Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.006%

Price spread now: edgeX against Kraken Futures−0.068%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.068%, 7d avg −0.039%

Together, before fees−0.166%+ Points / potential airdropedgeX: Active · farm board−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.029% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.039%). If the spread goes back, that is −$3 on $10k: about 8.5 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.209%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,325.1	0.0089	pay 0.0011% / 1h	28m 55s	$185.5M	$958.1M	100x
Short	edgeX BTCUSDC	85,267.5	0.0100	get 0.0050% / 4h	1h 28m	$279.4M	$951.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.068%Rate

Funding earned: $2.36
Price spread: −0.068% → −0.039%: −$2.87
Slippage, 4 orders: −$0.45
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$19.96
Costs to cover: 0.195%
Break-even: 66.1 days

Slippage from Kraken Futures: live order book, 5 min ago; edgeX: 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 Kraken Futures live order book, 5 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	7.4 bp −$737	9.7 bp −$4,855
Sell edgeX live order book, 5 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.7 bp −$475	5.8 bp −$2,892

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
Phoenix BTC	−0.0082%	1h	85,329	+0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,332	+0.008%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0045%	8h	85,307.2	−0.021%	$927.7M	$773.7M	125x	as long as short
BloFin BTC-USDT	−0.0029%	8h	85,312.1	−0.015%	$421.0M	$682.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,312.4	−0.015%	$512.6M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,351	+0.030%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,335.1	+0.012%	$493K	$18.5M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,282.8	−0.050%	$16.7M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,312.4	−0.015%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0042%	1h	85,326.4	+0.001%	$24.4M	$222.4M	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	+0.0057%	1h	85,247	−0.092%	$338K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0070%	8h	85,319.2	−0.007%	—	$1.56B	—	as long as short
Deribit BTC-PERPETUAL	+0.0081%	1h	85,356.6	+0.037%	$862.2M	$1.64B	50x	as long as short
ApeX Omni BTCUSDT	+0.0083%	1h	85,306.3	−0.022%	$139.5M	$314.2M	100x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,311.2	−0.016%	$2.4M	$6.7M	20x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0089%	1h	85,325.1	long leg	$185.5M	$958.1M	100x
Bitget BTCUSDT	+0.0089%	8h	85,320.2	−0.006%	$2.96B	$5.17B	150x	as long as short
MEXC BTC_USDT	+0.0091%	8h	85,313.9	−0.013%	$5.01B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,317.6	−0.009%	$9.42B	$24.95B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,326.1	+0.001%	$170.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,329.7	+0.005%	$23.5M	$148.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,337	+0.014%	$8.4M	$56.3M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,315	−0.012%	$236K	$8.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,312.8	−0.014%	$5.14B	$9.98B	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,398.1	+0.085%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,393	+0.080%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,363.8	+0.045%	$39.9M	$602.6M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,330.6	+0.006%	$2.59B	$12.24B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,334	+0.010%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,333	+0.009%	$5.2M	$99.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,323.4	−0.002%	$5.54B	$11.01B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,308.2	−0.020%	$37.0M	$178.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,275.8	−0.058%	$154.7M	$557.8M	—	as long as short
edgeX BTCUSDCshort	+0.0100%	4h	85,267.5	−0.068%	$279.4M	$951.1M	100x
GRVT BTC_USDT_Perp	+0.0100%	8h	85,293.3	−0.037%	$214.1M	$165.1M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,287.3	−0.044%	$30.1M	$203.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,384.1	+0.069%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,329	+0.005%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,315	−0.012%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,319.1	−0.007%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,357.3	+0.038%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,214.5	−0.130%	$29.9M	$47.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,318	−0.008%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,313	−0.014%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,316.8	−0.010%	$2.26B	$967.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,327.7	+0.003%	$151.9M	$509.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,269.9	−0.065%	$683.1M	$415.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,297.2	−0.033%	$44.8M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,338.6	+0.016%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,349.6	+0.029%	$116.1M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0129%	1h	85,307.5	−0.021%	$6.6M	$147.6M	40x	as long as short
Kalshi KXBTCPERP	+0.0183%	8h	85,348	+0.027%	$11.7M	$740.8M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,315.9	−0.011%	$8.8M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0200% / S −0.0176%	1h	85,308.5	−0.019%	$13.1M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,332.6	+0.009%	$685K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0257%	1h	85,309.6	−0.018%	$79K	$230K	20x	as long as short