BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0071%/8h= +7.7% APRnext payment +$0.09 per $10,000 · paid last 24h −0.006%

Price spread now: Arcus against Kraken Futures+0.013%7-day average +0.002% · 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−$14as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Kraken Futures Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now +0.013%, 7d avg +0.002%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, 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	Kraken Futures PF_XBTUSD	86,109.2	0.0029	pay 0.0004% / 1h	51m 00s	$191.4M	$770.0M	100x
Short	Arcus BTC-USD	86,120.7	0.0100	get 0.0013% / 1h	51m 00s	$4.2M	$90.6M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Kraken Futures. 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 Kraken FuturesbpFee ArcusbpOrdersPrice spread, now +0.013%Rate

Funding earned: $14.81
Price spread: +0.013% → +0.002%: $1.15
Slippage, 4 orders: −$0.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: $0.52
Costs to cover: 0.154%
Break-even: 6.8 days

Slippage from Kraken Futures: live order book, 1 min ago; Arcus: live order book, 1 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 Kraken Futures live order book, 1 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	7.8 bp −$776	9.5 bp −$4,772
Sell Arcus live order book, 1 min ago	0.01 bp	2.5 bp −$3	3.1 bp −$31	4.8 bp −$484	doesn't fit

BTC on 55 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	86,126	+0.019%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,197	+0.102%	$8K	$2K	50x	as long as short
ApeX Omni BTCUSDT	−0.0035%	1h	86,094.8	−0.017%	$137.6M	$295.3M	100x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	86,088.7	−0.024%	$363K	$2.0M	50x	as long as short
BloFin BTC-USDT	−0.0021%	8h	86,096.4	−0.015%	$421.4M	$564.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	86,107.7	−0.002%	$16.9M	$14.5M	50x	as long as short
Perpl BTC	0.0000%	43m	86,108.2	−0.001%	$481K	$13.8M	6.7x	as long as short
SoDEX BTC-USD	+0.0001%	1h	86,092	−0.020%	$65.9M	$187.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,111.6	+0.003%	$36.8M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0009%	1h	86,214	+0.122%	$301K	$26.1M	52x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BTCUSDT	+0.0028%	8h	86,103.6	−0.007%	$513.3M	$875.1M	200x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0029%	1h	86,109.2	long leg	$191.4M	$770.0M	100x
BingX BTC-USDT	+0.0030%	8h	86,111.2	+0.002%	—	$1.33B	—	as long as short
Bybit BTCUSDT	+0.0036%	8h	86,114.6	+0.006%	$5.15B	$8.13B	150x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	86,109.3	0.000%	$943.3M	$634.5M	125x	as long as short
Gate BTC_USDT	+0.0063%	8h	86,113.5	+0.005%	$5.52B	$8.89B	200x	as long as short
Popdex BTCUSDT	+0.0072%	1h	86,093	−0.019%	$8.8M	$45.3M	100x	as long as short
Phemex BTCUSDT	+0.0091%	8h	86,088.8	−0.024%	$170.7M	$479.0M	150x	as long as short
Bitget BTCUSDT	+0.0094%	8h	86,108.4	−0.001%	$2.99B	$3.97B	150x	as long as short
Lighter BTC	+0.0096%	1h	86,106	−0.004%	$173.9M	$853.1M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,115.2	+0.007%	$23.4M	$119.0M	50x	as long as short
Aevo BTC-PERP	+0.0096%	1h	86,068.6	−0.047%	$2.4M	$6.7M	20x	as long as short
HTX BTC-USDT	+0.0096%	8h	86,076.7	−0.038%	$2.27B	$803.3M	200x	as long as short
MEXC BTC_USDT	+0.0099%	8h	86,105.9	−0.004%	$5.17B	$4.82B	500x	as long as short
Binance BTCUSDT	+0.0099%	8h	86,106	−0.004%	$9.46B	$20.56B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,063	−0.054%	$219K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,119	+0.011%	$6.0M	$7.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,064.7	−0.052%	$23.5M	$195.9M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,107.2	−0.002%	$40.4M	$570.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,118.8	+0.011%	$2.62B	$9.50B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,076	−0.039%	$4.0M	$15.1M	25x	as long as short
Arcus BTC-USDshort	+0.0100%	1h	86,120.7	+0.013%	$4.2M	$90.6M	40x
Bulk BTC-USD	+0.0100%	1h	86,169.3	+0.070%	$716.4M	$134.3M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,095.3	−0.016%	$38.2M	$196.0M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,125.5	+0.019%	$158.0M	$474.6M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,081.5	−0.032%	$289.8M	$813.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,097	−0.014%	$216.3M	$133.7M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	86,060.1	−0.057%	$30.3M	$223.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,142.5	+0.039%	—	$9.4M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,094	−0.018%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,092.8	−0.019%	$205K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,081	−0.033%	$2.7M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,128.5	+0.022%	$195K	$564K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,095.7	−0.016%	$3.2M	$6.6M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,077.2	−0.037%	$47.0M	$202.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	86,103.2	−0.007%	—	$81.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,141.1	+0.037%	$112.2M	$4.98B	50x	as long as short
Kalshi KXBTCPERP	+0.0159%	8h	86,111	+0.002%	$12.0M	$733.4M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0163%	1h	86,077.4	−0.037%	$6.6M	$131.1M	40x	as long as short
Hyperliquid BTC	+0.0166%	1h	86,200	+0.105%	$3.97B	$4.36B	40x	as long as short
RISEx BTC/USDC	+0.0187%	1h	86,112.5	+0.004%	$8.9M	$37.1M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	86,101.2	−0.009%	$15.6M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0282%	1h	86,151.4	+0.049%	$822.7M	$1.50B	50x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	86,133	+0.028%	$726K	$7.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0447%	1h	86,136.8	+0.032%	$79K	$245K	20x	as long as short