BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0218%/8h= −23.9% APRnext payment −$0.27 per $10,000 · paid last 24h −0.031%

Price spread now: 01 Exchange against Kraken Futures−0.015%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kraken Futures Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.071%+$7 · spread now −0.015%, 7d avg −0.001%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.056% in total (about -5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 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	85,442.4	0.0170	pay 0.0021% / 1h	37m 54s	$188.4M	$954.7M	100x
Short	01 Exchange BTCUSD	85,429.7	−0.0048	pay 0.0006% / 1h	37m 54s	$366K	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.015%Rate

Funding earned: −$45.86
Price spread: −0.015% → −0.001%: −$1.39
Slippage, 4 orders: −$4.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$69.15
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; 01 Exchange: live order book, 1 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, 1 min ago	0.06 bp	5.1 bp −$5	5.9 bp −$59	6.8 bp −$677	8.7 bp −$4,375
Sell 01 Exchange live order book, 1 min ago	0.01 bp	5.6 bp −$6	10.3 bp −$103	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
Bluefin BTC-PERP	−0.0256%	1h	85,483.2	+0.048%	$207K	$739K	40x	as long as short
Phoenix BTC	−0.0179%	1h	85,385	−0.067%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,395	−0.056%	$8K	$3K	50x	as long as short
01 Exchange BTCUSDshort	−0.0048%	1h	85,429.7	−0.015%	$366K	$2.3M	50x
BloFin BTC-USDT	−0.0030%	8h	85,363.3	−0.093%	$416.0M	$665.1M	150x	as long as short
KuCoin XBTUSDTM	−0.0009%	8h	85,415.9	−0.031%	$919.2M	$750.7M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,448.8	+0.007%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0011%	8h	85,417.6	−0.029%	$514.7M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0019%	1h	85,384.6	−0.068%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,398.8	−0.051%	$6.9M	$97.3M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0060%	8h	85,415.4	−0.032%	—	$17.1M	—	as long as short
Nado BTC-PERP	+0.0062%	1h	85,437.7	−0.006%	$25.7M	$220.8M	50x	as long as short
Bitget BTCUSDT	+0.0076%	8h	85,414.3	−0.033%	$2.95B	$5.03B	150x	as long as short
Reya BTCRUSDPERP	+0.0079%	1h	85,433.1	−0.011%	$6.7M	$146.7M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,432.5	−0.012%	$2.4M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,436.9	−0.006%	$5.05B	$5.60B	500x	as long as short
Binance BTCUSDT	+0.0091%	8h	85,436.7	−0.007%	$9.35B	$24.06B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,426.6	−0.019%	$172.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,431.2	−0.013%	$23.7M	$148.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,439	−0.004%	$8.4M	$52.7M	100x	as long as short
Phemex BTCUSDT	+0.0097%	8h	85,429.1	−0.016%	$149.5M	$484.4M	150x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,447.2	+0.006%	$4.3M	$8.6M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,391	−0.060%	$217K	$8.0M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,502	+0.070%	$3.74B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,416.4	−0.030%	$40.0M	$578.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,426.4	−0.019%	$5.23B	$9.72B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,427.4	−0.018%	$2.58B	$12.10B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,388	−0.064%	$3.9M	$18.0M	25x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,436.5	−0.007%	$5.52B	$10.64B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,417.5	−0.029%	$35.7M	$176.3M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,453.7	+0.013%	$153.6M	$563.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,527.2	+0.099%	$279.4M	$916.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,454	+0.014%	$214.5M	$169.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,439.1	−0.004%	$139.7M	$314.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,454.6	+0.014%	$30.2M	$207.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,477.4	+0.041%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,432	−0.012%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,439.4	−0.004%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,438.5	−0.005%	$2.5M	$8.9M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,439.7	−0.003%	$29.9M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,414.5	−0.033%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,429	−0.016%	$59.9M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,410.9	−0.037%	$2.26B	$941.0M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,513.6	+0.083%	$649.6M	$594.9M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,413.2	−0.034%	$44.5M	$226.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,419.3	−0.027%	—	$107.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,463	+0.024%	$116.9M	$5.16B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,539	+0.113%	$340K	$26.9M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0169%	1h	85,475.5	+0.039%	$894.2M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0170%	1h	85,442.4	long leg	$188.4M	$954.7M	100x
RISEx BTC/USDC	+0.0194%	1h	85,444.5	+0.002%	$8.3M	$42.4M	25x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,468.9	+0.031%	$692K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0200%	1h	85,489.2	+0.055%	$78K	$219K	20x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,444.9	+0.003%	$13.4M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0217%	8h	85,436	−0.008%	$10.4M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,388.1	−0.064%	$499K	$18.9M	6.7x	as long as short