BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0025%/8h= −2.8% APRnext payment −$0.03 per $10,000 · paid last 24h −0.023%

Price spread now: gTrade (Gains Network) against Kraken Futures+0.005%7-day average −0.009% · 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−$17as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Kraken Futures Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now +0.005%, 7d avg −0.009%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, 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	85,932.7	0.0030	pay 0.0004% / 1h	2m 05s	$192.2M	$747.7M	100x
Short	gTrade (Gains Network) BTC/USD	85,936.8	L +0.0004% / S −0.0004%	get 0.0001% / 1h	2m 05s	$36.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.005%Rate

Funding earned: −$5.31
Price spread: +0.005% → −0.009%: $1.41
Slippage, 4 orders: −$1.44
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$22.34
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle exchange), 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	5.3 bp −$5	6.3 bp −$63	7.5 bp −$753	9.6 bp −$4,803
Sell gTrade (Gains Network) virtual book (oracle exchange), 5 min ago	0.51 bp	4.0 bp −$4	4.1 bp −$41	4.5 bp −$446	6.4 bp −$3,183

BTC on 56 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	85,907	−0.030%	$2.1M	$7.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,946	+0.015%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0042%	8h	85,934.4	+0.002%	$422.0M	$551.2M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,942.1	+0.011%	$368K	$1.8M	50x	as long as short
Perpl BTC	0.0000%	43m	85,935.6	+0.003%	$467K	$13.4M	6.7x	as long as short
SoDEX BTC-USD	0.0000%	1h	85,924	−0.010%	$65.8M	$187.4M	40x	as long as short
dYdX BTC-USD	+0.0003%	1h	85,933.3	+0.001%	$16.9M	$13.6M	50x	as long as short
gTrade (Gains Network) BTC/USDshort	L +0.0004% / S −0.0004%	1h	85,936.8	+0.005%	$36.9M	—	200x
Injective BTC/USDC PERP	+0.0009%	1h	85,958	+0.029%	$320K	$31.3M	52x	as long as short
Aster BTCUSDT	+0.0015%	8h	85,922.3	−0.012%	$511.5M	$845.1M	200x	as long as short

Show all 56 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_XBTUSDlong	+0.0030%	1h	85,932.7	long leg	$192.2M	$747.7M	100x
BingX BTC-USDC	+0.0043%	8h	85,896.1	−0.043%	—	$16.1M	—	as long as short
Popdex BTCUSDT	+0.0048%	1h	85,938	+0.006%	$8.5M	$45.6M	100x	as long as short
KuCoin XBTUSDTM	+0.0054%	8h	85,925.1	−0.009%	$943.0M	$636.4M	125x	as long as short
Phemex BTCUSDT	+0.0055%	8h	85,915.1	−0.021%	$170.2M	$476.1M	150x	as long as short
Bybit BTCUSDT	+0.0059%	8h	85,902.8	−0.035%	$5.14B	$8.04B	150x	as long as short
HTX BTC-USDT	+0.0074%	8h	85,917.4	−0.018%	$2.27B	$776.0M	200x	as long as short
MEXC BTC_USDT	+0.0077%	8h	85,902	−0.036%	$5.16B	$4.92B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	85,904.2	−0.033%	$9.42B	$20.23B	150x	as long as short
Gate BTC_USDT	+0.0079%	8h	85,908.9	−0.028%	$5.51B	$9.06B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,906.2	−0.031%	$2.4M	$6.8M	20x	as long as short
Bitget BTCUSDT	+0.0089%	8h	85,905.1	−0.032%	$3.00B	$3.87B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,937.7	+0.006%	$172.9M	$878.0M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,928.5	−0.005%	$23.7M	$121.9M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0099%	8h	85,889.3	−0.051%	$215.8M	$132.8M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,911	−0.025%	$231K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,960	+0.032%	$5.9M	$7.3M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,930	−0.003%	$23.3M	$190.4M	50x	as long as short
Pacifica BTC	+0.0100%	1h	85,965.8	+0.039%	$40.0M	$571.4M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,907.6	−0.029%	$2.63B	$9.23B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,933	0.000%	$3.9M	$14.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,939.4	+0.008%	$4.9M	$91.5M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,896.1	−0.043%	$38.0M	$194.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,877.2	−0.065%	$155.8M	$472.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,862.2	−0.082%	$289.6M	$738.5M	100x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,898.9	−0.039%	$137.9M	$288.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,924	−0.010%	$30.2M	$227.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,987.4	+0.064%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,946	+0.015%	$11.0M	$12.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,937	+0.005%	$211K	$3.2M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,917	−0.018%	$2.6M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,951.2	+0.021%	$143K	$607K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,867.5	−0.076%	$29.0M	$44.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,949.6	+0.020%	$3.3M	$6.8M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,889.6	−0.050%	$714.2M	$91.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,895.2	−0.044%	$47.2M	$193.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,945.2	+0.014%	—	$79.6M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,969	+0.042%	$111.8M	$4.94B	50x	as long as short
Hyperliquid BTC	+0.0156%	1h	86,002	+0.081%	$3.94B	$4.18B	40x	as long as short
Kalshi KXBTCPERP	+0.0157%	8h	85,953	+0.024%	$12.5M	$737.6M	6.4x	as long as short
Reya BTCRUSDPERP	+0.0171%	1h	85,906.5	−0.031%	$6.6M	$127.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0181%	1h	85,971.1	+0.045%	$820.3M	$1.50B	50x	as long as short
RISEx BTC/USDC	+0.0187%	1h	85,964.1	+0.037%	$9.0M	$35.6M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0211% / S −0.0251%	1h	85,911.3	−0.025%	$15.5M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0312%	1h	85,955.7	+0.027%	$693K	$6.7M	30x	as long as short
Aftermath Perps BTCUSD	+0.0348%	1h	85,905.5	−0.032%	$79K	$228K	20x	as long as short