BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0022%/8h= −2.4% APRnext payment −$0.03 per $10,000 · paid last 24h +0.008%

Price spread now: Ondo Perps against Kraken Futures−0.029%7-day average −0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now −0.029%, 7d avg −0.013%

Together, before fees+0.051%+ Points / potential airdropOndo Perps: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.013%, 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	85,918.6	0.0122	pay 0.0015% / 1h	2m 12s	$187.5M	$958.3M	100x
Short	Ondo Perps BTC-USD.P	85,894	0.0100	get 0.0013% / 1h	2m 12s	$3.9M	$17.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$4.57
Price spread: −0.029% → −0.013%: −$1.57
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$21.13
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.41 bp	6.1 bp −$6	7.3 bp −$73	9.0 bp −$901	12.4 bp −$6,189
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0129%	1h	86,100	+0.211%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,893	−0.030%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,906.2	−0.014%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,930.8	+0.014%	$524K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,907.4	−0.013%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	+0.037%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.275%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0029%	8h	85,902.7	−0.018%	$498.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,898.3	−0.024%	$821.2M	$716.2M	125x	as long as short
HTX BTC-USDT	+0.0048%	8h	85,874.6	−0.051%	$2.28B	$961.0M	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0050%	1h	85,883.8	−0.041%	$6.7M	$145.8M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	85,894.1	−0.029%	$8.2M	$42.5M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,907.1	−0.013%	—	$1.58B	—	as long as short
SoDEX BTC-USD	+0.0064%	1h	85,891	−0.032%	$60.2M	$338.3M	40x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,900	−0.022%	$2.95B	$5.08B	150x	as long as short
Gate BTC_USDT	+0.0077%	8h	85,903.3	−0.018%	$5.72B	$10.72B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,887.6	−0.036%	$2.5M	$1.8M	20x	as long as short
MEXC BTC_USDT	+0.0081%	8h	85,900	−0.022%	$5.09B	$5.79B	500x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,899.9	−0.022%	$9.35B	$24.38B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,913.4	−0.006%	$169.7M	$999.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,915.4	−0.004%	$23.4M	$152.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,908	−0.012%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,869	−0.058%	$202K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,927.3	+0.010%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,920.8	+0.003%	$21.9M	$226.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,966	+0.055%	$3.76B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,932	+0.016%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,910	−0.010%	$5.23B	$9.68B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,913.1	−0.006%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.Pshort	+0.0100%	1h	85,894	−0.029%	$3.9M	$17.9M	25x
Arcus BTC-USD	+0.0100%	1h	85,889.9	−0.033%	$6.9M	$97.1M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,887.8	−0.036%	$35.3M	$162.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	+0.187%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.228%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	+0.187%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,088.3	+0.198%	$140.8M	$320.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,952.8	+0.040%	$30.5M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,967.5	+0.057%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,887	−0.037%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,890.5	−0.033%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,900.6	−0.021%	$2.4M	$9.1M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,919.7	+0.001%	$144K	$666K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,911.6	−0.008%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,877	−0.048%	$3.2M	$5.6M	100x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,898.7	−0.023%	$154.9M	$473.9M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.259%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,880.2	−0.045%	$45.4M	$224.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,971.1	+0.061%	—	$100.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	85,925.9	+0.009%	$131.4M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0122%	1h	85,918.6	long leg	$187.5M	$958.3M	100x
Hibachi BTC/USDT-P	+0.0128%	1h	86,135.7	+0.253%	$722K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0164%	1h	86,107.4	+0.220%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0202%	8h	85,917.9	−0.001%	$414.9M	$641.1M	150x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,941	+0.026%	$10.2M	$766.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	85,903.8	−0.017%	$14.4M	—	200x	as long as short
Deribit BTC-PERPETUAL	+0.0230%	1h	85,941.6	+0.027%	$902.7M	$1.51B	50x	as long as short