Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h +0.012%

Price spread now: Kraken Futures against Phemex0.000%7-day average +0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now 0.000%, 7d avg +0.018%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

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 paid +0.068%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BTCUSDT	85,354.4	0.0100	pay 0.0100% / 8h	57m 59s	$157.5M	$512.5M	150x
Short	Kraken Futures PF_XBTUSD	85,354.8	0.0026	get 0.0003% / 1h	57m 59s	$185.6M	$951.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$15.5
Price spread: 0.000% → +0.018%: −$1.77
Slippage, 4 orders: −$0.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$39.87
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 1 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 Phemex live order book, 6 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.4 bp −$640	doesn't fit
Sell Kraken Futures live order book, 1 min ago	0.06 bp	5.5 bp −$6	6.1 bp −$61	7.2 bp −$716	8.8 bp −$4,423

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	85,415	+0.071%	$2.3M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,350	−0.005%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,337.6	−0.020%	$928.3M	$773.2M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,354.8	0.000%	$421.0M	$680.8M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,335.7	−0.022%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,384.6	+0.035%	$16.7M	$21.0M	50x	as long as short
Perpl BTC	0.0000%	43m	85,370.4	+0.019%	$491K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,369.6	+0.018%	$847.5M	$1.65B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,359.2	+0.006%	$36.5M	—	200x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0026%	1h	85,354.8	0.000%	$185.6M	$951.5M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange BTCUSD	+0.0032%	1h	85,368	+0.016%	$352K	$2.3M	50x	as long as short
Injective BTC/USDC PERP	+0.0067%	1h	85,367	+0.015%	$338K	$24.6M	52x	as long as short
BingX BTC-USDT	+0.0073%	8h	85,342.4	−0.014%	—	$1.57B	—	as long as short
Bybit BTCUSDT	+0.0089%	8h	85,334.3	−0.024%	$5.13B	$9.97B	150x	as long as short
Nado BTC-PERP	+0.0090%	1h	85,347.9	−0.008%	$24.1M	$219.6M	50x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,335	−0.023%	$2.96B	$5.16B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,352.9	−0.002%	$169.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,350.9	−0.004%	$23.5M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,344	−0.012%	$8.4M	$57.2M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,337.1	−0.020%	$5.03B	$5.70B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,340.3	−0.017%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,343.7	−0.013%	$9.41B	$24.88B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,322	−0.038%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,393.3	+0.046%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,423	+0.080%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,377.9	+0.028%	$39.9M	$605.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,341.8	−0.015%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,349	−0.006%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,346.7	−0.009%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.035%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,346.7	−0.009%	$5.54B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,337.4	−0.020%	$37.3M	$183.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.064%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,330.6	−0.028%	$279.6M	$954.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,342.1	−0.014%	$214.2M	$158.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,333.7	−0.024%	$139.5M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,349	−0.006%	$30.1M	$207.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,405.9	+0.060%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,348	−0.007%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,350.1	−0.005%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,345.3	−0.011%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,379.1	+0.029%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,318.2	−0.042%	$30.0M	$46.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,345.4	−0.011%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,345	−0.011%	$59.7M	$336.6M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,342.4	−0.014%	$2.26B	$963.2M	200x	as long as short
Phemex BTCUSDTlong	+0.0100%	8h	85,354.4	long leg	$157.5M	$512.5M	150x
Extended BTC-USD	+0.0104%	1h	85,309.4	−0.053%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,353.9	−0.001%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,368.9	+0.017%	$113.3M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,337.7	−0.020%	$6.6M	$147.2M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,369	+0.017%	$12.0M	$738.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,372.8	+0.022%	$8.8M	$42.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,356.9	+0.003%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,384.9	+0.036%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0285%	1h	85,393	+0.045%	$79K	$247K	20x	as long as short