Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0028%/8h= +3.0% APRpaid last 24h −0.013%

Price spread now: Bitget against Kraken Futures−0.025%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

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

costs, in and out, $10k−$230.227% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.025%, 7d avg −0.022%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: +$1 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	85,149.9	0.0056	pay 0.0007% / 1h	31m 25s	$186.9M	$955.2M	100x
Short	Bitget BTCUSDT	85,128.7	0.0084	get 0.0084% / 8h	2h 31m	$2.95B	$5.18B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.025%Rate

Funding earned: $5.83
Price spread: −0.025% → −0.022%: −$0.29
Slippage, 4 orders: −$0.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$17.16
Costs to cover: 0.227%
Break-even: 27.6 days

Slippage from Kraken Futures: live order book, 3 min ago; Bitget: live order book, 3 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, 3 min ago	0.12 bp	5.5 bp −$5	6.1 bp −$61	7.8 bp −$777	10.0 bp −$4,992
Sell Bitget live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$683	doesn't fit

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
Perpl BTC	−0.0112%	43m	85,171.5	+0.025%	$525K	$18.6M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,177	+0.032%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,161	+0.013%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0053%	8h	85,119.4	−0.036%	$921.4M	$763.3M	125x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,168.2	+0.021%	$420.7M	$679.1M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,162.7	+0.015%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,124.6	−0.030%	$511.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,176.4	+0.031%	$16.7M	$21.7M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,143.9	−0.007%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0022%	1h	85,152	+0.002%	$24.7M	$222.9M	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	+0.0023%	1h	85,225	+0.088%	$338K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0056%	1h	85,149.9	long leg	$186.9M	$955.2M	100x
BingX BTC-USDC	+0.0066%	8h	85,109.6	−0.047%	—	$17.4M	—	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,127.8	−0.026%	$2.4M	$6.7M	20x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,143.9	−0.007%	$148.6M	$504.3M	150x	as long as short
Bullet BTC-USD	+0.0082%	1h	85,132.8	−0.020%	$207K	$3.3M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,136.5	−0.016%	$5.04B	$5.70B	500x	as long as short
Bitget BTCUSDTshort	+0.0084%	8h	85,128.7	−0.025%	$2.95B	$5.18B	150x
SoDEX BTC-USD	+0.0084%	1h	85,132	−0.021%	$59.6M	$335.8M	40x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,134.4	−0.018%	$9.40B	$24.81B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,160.1	+0.012%	$170.8M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,162.8	+0.015%	$23.7M	$148.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,150	0.000%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,172	+0.026%	$116.8M	$5.34B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,133	−0.020%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,209.4	+0.070%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,217	+0.079%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,184	+0.040%	$40.1M	$595.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,130.5	−0.023%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,137.2	−0.015%	$2.57B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,152	+0.002%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,157.7	+0.009%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.040%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,133.2	−0.020%	$5.49B	$10.92B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,163.2	+0.016%	$36.0M	$174.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,263.5	+0.133%	$156.5M	$568.3M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.019%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,147	−0.003%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.029%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,149.5	−0.001%	$30.0M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,215.7	+0.077%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,140	−0.012%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,136.2	−0.016%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,176	+0.031%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,110.1	−0.047%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,147.9	−0.002%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,126	−0.028%	$2.25B	$947.6M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,105.9	−0.052%	$45.5M	$238.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,145.1	−0.006%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,133.8	−0.019%	$6.6M	$147.4M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0131%	1h	85,168.3	+0.022%	$872.3M	$1.61B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,139.1	−0.013%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,218	+0.080%	$11.3M	$744.8M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0212%	1h	85,242.8	+0.109%	$79K	$225K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,227.6	+0.091%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,177.7	+0.033%	$8.6M	$43.1M	25x	as long as short