BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0039%/8h= −4.2% APRnext payment −$0.05 per $10,000 · paid last 24h +0.003%

Price spread now: Bulk against Kraken Futures+0.118%7-day average −0.012% · 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−$5as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on Kraken Futures Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.205%−$20 · spread now +0.118%, 7d avg −0.012%

Together, before fees−0.160%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.131% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.118% now, against its 7-day average of −0.012%): +$13 on $10k if it goes back. Holding the pair costs −$1 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	Kraken Futures PF_XBTUSD	85,492.3	0.0139	pay 0.0017% / 1h	56m 32s	$186.9M	$951.6M	100x
Short	Bulk BTC-USD	85,593.2	0.0100	get 0.0013% / 1h	56m 32s	$605.0M	$283.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.118%Rate

Funding earned: −$8.11
Price spread: +0.118% → −0.012%: $13.05
Slippage, 4 orders: −$0.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$12.71
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bulk: 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	0.06 bp	5.6 bp −$6	6.0 bp −$60	7.1 bp −$714	8.5 bp −$4,231
Sell Bulk live order book, 3 min ago	0.01 bp	3.5 bp −$4	3.5 bp −$35	3.5 bp −$351	3.6 bp −$1,783

BTC on 55 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	−0.0144%	1h	85,498	+0.007%	$2.1M	$10.1M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,608	+0.135%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,598	+0.124%	$365K	$2.3M	50x	as long as short
Nado BTC-PERP	−0.0036%	1h	85,549.9	+0.067%	$22.5M	$223.9M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,579.5	+0.102%	$16.7M	$20.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,585.9	+0.110%	$36.7M	—	200x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,582.6	+0.106%	$515.9M	$1.11B	200x	as long as short
KuCoin XBTUSDTM	+0.0021%	8h	85,572.8	+0.094%	$899.5M	$748.5M	125x	as long as short
SoDEX BTC-USD	+0.0030%	1h	85,464	−0.033%	$59.8M	$336.4M	40x	as long as short
BingX BTC-USDT	+0.0054%	8h	85,606.3	+0.133%	—	$1.54B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX BTC-USDT	+0.0055%	8h	85,473.5	−0.022%	$2.27B	$930.9M	200x	as long as short
Reya BTCRUSDPERP	+0.0063%	1h	85,568.1	+0.089%	$6.7M	$146.4M	40x	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,579	+0.101%	$2.95B	$5.01B	150x	as long as short
Popdex BTCUSDT	+0.0072%	1h	85,598	+0.124%	$8.4M	$51.5M	100x	as long as short
SunX BTC-USDT	+0.0073%	8h	85,453.9	−0.045%	$2.9M	$6.4M	100x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,617	+0.146%	$340K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,469	−0.027%	$2.4M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0084%	8h	85,597.8	+0.123%	$9.34B	$23.84B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,579	+0.101%	$5.08B	$5.57B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,572.3	+0.094%	$169.5M	$981.8M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,568.7	+0.089%	$23.9M	$146.8M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,641.4	+0.174%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,572	+0.093%	$203K	$7.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,648	+0.182%	$3.76B	$4.92B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,603.4	+0.130%	$40.1M	$571.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,604.9	+0.132%	$5.33B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,600.1	+0.126%	$2.56B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,579	+0.101%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,561.5	+0.081%	$7.1M	$96.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,599.4	+0.125%	$5.58B	$10.38B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,474.6	−0.021%	$34.8M	$168.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,545	+0.062%	$154.0M	$554.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,553.1	+0.071%	$278.3M	$939.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,581.5	+0.104%	$214.8M	$161.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,594.5	+0.120%	$139.9M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,539.1	+0.055%	$30.2M	$211.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,617	+0.146%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,585	+0.108%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,581	+0.104%	$188K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,464.6	−0.032%	$2.4M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,506.1	+0.016%	$196K	$722K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,469.3	−0.027%	$30.0M	$52.7M	15x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,481.9	−0.012%	$149.6M	$478.8M	150x	as long as short
Bulk BTC-USDshort	+0.0100%	1h	85,593.2	+0.118%	$605.0M	$283.5M	40x
Extended BTC-USD	+0.0104%	1h	85,581.4	+0.104%	$44.2M	$226.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,556.3	+0.075%	—	$101.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,515	+0.027%	$130.4M	$5.06B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,630.2	+0.161%	$8.4M	$42.1M	25x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0139%	1h	85,492.3	long leg	$186.9M	$951.6M	100x
Deribit BTC-PERPETUAL	+0.0166%	1h	85,517.1	+0.029%	$894.8M	$1.52B	50x	as long as short
Aftermath Perps BTCUSD	+0.0191%	1h	85,598.7	+0.124%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,577.9	+0.100%	$682K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0184%	1h	85,485.2	−0.008%	$13.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	85,509	+0.020%	$10.2M	$765.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,592.8	+0.118%	$510K	$19.7M	6.7x	as long as short