live order book, 6 min ago	0.06 bp	5.1 bp −$5	5.5 bp −$55	6.5 bp −$647	8.7 bp −$4,347

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	85,446	−0.069%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,459	−0.054%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0043%	8h	85,442	−0.074%	$928.4M	$773.3M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,477	−0.033%	$421.1M	$684.6M	150x	as long as short
Aster BTCUSDT	−0.0009%	8h	85,447.2	−0.068%	$513.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,452.1	−0.062%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,463.8	−0.049%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,472.4	−0.039%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,477	−0.033%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0039%	1h	85,469.6	−0.042%	$24.4M	$222.6M	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	85,247	−0.302%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0071%	8h	85,463.7	−0.049%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,483.9	−0.025%	$186.3M	$960.7M	100x
Bitget BTCUSDT	+0.0090%	8h	85,472.4	−0.039%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0093%	8h	85,448.3	−0.067%	$5.02B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0093%	8h	85,458	−0.055%	$9.43B	$25.00B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,468.4	−0.043%	$170.2M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,471.4	−0.040%	$23.5M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,439	−0.078%	$8.4M	$56.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,463	−0.050%	$2.4M	$6.7M	20x	as long as short
Bybit BTCUSDT	+0.0099%	8h	85,461.5	−0.051%	$5.15B	$9.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,422	−0.098%	$242K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,504.2	−0.001%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,525	+0.023%	$3.75B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,483.7	−0.025%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,474.3	−0.036%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,444	−0.072%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,435.9	−0.081%	$5.2M	$98.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,468.7	−0.043%	$5.55B	$11.04B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,465.2	−0.047%	$37.1M	$178.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,436.8	−0.080%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,386.4	−0.139%	$279.8M	$950.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,423.4	−0.096%	$214.5M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,436.7	−0.080%	$139.7M	$313.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,486.8	−0.022%	$30.1M	$204.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,513	+0.009%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,454	−0.060%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,461	−0.052%	$201K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,462.2	−0.051%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,508.9	+0.004%	$194K	$796K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.340%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,450.7	−0.064%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,469	−0.043%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,449	−0.066%	$2.26B	$968.6M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,473.4	−0.037%	$153.0M	$510.7M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.275%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,440.2	−0.076%	$44.9M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,481.7	−0.028%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0104%	1h	85,505.4	long leg	$115.2M	$5.49B	50x
Reya BTCRUSDPERP	+0.0130%	1h	85,435.1	−0.082%	$6.6M	$147.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0142%	1h	85,513.2	+0.009%	$861.9M	$1.64B	50x	as long as short
Kalshi KXBTCPERP	+0.0184%	8h	85,477	−0.033%	$11.8M	$741.4M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,464.6	−0.048%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,464.5	−0.048%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,481.8	−0.028%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0248%	1h	85,427.4	−0.091%	$79K	$230K	20x	as long as short