Funding you earn now, next payment 08:00 UTC+0.0074%/8h= +8.1% APRpaid last 24h −0.012%
Price spread now: Phemex against Kraken Futures−0.015%7-day average −0.018% · you buy dearer than you sell
Net, funding: paid 7d − costs−$29as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$220.222% of the position
Funding, last 7 days−0.069%−$7 on $10k
+Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.015%, 7d avg −0.018%
=The price spread sits at its 7-day average of −0.018%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.069%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_XBTUSD | 85,297.4 | 0.0026 | pay 0.0003% / 1h | 3m 39s | $186.1M | $953.6M | 100x |
| Short | Phemex BTCUSDT | 85,284.6 | 0.0100 | get 0.0100% / 8h | 3m 39s | $158.7M | $516.3M | 150x |
Kraken Futures PF_XBTUSD
Phemex BTCUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex 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
- $15.5
- Price spread: −0.015% → −0.018%
- $0.31
- Slippage, 4 orders
- −$0.18
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$6.37
- Costs to cover
- 0.222%
- Break-even
- 9.9 days
Slippage from Kraken Futures: live order book, 6 min ago; Phemex: 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 Kraken Futures live order book, 6 min ago | 0.06 bp | 5.1 bp −$5 | 5.5 bp −$55 | 6.8 bp −$680 | 9.3 bp −$4,628 |
| Sell Phemex live order book, 6 min ago | 0.01 bp | 6.0 bp −$6 | 6.0 bp −$60 | 7.1 bp −$706 | doesn't fit |
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,279 | −0.022% | $8K | $3K | 50x | as long as short |
| Phoenix BTC | −0.0034% | 1h | 85,306 | +0.010% | $2.3M | $10.8M | 40x | as long as short |
| BloFin BTC-USDT | −0.0020% | 8h | 85,294.8 | −0.003% | $421.8M | $685.3M | 150x | as long as short |
| KuCoin XBTUSDTM | −0.0006% | 8h | 85,276.1 | −0.025% | $928.7M | $776.7M | 125x | as long as short |
| 01 Exchange BTCUSD | 0.0000% | 1h | 85,285.9 | −0.013% | $345K | $2.3M | 50x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,289.1 | −0.010% | $36.5M | — | 200x | as long as short |
| Aster BTCUSDT | +0.0016% | 8h | 85,279.3 | −0.021% | $502.6M | $1.09B | 200x | as long as short |
| dYdX BTC-USD | +0.0020% | 1h | 85,277.8 | −0.023% | $16.7M | $21.0M | 50x | as long as short |
| Kraken Futures PF_XBTUSDlong | +0.0026% | 1h | 85,297.4 | long leg | $186.1M | $953.6M | 100x | |
| Injective BTC/USDC PERP | +0.0067% | 1h | 85,296 | −0.002% | $311K | $25.9M | 52x | as long as short |
Hotstuff BTC-PERP
Phoenix BTC
BloFin BTC-USDT
KuCoin XBTUSDTM
01 Exchange BTCUSD
gTrade (Gains Network) BTC/USD
Aster BTCUSDT
dYdX BTC-USD
Injective BTC/USDC PERPShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0067% | 8h | 85,260.1 | −0.044% | — | $17.4M | — | as long as short |
| Bybit BTCUSDT | +0.0087% | 8h | 85,282.1 | −0.018% | $5.09B | $10.03B | 150x | as long as short |
| ApeX Omni BTCUSDT | +0.0092% | 1h | 85,259 | −0.045% | $138.0M | $312.7M | 100x | as long as short |
| Nado BTC-PERP | +0.0094% | 1h | 85,296.2 | −0.001% | $24.0M | $221.5M | 50x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,294.1 | −0.004% | $169.4M | $1.03B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,293.6 | −0.004% | $23.6M | $149.2M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,274 | −0.027% | $8.4M | $57.8M | 100x | as long as short |
| Aevo BTC-PERP | +0.0096% | 1h | 85,280.9 | −0.019% | $2.4M | $6.7M | 20x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,256 | −0.049% | $265K | $8.7M | 50x | as long as short |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,331.8 | +0.040% | $5.7M | $9.5M | 50x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,300.5 | +0.004% | $40.0M | $605.4M | 50x | as long as short |
| Binance BTCUSDT | +0.0100% | 8h | 85,279.9 | −0.021% | $9.39B | $25.17B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,280.2 | −0.020% | $2.60B | $12.25B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,272 | −0.030% | $3.8M | $17.3M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,299.7 | +0.003% | $4.6M | $97.7M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,256 | −0.049% | $695.2M | $190.7M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,278.5 | −0.022% | $5.46B | $11.18B | 200x | as long as short |
| MEXC BTC_USDT | +0.0100% | 8h | 85,280.4 | −0.020% | $5.03B | $5.78B | 500x | as long as short |
| Bitget BTCUSDT | +0.0100% | 8h | 85,277.5 | −0.023% | $2.97B | $5.20B | 150x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,277.7 | −0.023% | $36.7M | $191.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,262.8 | −0.041% | $155.2M | $549.3M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,243.5 | −0.063% | $282.7M | $958.3M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,269.1 | −0.033% | $214.0M | $159.3M | 50x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,298 | +0.001% | $30.1M | $215.4M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,360.9 | +0.074% | — | $10.3M | 50x | as long as short |
| Polymarket Perps BTC-USD | +0.0100% | 1h | 85,290 | −0.009% | $10.9M | $15.0M | 50x | as long as short |
| Bullet BTC-USD | +0.0100% | 1h | 85,285.3 | −0.014% | $198K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,286.4 | −0.013% | $2.6M | $9.8M | 100x | as long as short |
| Bluefin BTC-PERP | +0.0100% | 1h | 85,327.6 | +0.035% | $193K | $796K | 40x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,301.3 | +0.005% | $28.8M | $47.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,267.5 | −0.035% | $2.9M | $6.1M | 100x | as long as short |
| SoDEX BTC-USD | +0.0100% | 1h | 85,284 | −0.016% | $59.7M | $336.5M | 40x | as long as short |
| HTX BTC-USDT | +0.0100% | 8h | 85,281.6 | −0.019% | $2.25B | $973.9M | 200x | as long as short |
| Phemex BTCUSDTshort | +0.0100% | 8h | 85,284.6 | −0.015% | $158.7M | $516.3M | 150x | |
| Extended BTC-USD | +0.0104% | 1h | 85,259.2 | −0.045% | $45.7M | $241.2M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,305.1 | +0.009% | — | $106.7M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0104% | 1h | 85,322 | +0.029% | $111.6M | $5.46B | 50x | as long as short |
| Hyperliquid BTC | +0.0122% | 1h | 85,369 | +0.084% | $3.79B | $5.11B | 40x | as long as short |
| Deribit BTC-PERPETUAL | +0.0125% | 1h | 85,323.4 | +0.030% | $830.0M | $1.66B | 50x | as long as short |
| Reya BTCRUSDPERP | +0.0144% | 1h | 85,275.8 | −0.025% | $6.6M | $141.5M | 40x | as long as short |
| Kalshi KXBTCPERP | +0.0173% | 8h | 85,320 | +0.027% | $12.0M | $737.3M | 6.4x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0174% / S −0.0147% | 1h | 85,284 | −0.016% | $13.0M | — | 200x | as long as short |
| RISEx BTC/USDC | +0.0174% | 1h | 85,303.5 | +0.007% | $8.8M | $42.9M | 25x | as long as short |
| Aftermath Perps BTCUSD | +0.0291% | 1h | 85,289.9 | −0.009% | $81K | $250K | 20x | as long as short |
| Hibachi BTC/USDT-P | +0.0296% | 1h | 85,350.7 | +0.062% | $682K | $7.8M | 30x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,311.5 | +0.017% | $466K | $18.4M | 6.7x | as long as short |
BingX BTC-USDC
Bybit BTCUSDT
ApeX Omni BTCUSDT
Nado BTC-PERP
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Aevo BTC-PERP
Katana Perps BTC-USD
Paradex BTC-USD-PERP
Pacifica BTC
Binance BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
MEXC BTC_USDT
Bitget BTCUSDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
StandX BTC-USD
Vest BTC-PERP
Polymarket Perps BTC-USD
Bullet BTC-USD
Orderly PERP_BTC_USDC
Bluefin BTC-PERP
Derive BTC-PERP
SunX BTC-USDT
SoDEX BTC-USD
HTX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
Hyperliquid BTC
Deribit BTC-PERPETUAL
Reya BTCRUSDPERP
Kalshi KXBTCPERP
GMX BTC/USD [WBTC.b-USDC]
RISEx BTC/USDC
Aftermath Perps BTCUSD
Hibachi BTC/USDT-P
Perpl BTC