Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0182%/8hnext payment +$0.23 per $10,000 · paid last 24h +0.028%

Price spread now: Hyperliquid against Kraken Futures+0.074%7-day average +0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.074%, 7d avg +0.060%

Together, before fees+0.037%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.060%, so right now this pair is about funding alone: +$5 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	86,539	−0.0030	get 0.0004% / 1h	7m 04s	$184.7M	$860.0M	100x
Short	Hyperliquid BTC	86,603	0.0152	get 0.0019% / 1h	7m 04s	$3.99B	$4.75B	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.074%Rate

Funding earned: $38.26
Price spread: +0.074% → +0.060%: $1.38
Slippage, 4 orders: −$0.53
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.11
Costs to cover: 0.195%
Break-even: 3.3 days

Slippage from Kraken Futures: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	7.4 bp −$741	9.3 bp −$4,655
Sell Hyperliquid live order book, 12 min ago	0.06 bp	4.6 bp −$5	4.6 bp −$46	4.6 bp −$456	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	−0.0223%	43m	86,518	−0.024%	$406K	$25.8M	6.7x	as long as short
Phoenix BTC	−0.0132%	1h	86,513	−0.030%	$2.1M	$11.1M	40x	as long as short
BloFin BTC-USDT	−0.0082%	8h	86,503.8	−0.041%	$422.7M	$595.4M	150x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,482	−0.066%	$9K	$4K	50x	as long as short
Aftermath Perps BTCUSD	−0.0046%	1h	86,533.5	−0.006%	$85K	$166K	20x	as long as short
Kraken Futures PF_XBTUSDlong	−0.0030%	1h	86,539	long leg	$184.7M	$860.0M	100x
01 Exchange BTCUSD	−0.0024%	1h	86,517.2	−0.025%	$302K	$2.4M	50x	as long as short
dYdX BTC-USD	−0.0014%	1h	86,517	−0.025%	$17.3M	$18.2M	50x	as long as short
KuCoin XBTUSDTM	−0.0010%	8h	86,492.6	−0.054%	$823.0M	$665.9M	125x	as long as short
Kalshi KXBTCPERP	0.0000%	8h	86,543	+0.005%	$8.8M	$694.0M	6.4x	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	0.0000%	1h	86,572	+0.038%	$327K	$27.0M	52x	as long as short
Reya BTCRUSDPERP	+0.0003%	1h	86,521.1	−0.021%	$6.7M	$139.9M	40x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,541.8	+0.003%	$37.1M	—	200x	as long as short
BingX BTC-USDT	+0.0006%	8h	86,495.6	−0.050%	—	$1.46B	—	as long as short
Bitget BTCUSDT	+0.0008%	8h	86,495.8	−0.050%	$2.97B	$4.90B	150x	as long as short
SoDEX BTC-USD	+0.0010%	1h	86,493	−0.053%	$61.1M	$311.5M	40x	as long as short
Aster BTCUSDT	+0.0022%	8h	86,495	−0.051%	$506.4M	$1.12B	200x	as long as short
RISEx BTC/USDC	+0.0027%	1h	86,509.8	−0.034%	$8.9M	$39.7M	25x	as long as short
Phemex BTCUSDT	+0.0032%	8h	86,509.6	−0.034%	$153.6M	$444.1M	150x	as long as short
MEXC BTC_USDT	+0.0037%	8h	86,495.4	−0.050%	$5.13B	$5.35B	500x	as long as short
Binance BTCUSDT	+0.0038%	8h	86,494.9	−0.051%	$9.54B	$23.28B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0039%	8h	86,489.9	−0.057%	$2.63B	$12.17B	100x	as long as short
Aevo BTC-PERP	+0.0040%	1h	86,506.4	−0.038%	$2.4M	$1.3M	20x	as long as short
ApeX Omni BTCUSDT	+0.0043%	1h	86,479.2	−0.069%	$140.5M	$320.6M	100x	as long as short
Bluefin BTC-PERP	+0.0062%	1h	86,533.3	−0.007%	$141K	$505K	40x	as long as short
Bulk BTC-USD	+0.0062%	1h	86,467	−0.083%	$570.2M	$47.0M	40x	as long as short
HTX BTC-USDT	+0.0066%	8h	86,502.7	−0.042%	$2.30B	$896.1M	200x	as long as short
Gate BTC_USDT	+0.0070%	8h	86,498.8	−0.046%	$5.98B	$10.20B	200x	as long as short
Bybit BTCUSDT	+0.0076%	8h	86,498.4	−0.047%	$5.29B	$9.19B	150x	as long as short
Popdex BTCUSDT	+0.0080%	1h	86,491	−0.055%	$8.5M	$49.9M	100x	as long as short
Orderly PERP_BTC_USDC	+0.0089%	8h	86,522.4	−0.019%	$2.3M	$7.7M	100x	as long as short
Variational Omni BTC	+0.0089%	8h	86,459	−0.092%	$163.4M	$537.2M	—	as long as short
Lighter BTC	+0.0096%	1h	86,513.8	−0.029%	$173.0M	$980.7M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,515.3	−0.027%	$24.2M	$146.9M	50x	as long as short
Hibachi BTC/USDT-P	+0.0096%	1h	86,551.3	+0.014%	$615K	$6.8M	30x	as long as short
GRVT BTC_USDT_Perp	+0.0097%	8h	86,471.7	−0.078%	$217.2M	$181.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	86,516.2	−0.026%	$4.5M	$7.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,495	−0.051%	$213K	$6.1M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,482.5	−0.065%	$23.4M	$229.8M	50x	as long as short
Pacifica BTC	+0.0100%	1h	86,505	−0.039%	$37.3M	$446.3M	50x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,507	−0.037%	$3.9M	$18.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,546	+0.008%	$7.1M	$91.9M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,507.3	−0.037%	$37.4M	$140.5M	75x	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,473	−0.076%	$284.3M	$906.7M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,505.7	−0.039%	$30.8M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,581.8	+0.049%	—	$11.6M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,526	−0.015%	$10.9M	$13.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,519.5	−0.023%	$237K	$3.4M	20x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,507.7	−0.036%	$30.2M	$60.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,480.9	−0.067%	$3.4M	$5.7M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	86,486.4	−0.061%	$47.9M	$218.9M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,519.5	−0.023%	—	$87.2M	500x	as long as short
Hyperliquid BTCshort	+0.0152%	1h	86,603	+0.074%	$3.99B	$4.75B	40x
Coinbase International BTC-PERP-INTX	+0.0168%	1h	86,556.4	+0.020%	$131.6M	$5.90B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0179% / S −0.0203%	1h	86,539.1	0.000%	$14.5M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0212%	1h	86,569.8	+0.036%	$932.5M	$1.22B	50x	as long as short