Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.003%

Price spread now: Kraken Futures against Bybit+0.055%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.035%+$3 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.055%, 7d avg +0.017%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.038% dearer against Bybit than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of +0.017%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	85,313.3	0.0100	pay 0.0100% / 8h	1h 45m	$5.14B	$10.01B	150x
Short	Kraken Futures PF_XBTUSD	85,360.6	0.0089	get 0.0011% / 1h	45m 06s	$186.8M	$956.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$2.37
Price spread: +0.055% → +0.017%: $3.8
Slippage, 4 orders: −$0.47
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$20.04
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.01 bp	5.5 bp −$6	6.5 bp −$65	7.2 bp −$721	8.6 bp −$4,316
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.2 bp −$5	6.2 bp −$62	7.4 bp −$744	9.6 bp −$4,813

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	85,262	−0.060%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,279	−0.040%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,335.4	+0.026%	$927.1M	$772.7M	125x	as long as short
BloFin BTC-USDT	−0.0027%	8h	85,340.8	+0.032%	$421.7M	$684.3M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,323.2	+0.012%	$512.8M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,249.5	−0.075%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,250.2	−0.074%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,297.3	−0.019%	$535K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.3	+0.057%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,245.3	−0.080%	$24.4M	$222.7M	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	85,405	+0.107%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0068%	1h	85,268.8	−0.052%	$139.4M	$314.4M	100x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,321.9	+0.010%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,344.8	+0.037%	$2.96B	$5.19B	150x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,360.6	+0.055%	$186.8M	$956.4M	100x
Binance BTCUSDT	+0.0093%	8h	85,343.4	+0.035%	$9.43B	$25.00B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,349.7	+0.043%	$5.01B	$5.74B	500x	as long as short
Deribit BTC-PERPETUAL	+0.0094%	1h	85,384.3	+0.083%	$863.8M	$1.63B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,359.8	+0.055%	$170.1M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,358.1	+0.053%	$23.6M	$147.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,253	−0.071%	$8.4M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,345	+0.037%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,351.4	+0.045%	$150.4M	$508.7M	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,219	−0.111%	$237K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,300.4	−0.015%	$5.8M	$9.6M	50x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,341	+0.032%	$59.7M	$336.9M	40x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,424	+0.130%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,275.6	−0.044%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	85,313.3	long leg	$5.14B	$10.01B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	85,324.1	+0.013%	$2.59B	$12.28B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,240	−0.086%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,259.3	−0.063%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,348.5	+0.041%	$5.50B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,348.3	+0.041%	$36.7M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,207.4	−0.124%	$154.6M	$558.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,253.2	−0.070%	$279.3M	$952.6M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,259.3	−0.063%	$214.0M	$167.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,235	−0.092%	$30.0M	$204.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,353.5	+0.047%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,321	+0.009%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,351.4	+0.045%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,352.3	+0.046%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,394.4	+0.095%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,330.3	+0.020%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,299.2	−0.017%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,333.1	+0.023%	$2.26B	$970.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.022%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,333.1	+0.023%	$44.7M	$240.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,266.1	−0.055%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,387	+0.086%	$117.2M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0125%	1h	85,317.7	+0.005%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,358.7	+0.053%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0193%	8h	85,304	−0.011%	$11.9M	$743.0M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,269.4	−0.051%	$8.7M	$43.2M	25x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.017%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0257%	1h	85,344.3	+0.036%	$79K	$229K	20x	as long as short