BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0162%/8h= +17.8% APRnext payment +$0.20 per $10,000 · paid last 24h +0.043%

Price spread now: Kraken Futures against Phoenix−0.043%71s7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.116%+$12 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.043%, 7d avg −0.008%

Together, before fees+0.195%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.034% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of −0.008%). If the spread goes back, that is −$3 on $10k: about 17 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.116% in total) that is about 2.1 days. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BTC	86,126	−0.0133	get 0.0017% / 1h	47m 34s	$2.1M	$7.8M	40x
Short	Kraken Futures PF_XBTUSD	86,089.3	0.0029	get 0.0004% / 1h	47m 34s	$191.6M	$768.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now −0.043%Rate

Funding earned: $34.06
Price spread: −0.043% → −0.008%: −$3.41
Slippage, 4 orders: −$0.7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $12.94
Costs to cover: 0.177%
Break-even: 4.3 days

Slippage from Phoenix: live order book, 5 min ago; Kraken Futures: 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 Phoenix live order book, 5 min ago	0.06 bp	3.7 bp −$4	5.4 bp −$54	10.8 bp −$1,084	doesn't fit
Sell Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	7.0 bp −$696	8.8 bp −$4,416

BTC on 55 exchanges

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 BTClong	−0.0133%	1h	86,126	long leg	$2.1M	$7.8M	40x
ApeX Omni BTCUSDT	−0.0103%	1h	86,098.5	−0.032%	$137.8M	$295.3M	100x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.082%	$8K	$2K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,032.6	−0.108%	$362K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,047.9	−0.091%	$422.6M	$563.8M	150x	as long as short
SoDEX BTC-USD	−0.0007%	1h	86,065	−0.071%	$65.9M	$187.9M	40x	as long as short
dYdX BTC-USD	0.0000%	1h	86,061.8	−0.075%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,057.4	−0.080%	$476K	$13.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,067.7	−0.068%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,114	−0.014%	$301K	$26.2M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0027%	8h	86,030.8	−0.111%	$512.8M	$873.8M	200x	as long as short
BingX BTC-USDC	+0.0028%	8h	86,047.9	−0.091%	—	$16.3M	—	as long as short
Kraken Futures PF_XBTUSDshort	+0.0029%	1h	86,089.3	−0.043%	$191.6M	$768.3M	100x
Bybit BTCUSDT	+0.0040%	8h	86,030.2	−0.111%	$5.14B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,075.5	−0.059%	$943.7M	$633.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,072.2	−0.062%	$5.52B	$8.90B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,027	−0.115%	$8.5M	$45.6M	100x	as long as short
Phemex BTCUSDT	+0.0092%	8h	86,076	−0.058%	$170.8M	$478.8M	150x	as long as short
Bitget BTCUSDT	+0.0093%	8h	86,060.6	−0.076%	$2.99B	$3.96B	150x	as long as short
HTX BTC-USDT	+0.0094%	8h	86,058.8	−0.078%	$2.27B	$803.8M	200x	as long as short
Lighter BTC	+0.0096%	1h	86,092.7	−0.039%	$173.9M	$854.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,095.1	−0.036%	$23.4M	$119.1M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,046.3	−0.093%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0098%	8h	86,073.3	−0.061%	$5.17B	$4.83B	500x	as long as short
Binance BTCUSDT	+0.0098%	8h	86,037.4	−0.103%	$9.45B	$20.51B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,015	−0.129%	$218K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,115.5	−0.012%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,038.4	−0.102%	$23.5M	$195.5M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,115.3	−0.012%	$40.1M	$571.2M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,069.5	−0.066%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,034	−0.107%	$4.0M	$15.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,061.3	−0.075%	$4.2M	$90.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.050%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,059.6	−0.077%	$38.2M	$195.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,070.8	−0.064%	$156.6M	$475.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,058.2	−0.079%	$289.8M	$814.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.034%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,074.5	−0.060%	$30.3M	$223.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,099.5	−0.031%	—	$9.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,059	−0.078%	$11.1M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,056	−0.081%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,057.7	−0.079%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,107.1	−0.022%	$195K	$563K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,045.9	−0.093%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,029.1	−0.112%	$46.9M	$203.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,063.4	−0.073%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,120.6	−0.006%	$112.3M	$4.97B	50x	as long as short
Hyperliquid BTC	+0.0159%	1h	86,173	+0.055%	$3.97B	$4.36B	40x	as long as short
Kalshi KXBTCPERP	+0.0160%	8h	86,069	−0.066%	$12.0M	$733.9M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.056%	$6.6M	$131.1M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,058.6	−0.078%	$8.9M	$37.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0252%	1h	86,082.2	−0.051%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0291%	1h	86,125.8	0.000%	$822.9M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,119	−0.008%	$725K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0446%	1h	86,115.2	−0.012%	$79K	$245K	20x	as long as short