BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0167%/8h= −18.2% APRnext payment −$0.21 per $10,000 · paid last 24h −0.034%

Price spread now: Phoenix against Kraken Futures+0.026%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.026%, 7d avg +0.005%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.020% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of +0.005%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 hours. At the pace of the last 7 days (−0.111% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,482.1	0.0056	pay 0.0007% / 1h	1m 06s	$188.2M	$954.4M	100x
Short	Phoenix BTC	85,504	−0.0111	pay 0.0014% / 1h	1m 06s	$2.1M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 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 Kraken FuturesbpFee PhoenixbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$34.97
Price spread: +0.026% → +0.005%: $2.01
Slippage, 4 orders: −$0.73
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$50.68
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: 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 Kraken Futures live order book, 3 min ago	0.06 bp	5.1 bp −$5	6.2 bp −$62	7.7 bp −$766	9.6 bp −$4,779
Sell Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	11.8 bp −$1,183	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
Phoenix BTCshort	−0.0111%	1h	85,504	+0.026%	$2.1M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,524	+0.049%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0050%	8h	85,461	−0.025%	$928.8M	$772.0M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,488.5	+0.007%	$420.5M	$684.0M	150x	as long as short
Aster BTCUSDT	−0.0007%	8h	85,461	−0.025%	$513.9M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,484.8	+0.003%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,494.2	+0.014%	$527K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,489.8	+0.009%	$16.8M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,474.5	−0.009%	$36.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0021%	1h	85,500.8	+0.022%	$868.9M	$1.62B	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	+0.0023%	1h	85,492	+0.012%	$339K	$26.8M	52x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,488.1	+0.007%	$24.6M	$222.6M	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0056%	1h	85,482.1	long leg	$188.2M	$954.4M	100x
BingX BTC-USDT	+0.0070%	8h	85,467.1	−0.018%	—	$1.56B	—	as long as short
Phemex BTCUSDT	+0.0084%	8h	85,472.1	−0.012%	$149.1M	$507.2M	150x	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,462.1	−0.023%	$2.96B	$5.18B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,477.7	−0.005%	$171.3M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,477.3	−0.006%	$23.7M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,480	−0.002%	$8.4M	$55.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,463.9	−0.021%	$2.4M	$6.7M	20x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,509.1	+0.032%	$117.0M	$5.46B	50x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,468.3	−0.016%	$5.01B	$5.77B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,468.3	−0.016%	$9.45B	$24.93B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,453	−0.034%	$236K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,525.4	+0.051%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,550	+0.079%	$3.76B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,510.5	+0.033%	$40.0M	$598.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,464	−0.021%	$5.15B	$9.98B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,467.6	−0.017%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,484	+0.002%	$3.8M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,480.5	−0.002%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,466.6	−0.018%	$5.51B	$11.11B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,453.4	−0.034%	$36.6M	$179.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535.9	+0.063%	$155.0M	$560.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,472.9	−0.011%	$280.0M	$953.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,493.3	+0.013%	$214.7M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,528	+0.054%	$139.8M	$314.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,480.9	−0.001%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,539.7	+0.067%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,466	−0.019%	$11.0M	$14.5M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,470.1	−0.014%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,472.1	−0.012%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,512.2	+0.035%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,449.8	−0.038%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,453.6	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,468	−0.017%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,465.4	−0.020%	$2.26B	$941.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	−0.006%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,432	−0.059%	$44.5M	$240.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,497	+0.017%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0121%	1h	85,462.2	−0.023%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,474.8	−0.009%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	85,506	+0.028%	$11.5M	$743.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0235%	1h	85,510	+0.033%	$79K	$228K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,527.9	+0.054%	$692K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,503.1	+0.025%	$8.8M	$43.2M	25x	as long as short