BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0031%/8h= −3.4% APRnext payment −$0.04 per $10,000 · paid last 24h −0.015%

Price spread now: Injective against Kraken Futures+0.047%63s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.158% of the position

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now +0.047%, 7d avg +0.001%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.046% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of +0.001%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.0 days. At the pace of the last 7 days (−0.022% in total) that is about 15 days. The two prices were read 63 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,364.5	0.0089	pay 0.0011% / 1h	49m 58s	$187.1M	$956.1M	100x
Short	Injective BTC/USDC PERP	85,405	0.0057	get 0.0007% / 1h	49m 58s	$339K	$26.8M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.047%Rate

Funding earned: −$6.56
Price spread: +0.047% → +0.001%: $4.65
Slippage, 4 orders: −$5.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$17.73
Costs to cover: 0.158%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Injective: live order book, 4 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, 4 min ago	0.06 bp	5.4 bp −$5	6.0 bp −$60	7.7 bp −$767	9.8 bp −$4,918
Sell Injective live order book, 4 min ago	2.23 bp	2.8 bp −$3	13.8 bp −$138	doesn't fit	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
Phoenix BTC	−0.0082%	1h	85,346	−0.022%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,309	−0.065%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,324.8	−0.047%	$926.0M	$772.3M	125x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,319.2	−0.053%	$421.0M	$683.6M	150x	as long as short
Aster BTCUSDT	−0.0010%	8h	85,306.5	−0.068%	$512.8M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,343.9	−0.024%	$16.7M	$21.5M	50x	as long as short
Perpl BTC	0.0000%	43m	85,336.9	−0.032%	$526K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,362.2	−0.003%	$36.5M	—	200x	as long as short
01 Exchange BTCUSD	+0.0008%	1h	85,345.6	−0.022%	$354K	$2.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0025%	1h	85,333.8	−0.036%	$139.5M	$314.5M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0042%	1h	85,285	−0.093%	$24.5M	$222.6M	50x	as long as short
Injective BTC/USDC PERPshort	+0.0057%	1h	85,405	+0.047%	$339K	$26.8M	52x
BingX BTC-USDT	+0.0070%	8h	85,312.3	−0.061%	—	$1.56B	—	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,311.5	−0.062%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0089%	1h	85,364.5	long leg	$187.1M	$956.1M	100x
Phemex BTCUSDT	+0.0091%	8h	85,361.1	−0.004%	$149.9M	$508.7M	150x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,311.6	−0.062%	$4.99B	$5.73B	500x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,315.8	−0.057%	$9.42B	$24.99B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,364.9	0.000%	$170.3M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,366.2	+0.002%	$23.6M	$147.3M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,350	−0.017%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,343.4	−0.025%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,316	−0.057%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,407.2	+0.050%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,433.6	+0.081%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,374.9	+0.012%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,311.3	−0.062%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,305.9	−0.069%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,350	−0.017%	$3.8M	$17.2M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,353	−0.013%	$4.6M	$98.7M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,312.7	−0.061%	$5.50B	$10.96B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,341.4	−0.027%	$36.7M	$179.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	−0.075%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,312.4	−0.061%	$279.5M	$951.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,303.8	−0.071%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,338.5	−0.030%	$30.1M	$205.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,406.5	+0.049%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,350	−0.017%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,361	−0.004%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,351	−0.016%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,387.7	+0.027%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,328.4	−0.042%	$30.0M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,323	−0.049%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,350	−0.017%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,344.9	−0.023%	$2.26B	$968.7M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	−0.082%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,284.5	−0.094%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,340.1	−0.029%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,391.9	+0.032%	$116.8M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0123%	1h	85,352.8	−0.014%	$6.6M	$147.6M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0136%	1h	85,391.5	+0.032%	$865.8M	$1.63B	50x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,358.1	−0.008%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,370.6	+0.007%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0196%	8h	85,368	+0.004%	$11.6M	$742.9M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	−0.043%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0249%	1h	85,363.9	−0.001%	$79K	$229K	20x	as long as short