BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0074%/8h= −8.1% APRnext payment −$0.09 per $10,000 · paid last 24h +0.126%

Price spread now: Kraken Futures against Bluefin−0.009%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs+$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Bluefin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.380%+$38 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.009%, 7d avg +0.033%

Together, before fees+0.421%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.042% cheaper against Bluefin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.033%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.380%, 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	Bluefin BTC-PERP	85,286.8	0.0100	pay 0.0013% / 1h	10m 31s	$194K	$795K	40x
Short	Kraken Futures PF_XBTUSD	85,279	0.0026	get 0.0003% / 1h	10m 31s	$185.8M	$953.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bluefin. 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 BluefinbpFee Kraken FuturesbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$15.49
Price spread: −0.009% → +0.033%: −$4.19
Slippage, 4 orders: −$6.12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$42.8
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Bluefin: live order book, 29 min ago; Kraken Futures: live order book, 4 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 Bluefin live order book, 29 min ago	1.14 bp	6.5 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.1 bp −$711	9.3 bp −$4,639

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	−0.009%	$8K	$3K	50x	as long as short
Phoenix BTC	−0.0034%	1h	85,304	+0.020%	$2.3M	$10.8M	40x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,240.2	−0.055%	$421.3M	$686.0M	150x	as long as short
KuCoin XBTUSDTM	−0.0011%	8h	85,245.7	−0.048%	$927.1M	$777.1M	125x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,276.8	−0.012%	$343K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,250.1	−0.043%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0009%	8h	85,266.7	−0.024%	$509.3M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0018%	1h	85,277.8	−0.011%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0026%	1h	85,279	−0.009%	$185.8M	$953.5M	100x
BingX BTC-USDT	+0.0065%	8h	85,271	−0.019%	—	$1.58B	—	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	+0.0067%	1h	85,200	−0.102%	$310K	$25.7M	52x	as long as short
Bybit BTCUSDT	+0.0083%	8h	85,280.9	−0.007%	$5.09B	$10.04B	150x	as long as short
Nado BTC-PERP	+0.0091%	1h	85,243.7	−0.051%	$24.1M	$221.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0096%	1h	85,281.8	−0.006%	$139.7M	$312.0M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,266.7	−0.024%	$168.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,266.2	−0.024%	$23.6M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,270	−0.020%	$8.4M	$57.7M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,239.1	−0.056%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0099%	8h	85,293.3	+0.008%	$2.97B	$5.21B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,246	−0.048%	$269K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,289.2	+0.003%	$5.7M	$9.6M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	0.000%	$40.4M	$604.7M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,269.9	−0.020%	$9.39B	$25.17B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,296	+0.011%	$2.60B	$12.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,279	−0.009%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,279.8	−0.008%	$4.7M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,271.5	−0.018%	$5.49B	$11.16B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,269	−0.021%	$5.02B	$5.77B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,254.9	−0.037%	$36.9M	$190.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,228.2	−0.069%	$155.9M	$548.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,184.8	−0.120%	$282.5M	$959.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,282.2	−0.005%	$214.0M	$159.8M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,236.4	−0.059%	$30.0M	$214.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,353.6	+0.078%	—	$10.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,289	+0.003%	$10.9M	$15.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,247	−0.047%	$197K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,250.2	−0.043%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERPlong	+0.0100%	1h	85,286.8	long leg	$194K	$795K	40x
Derive BTC-PERP	+0.0100%	1h	85,275.3	−0.013%	$28.8M	$45.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,212.7	−0.087%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,247	−0.047%	$59.7M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,240.6	−0.054%	$2.25B	$974.0M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,256	−0.036%	$158.9M	$516.0M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,240	−0.055%	$693.3M	$214.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,249	−0.044%	$45.4M	$241.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,260.3	−0.031%	—	$106.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,304	+0.020%	$111.8M	$5.47B	50x	as long as short
Hyperliquid BTC	+0.0104%	1h	85,330.7	+0.051%	$3.78B	$5.11B	40x	as long as short
Deribit BTC-PERPETUAL	+0.0107%	1h	85,284.2	−0.003%	$836.1M	$1.66B	50x	as long as short
Reya BTCRUSDPERP	+0.0143%	1h	85,285.6	−0.001%	$6.6M	$142.1M	40x	as long as short
Kalshi KXBTCPERP	+0.0172%	8h	85,269	−0.021%	$12.0M	$737.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,290.6	+0.004%	$8.8M	$43.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0146%	1h	85,261.1	−0.030%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0264%	1h	85,301.7	+0.017%	$696K	$7.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0299%	1h	85,265.3	−0.025%	$80K	$247K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,245.8	−0.048%	$464K	$18.3M	6.7x	as long as short