Funding you earn now, next payment 04:00 UTC−0.0008%/8h= −0.8% APRnext payment −$0.01 per $10,000 · paid last 24h +0.034%
Price spread now: Deribit against Kraken Futures+0.048%7-day average +0.032% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$180.185% of the position
Funding, last 7 days−0.006%−$1 on $10k
+Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.048%, 7d avg +0.032%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,470.5 | 0.0170 | pay 0.0021% / 1h | 39m 34s | $188.3M | $954.2M | 100x |
| Short | Deribit BTC-PERPETUAL | 85,511.2 | 0.0163 | get 0.0020% / 1h | 39m 34s | $894.0M | $1.53B | 50x |
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Kraken Futures. 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
- −$1.62
- Price spread: +0.048% → +0.032%
- $1.53
- Slippage, 4 orders
- −$1.48
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$18.56
- Costs to cover
- 0.185%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Deribit: 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 Kraken Futures live order book, 5 min ago | 0.06 bp | 5.1 bp −$5 | 6.2 bp −$62 | 7.1 bp −$710 | 9.2 bp −$4,622 |
| Sell Deribit live order book, 5 min ago | 0.03 bp | 4.1 bp −$4 | 5.0 bp −$50 | 7.5 bp −$750 | 15.5 bp −$7,741 |
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 | −0.0368% | 1h | 85,515.6 | +0.053% | $207K | $738K | 40x | as long as short |
| Phoenix BTC | −0.0179% | 1h | 85,385 | −0.100% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,449 | −0.025% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0048% | 1h | 85,416.2 | −0.063% | $366K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0031% | 8h | 85,454.3 | −0.019% | $416.4M | $665.7M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0008% | 8h | 85,445.4 | −0.029% | $919.1M | $750.3M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0005% / S −0.0004% | 1h | 85,485.8 | +0.018% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0012% | 8h | 85,447.5 | −0.027% | $514.9M | $1.10B | 200x | as long as short |
| dYdX BTC-USD | +0.0019% | 1h | 85,483.8 | +0.016% | $16.7M | $21.2M | 50x | as long as short |
| Arcus BTC-USD | +0.0021% | 1h | 85,398.2 | −0.085% | $6.9M | $97.2M | 40x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Arcus BTC-USDShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Nado BTC-PERP | +0.0058% | 1h | 85,490.1 | +0.023% | $22.8M | $219.0M | 50x | as long as short |
| BingX BTC-USDC | +0.0060% | 8h | 85,414.1 | −0.066% | — | $17.1M | — | as long as short |
| Bitget BTCUSDT | +0.0076% | 8h | 85,411.1 | −0.069% | $2.95B | $5.03B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0079% | 1h | 85,484.7 | +0.017% | $6.7M | $146.7M | 40x | as long as short |
| Aevo BTC-PERP | +0.0088% | 1h | 85,474.4 | +0.005% | $2.4M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0089% | 8h | 85,468.3 | −0.003% | $5.05B | $5.59B | 500x | as long as short |
| Binance BTCUSDT | +0.0090% | 8h | 85,423 | −0.056% | $9.35B | $24.05B | 150x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,479.1 | +0.010% | $173.1M | $1.00B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,484.7 | +0.017% | $23.8M | $148.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,434 | −0.043% | $8.4M | $52.7M | 100x | as long as short |
| Phemex BTCUSDT | +0.0098% | 8h | 85,453.8 | −0.019% | $149.6M | $484.3M | 150x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,393 | −0.091% | $225K | $8.0M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,487 | +0.019% | $4.2M | $8.6M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,545.3 | +0.088% | $3.75B | $4.97B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,489 | +0.022% | $40.1M | $578.1M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,419.5 | −0.060% | $5.24B | $9.70B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,435.5 | −0.041% | $2.58B | $12.09B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,421 | −0.058% | $3.9M | $18.0M | 25x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,426 | −0.052% | $5.53B | $10.62B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,438.4 | −0.038% | $35.7M | $176.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,453.7 | −0.020% | $153.6M | $563.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,527.2 | +0.066% | $279.4M | $916.4M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,454 | −0.019% | $214.5M | $169.8M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,439.1 | −0.037% | $139.7M | $314.2M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,450 | −0.024% | $30.2M | $207.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,542.3 | +0.084% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,492 | +0.025% | $11.0M | $14.2M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,496.7 | +0.031% | $193K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,484.6 | +0.017% | $2.3M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,475.7 | +0.006% | $29.9M | $50.9M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,474.2 | +0.004% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,465 | −0.006% | $59.9M | $336.1M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,450 | −0.024% | $2.26B | $940.4M | 200x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,513.6 | +0.050% | $649.6M | $594.9M | 40x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,387.7 | −0.097% | $44.5M | $226.5M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,521 | +0.059% | — | $106.9M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,504.6 | +0.040% | $117.0M | $5.16B | 50x | as long as short |
| Injective BTC/USDC PERP | +0.0150% | 1h | 85,539 | +0.080% | $340K | $26.9M | 52x | as long as short |
| Deribit BTC-PERPETUALshort | +0.0163% | 1h | 85,511.2 | +0.048% | $894.0M | $1.53B | 50x | |
| Kraken Futures PF_XBTUSDlong | +0.0170% | 1h | 85,470.5 | long leg | $188.3M | $954.2M | 100x | |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0176% / S −0.0151% | 1h | 85,496.3 | +0.030% | $13.3M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0194% | 1h | 85,443.8 | −0.031% | $8.3M | $42.4M | 25x | as long as short |
| Hibachi BTC/USDT-P | +0.0200% | 1h | 85,496.4 | +0.030% | $693K | $7.9M | 30x | as long as short |
| Aftermath Perps BTCUSD | +0.0201% | 1h | 85,522.7 | +0.061% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0217% | 8h | 85,517 | +0.054% | $10.3M | $758.8M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,519.8 | +0.058% | $497K | $18.9M | 6.7x | as long as short |
Nado BTC-PERP
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Phemex BTCUSDT
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Gate BTC_USDT
Backpack BTC_USDC_PERP
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
SoDEX BTC-USD
HTX BTC-USDT
Bulk BTC-USD
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Injective BTC/USDC PERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Hibachi BTC/USDT-P
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC