BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0201%/8h= +22.0% APRnext payment +$0.25 per $10,000 · paid last 24h −0.001%

Price spread now: RISEx against Kraken Futures+0.027%7-day average +0.002% · 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−$15as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Kraken Futures Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.032%+$3 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.027%, 7d avg +0.002%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and RISEx is 0.025% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.032% in total (about 3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,380.9	0.0056	pay 0.0007% / 1h	44m 39s	$187.9M	$955.1M	100x
Short	RISEx BTC/USDC	85,404.2	0.0257	get 0.0032% / 1h	44m 39s	$8.7M	$43.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.027%Rate

Funding earned: $42.17
Price spread: +0.027% → +0.002%: $2.52
Slippage, 4 orders: −$1.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: $27.22
Costs to cover: 0.175%
Break-even: 2.5 days

Slippage from Kraken Futures: live order book, 5 min ago; RISEx: live order book, 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	5.1 bp −$5	6.1 bp −$61	7.5 bp −$754	9.3 bp −$4,657
Sell RISEx live order book, 5 min ago	0.01 bp	3.0 bp −$3	3.0 bp −$30	10.2 bp −$1,019	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	−0.0112%	43m	85,387.9	+0.008%	$532K	$18.8M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,377	−0.005%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,398	+0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,372.6	−0.010%	$920.0M	$761.0M	125x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,359.2	−0.025%	$420.3M	$677.9M	150x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	85,389.2	+0.010%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0013%	8h	85,373.5	−0.009%	$513.6M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0002%	1h	85,407.8	+0.031%	$16.8M	$21.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,385.1	+0.005%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0010%	1h	85,383.4	+0.003%	$24.6M	$223.9M	50x	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	+0.0023%	1h	85,449	+0.080%	$339K	$26.8M	52x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0056%	1h	85,380.9	long leg	$187.9M	$955.1M	100x
SoDEX BTC-USD	+0.0058%	1h	85,353	−0.033%	$59.8M	$335.8M	40x	as long as short
BingX BTC-USDT	+0.0065%	8h	85,382	+0.001%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0067%	1h	85,377	−0.005%	$202K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0071%	8h	85,361.8	−0.022%	$149.3M	$501.3M	150x	as long as short
Bitget BTCUSDT	+0.0082%	8h	85,388.2	+0.009%	$2.95B	$5.15B	150x	as long as short
ApeX Omni BTCUSDT	+0.0086%	1h	85,404.9	+0.028%	$139.6M	$315.1M	100x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,384.4	+0.004%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,384.3	+0.004%	$9.44B	$24.73B	150x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,352.1	−0.034%	$2.4M	$6.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,392.2	+0.013%	$171.7M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,388.8	+0.009%	$23.8M	$147.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,378	−0.003%	$8.4M	$55.4M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,399.9	+0.022%	$116.9M	$5.31B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,358	−0.027%	$238K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,436.5	+0.065%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,450	+0.081%	$3.78B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,416.3	+0.041%	$40.1M	$595.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,387	+0.007%	$5.17B	$9.89B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,399.9	+0.022%	$2.59B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,374	−0.008%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,380.9	0.000%	$4.7M	$99.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,396.3	+0.018%	$5.52B	$10.82B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,353.3	−0.032%	$36.5M	$174.2M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,345	−0.042%	$154.3M	$564.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,396.2	+0.018%	$279.4M	$939.8M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,392.8	+0.014%	$214.6M	$169.0M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,355.6	−0.030%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,440.4	+0.070%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,382	+0.001%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,362.7	−0.021%	$2.3M	$9.0M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,407.9	+0.032%	$206K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,342.7	−0.045%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,345.7	−0.041%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,362.8	−0.021%	$2.26B	$952.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,429	+0.056%	$679.8M	$655.7M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0104%	1h	85,403.8	+0.027%	$872.2M	$1.60B	50x	as long as short
Extended BTC-USD	+0.0104%	1h	85,353.8	−0.032%	$45.7M	$236.2M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,395.4	+0.017%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0110%	1h	85,374.6	−0.007%	$6.6M	$147.3M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,383.5	+0.003%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0179%	8h	85,413	+0.038%	$11.4M	$749.4M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,402.6	+0.025%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0237%	1h	85,425.9	+0.053%	$79K	$225K	20x	as long as short
RISEx BTC/USDCshort	+0.0257%	1h	85,404.2	+0.027%	$8.7M	$43.1M	25x