BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0090%/8h= −9.9% APRnext payment −$0.11 per $10,000 · paid last 24h −0.013%

Price spread now: Kraken Futures against Coinbase International−0.044%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now −0.044%, 7d avg −0.026%

Together, before fees+0.036%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BTC-PERP-INTX	85,914.2	0.0120	pay 0.0015% / 1h	6m 41s	$112.4M	$4.94B	50x
Short	Kraken Futures PF_XBTUSD	85,876	0.0030	get 0.0004% / 1h	6m 41s	$192.1M	$750.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$18.99
Price spread: −0.044% → −0.026%: −$1.86
Slippage, 4 orders: −$0.75
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$41.6
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Kraken Futures: live order book, 6 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 Coinbase International live order book, 6 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$566	10.2 bp −$5,083
Sell Kraken Futures live order book, 6 min ago	0.06 bp	5.1 bp −$5	5.9 bp −$59	6.8 bp −$678	8.8 bp −$4,392

BTC on 56 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 BTC	−0.0133%	1h	85,779	−0.157%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,196	+0.328%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0044%	8h	85,849.3	−0.076%	$421.8M	$550.0M	150x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,839.3	−0.087%	$367K	$1.9M	50x	as long as short
SoDEX BTC-USD	−0.0007%	1h	85,855	−0.069%	$65.8M	$187.7M	40x	as long as short
Perpl BTC	0.0000%	43m	85,830.6	−0.097%	$467K	$13.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,889.3	−0.029%	$16.8M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,829.1	−0.099%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	85,828	−0.100%	$320K	$30.6M	52x	as long as short
Aster BTCUSDT	+0.0014%	8h	85,870.8	−0.051%	$511.2M	$846.4M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSDshort	+0.0030%	1h	85,876	−0.044%	$192.1M	$750.4M	100x
BingX BTC-USDC	+0.0040%	8h	85,856.9	−0.067%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,838	−0.089%	$8.6M	$45.5M	100x	as long as short
KuCoin XBTUSDTM	+0.0052%	8h	85,875	−0.046%	$941.2M	$636.1M	125x	as long as short
Bybit BTCUSDT	+0.0058%	8h	85,882.2	−0.037%	$5.13B	$8.04B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	85,868.7	−0.053%	$169.9M	$476.0M	150x	as long as short
HTX BTC-USDT	+0.0069%	8h	85,825	−0.104%	$2.27B	$786.7M	200x	as long as short
Gate BTC_USDT	+0.0074%	8h	85,884.4	−0.035%	$5.51B	$9.05B	200x	as long as short
MEXC BTC_USDT	+0.0076%	8h	85,878	−0.042%	$5.16B	$4.91B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	85,879.9	−0.040%	$9.40B	$20.28B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,835.8	−0.091%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,881.6	−0.038%	$3.00B	$3.89B	150x	as long as short
GRVT BTC_USDT_Perp	+0.0091%	8h	85,792.9	−0.141%	$215.6M	$132.8M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,891.9	−0.026%	$172.8M	$876.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,897.3	−0.020%	$23.7M	$121.8M	50x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,859	−0.064%	$211K	$3.2M	20x	as long as short
Nado BTC-PERP	+0.0099%	1h	85,839.3	−0.087%	$23.0M	$190.5M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,815	−0.115%	$230K	$8.0M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,860	−0.063%	$5.9M	$7.3M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,911	−0.004%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,891.9	−0.026%	$2.63B	$9.27B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,809	−0.122%	$3.9M	$14.7M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,839.8	−0.087%	$4.9M	$91.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,846.4	−0.079%	$713.8M	$100.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,851.6	−0.073%	$38.0M	$194.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,758.6	−0.181%	$155.2M	$472.1M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,755.6	−0.185%	$289.3M	$738.0M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,805	−0.127%	$137.8M	$288.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,810	−0.121%	$30.2M	$226.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,885.6	−0.033%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,838	−0.089%	$11.0M	$11.9M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,846	−0.079%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,877.4	−0.043%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.054%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,844.7	−0.081%	$3.3M	$6.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,849.1	−0.076%	$47.0M	$192.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,846.4	−0.079%	—	$79.8M	500x	as long as short
Coinbase International BTC-PERP-INTXlong	+0.0120%	1h	85,914.2	long leg	$112.4M	$4.94B	50x
Hyperliquid BTC	+0.0149%	1h	85,972	+0.067%	$3.94B	$4.17B	40x	as long as short
Kalshi KXBTCPERP	+0.0156%	8h	85,861	−0.062%	$12.0M	$735.7M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0170%	1h	85,807	−0.125%	$6.6M	$128.9M	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,862.2	−0.061%	$9.0M	$35.7M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,869.3	−0.052%	$15.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0223%	1h	85,902.2	−0.014%	$820.3M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0320%	1h	85,836.4	−0.091%	$690K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0360%	1h	85,842.5	−0.083%	$79K	$228K	20x	as long as short