BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0011%/8h= −1.2% APRnext payment −$0.01 per $10,000 · paid last 24h −0.004%

Price spread now: Kraken Futures against Bullet+0.001%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on Bullet Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.001%, 7d avg +0.014%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet BTC-USD	85,430.6	0.0100	pay 0.0013% / 1h	27m 03s	$201K	$3.3M	20x
Short	Kraken Futures PF_XBTUSD	85,431.3	0.0089	get 0.0011% / 1h	27m 03s	$185.4M	$958.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bullet. 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 BulletbpFee Kraken FuturesbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$2.39
Price spread: +0.001% → +0.014%: −$1.37
Slippage, 4 orders: −$2.14
Fee Bullet: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.9
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Bullet: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Bullet live order book, 2 min ago	0.29 bp	4.5 bp −$4	7.6 bp −$76	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.06 bp	5.1 bp −$5	5.5 bp −$55	6.5 bp −$647	8.7 bp −$4,347

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	85,329	−0.119%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,391	−0.046%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,420.5	−0.012%	$928.1M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0028%	8h	85,416.4	−0.017%	$421.5M	$683.9M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,422.5	−0.010%	$513.2M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,440.2	+0.011%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,448.2	+0.021%	$491K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,424.2	−0.007%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,348.2	−0.096%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0040%	1h	85,397.2	−0.039%	$24.4M	$222.4M	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	+0.0057%	1h	85,247	−0.215%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,410.3	−0.024%	—	$17.5M	—	as long as short
Deribit BTC-PERPETUAL	+0.0071%	1h	85,457.7	+0.032%	$862.1M	$1.64B	50x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,420.1	−0.012%	$2.4M	$6.7M	20x	as long as short
ApeX Omni BTCUSDT	+0.0088%	1h	85,342.3	−0.103%	$139.5M	$314.2M	100x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,431.3	+0.001%	$185.4M	$958.9M	100x
Bitget BTCUSDT	+0.0089%	8h	85,429	−0.002%	$2.97B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,424.4	−0.007%	$5.02B	$5.76B	500x	as long as short
Binance BTCUSDT	+0.0092%	8h	85,428.2	−0.003%	$9.43B	$24.98B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,436.7	+0.007%	$169.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,435.2	+0.005%	$23.5M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,429	−0.002%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,403	−0.032%	$237K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,424.2	−0.008%	$5.15B	$9.99B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,462.1	+0.037%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,501	+0.082%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,464.8	+0.040%	$40.0M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,436.6	+0.007%	$2.60B	$12.26B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,409	−0.025%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,407.7	−0.027%	$5.2M	$98.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,428.2	−0.003%	$5.55B	$11.02B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,419.7	−0.013%	$37.1M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.181%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,313.9	−0.137%	$279.5M	$949.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.161%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,315.1	−0.135%	$30.1M	$203.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,467.6	+0.043%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,428	−0.003%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USDlong	+0.0100%	1h	85,430.6	long leg	$201K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	85,431.1	+0.001%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,469.5	+0.045%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.253%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,411.2	−0.023%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,417	−0.016%	$59.8M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,428.2	−0.003%	$2.26B	$968.5M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,429.3	−0.002%	$152.5M	$510.1M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.188%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,407.6	−0.027%	$44.9M	$240.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,410.1	−0.024%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,453.6	+0.027%	$115.9M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.144%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0182%	8h	85,438	+0.009%	$11.8M	$740.9M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,448.4	+0.021%	$8.8M	$42.8M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,441.9	+0.013%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,354.3	−0.089%	$684K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0259%	1h	85,328.6	−0.119%	$79K	$230K	20x	as long as short