BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0080%/8h= −8.8% APRnext payment −$0.10 per $10,000 · paid last 24h −0.029%

Price spread now: Kraken Futures against Deribit−0.031%7-day average −0.032% · you buy dearer than you sell

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−$180.184% of the position

Long on Deribit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.005%+$1 · spread now −0.031%, 7d avg −0.032%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BTC-PERPETUAL	85,866.3	0.0148	pay 0.0018% / 1h	19m 14s	$832.8M	$1.62B	50x
Short	Kraken Futures PF_XBTUSD	85,839.5	0.0068	get 0.0008% / 1h	19m 14s	$187.2M	$876.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Deribit. 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 DeribitbpFee Kraken FuturesbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$16.82
Price spread: −0.031% → −0.032%: $0.06
Slippage, 4 orders: −$1.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$35.18
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 5 min ago	0.03 bp	3.5 bp −$4	3.6 bp −$36	7.6 bp −$765	13.3 bp −$6,673
Sell Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.1 bp −$715	9.2 bp −$4,604

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
Bluefin BTC-PERP	−0.0659%	1h	85,858.9	−0.009%	$194K	$684K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,794	−0.084%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,812.5	−0.063%	$425.5M	$623.1M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,817	−0.057%	$307K	$26.6M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,838.5	−0.032%	$354K	$2.1M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,830	−0.042%	$36.7M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0024%	8h	85,820.8	−0.053%	$923.9M	$697.0M	125x	as long as short
Aster BTCUSDT	+0.0042%	8h	85,846.5	−0.023%	$505.2M	$1.00B	200x	as long as short
dYdX BTC-USD	+0.0047%	1h	85,874	+0.009%	$16.8M	$20.4M	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0068%	1h	85,839.5	−0.031%	$187.2M	$876.7M	100x

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,843	−0.027%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,805	−0.071%	—	$17.4M	—	as long as short
Nado BTC-PERP	+0.0084%	1h	85,828.4	−0.044%	$22.8M	$211.2M	50x	as long as short
Lighter BTC	+0.0096%	1h	85,833.4	−0.038%	$172.3M	$955.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,828	−0.045%	$23.2M	$136.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,838	−0.033%	$8.7M	$52.9M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,817.8	−0.056%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,818	−0.056%	$256K	$8.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,917	+0.059%	$5.8M	$9.1M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,883	+0.019%	$40.4M	$591.1M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,815.4	−0.059%	$9.43B	$23.36B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,807.9	−0.068%	$5.10B	$9.73B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,823.4	−0.050%	$2.61B	$10.90B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,844	−0.026%	$3.9M	$16.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,859.8	−0.008%	$4.6M	$95.7M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,303.3	−0.656%	$702.0M	$164.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,839.5	−0.031%	$5.51B	$10.03B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,826.6	−0.046%	$5.09B	$5.81B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,845	−0.025%	$2.99B	$4.66B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,808.2	−0.068%	$37.8M	$188.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,817.8	−0.056%	$156.4M	$529.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,769	−0.113%	$286.9M	$969.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,841.6	−0.029%	$215.6M	$155.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,826.9	−0.046%	$137.1M	$305.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,846.8	−0.023%	$30.3M	$215.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,916.3	+0.058%	—	$9.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,846	−0.024%	$11.0M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,828	−0.045%	$210K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,829.4	−0.043%	$2.6M	$9.5M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,444.6	−0.491%	$28.8M	$52.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,814.6	−0.060%	$3.1M	$6.9M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,815	−0.060%	$60.1M	$283.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,820.8	−0.053%	$2.27B	$917.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,828	−0.045%	$166.2M	$503.0M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,797.7	−0.080%	$46.2M	$227.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,862.3	−0.005%	—	$95.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,869	+0.003%	$112.4M	$5.34B	50x	as long as short
Deribit BTC-PERPETUALlong	+0.0148%	1h	85,866.3	long leg	$832.8M	$1.62B	50x
Reya BTCRUSDPERP	+0.0151%	1h	85,822.8	−0.051%	$6.6M	$135.0M	40x	as long as short
Hyperliquid BTC	+0.0155%	1h	85,922	+0.065%	$3.86B	$4.75B	40x	as long as short
Kalshi KXBTCPERP	+0.0189%	8h	85,880	+0.016%	$11.0M	$728.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,872.2	+0.007%	$9.0M	$41.0M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0198% / S −0.0175%	1h	85,805.8	−0.071%	$12.9M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0336%	1h	85,833.6	−0.038%	$701K	$7.4M	30x	as long as short
Aftermath Perps BTCUSD	+0.0360%	1h	85,709.5	−0.183%	$81K	$260K	20x	as long as short
Perpl BTC	+0.0447%	43m	85,811.6	−0.064%	$462K	$17.3M	6.7x	as long as short