BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0170%/8h= −18.6% APRnext payment −$0.21 per $10,000 · paid last 24h −0.037%

Price spread now: Phoenix against Kraken Futures+0.081%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.081%, 7d avg +0.007%

Together, before fees−0.254%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.074% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.007%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.114% in total) that is about 4.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,346.2	0.0089	pay 0.0011% / 1h	0m 42s	$185.8M	$951.9M	100x
Short	Phoenix BTC	85,415	−0.0082	pay 0.0010% / 1h	0m 42s	$2.3M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$35.75
Price spread: +0.081% → +0.007%: $7.36
Slippage, 4 orders: −$0.92
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$46.31
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: live order book, 3 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, 3 min ago	0.06 bp	5.1 bp −$5	5.1 bp −$51	7.1 bp −$709	9.0 bp −$4,520
Sell Phoenix live order book, 3 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	12.0 bp −$1,198	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 BTCshort	−0.0082%	1h	85,415	+0.081%	$2.3M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,360	+0.016%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,321.8	−0.029%	$928.3M	$773.0M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,336.6	−0.011%	$420.9M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,314.1	−0.038%	$512.0M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,367.4	+0.025%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,363.9	+0.021%	$492K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,362.3	+0.019%	$848.4M	$1.65B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,341.4	−0.006%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,349.5	+0.004%	$36.5M	—	200x	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	+0.0048%	1h	85,350.1	+0.005%	$24.1M	$219.7M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,374	+0.033%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,328.7	−0.021%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSDlong	+0.0089%	1h	85,346.2	long leg	$185.8M	$951.9M	100x
Bybit BTCUSDT	+0.0089%	8h	85,328.4	−0.021%	$5.13B	$9.97B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,350.5	+0.005%	$2.96B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,335	−0.013%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,334	−0.014%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,333.8	−0.015%	$23.5M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,344	−0.003%	$8.4M	$57.2M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,339.4	−0.008%	$5.04B	$5.79B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,328	−0.021%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,324	−0.026%	$9.41B	$24.87B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,330	−0.019%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,399.1	+0.062%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,400	+0.063%	$3.74B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359	+0.015%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,357.1	+0.013%	$2.60B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	−0.031%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,350.6	+0.005%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.026%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,361.8	+0.018%	$5.54B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,314.4	−0.037%	$37.2M	$183.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.055%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,382.6	+0.043%	$279.7M	$953.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,372.3	+0.031%	$214.3M	$161.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.103%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,339	−0.008%	$30.1M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,396.1	+0.058%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,344	−0.003%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,332.7	−0.016%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,334.9	−0.013%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,370.8	+0.029%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	+0.044%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,352.6	+0.007%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,335.1	−0.013%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,346.6	0.000%	$157.5M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,327.1	−0.022%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,357.8	+0.014%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,365	+0.022%	$113.1M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,334.2	−0.014%	$6.6M	$147.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,366	+0.023%	$11.9M	$738.9M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0147%	1h	85,346.4	0.000%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,377.3	+0.036%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,384.7	+0.045%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0276%	1h	85,417.2	+0.083%	$79K	$246K	20x	as long as short