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: Kraken Futures against Phoenix−0.081%7-day average −0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

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

Long on Phoenix Short on Kraken Futures

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

Funding pays, the price is against you. Kraken Futures is 0.074% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.081% now, against its 7-day average of −0.007%). If the spread goes back, that is −$7 on $10k: about 35 hours of funding at the current rate (+$5 a day). 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	Phoenix BTC	85,415	−0.0082	get 0.0010% / 1h	0m 26s	$2.3M	$10.4M	40x
Short	Kraken Futures PF_XBTUSD	85,346.2	0.0089	get 0.0011% / 1h	0m 26s	$185.8M	$951.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now −0.081%Rate

Funding earned: $35.75
Price spread: −0.081% → −0.007%: −$7.36
Slippage, 4 orders: −$0.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $10.47
Costs to cover: 0.179%
Break-even: 4.9 days

Slippage from Phoenix: live order book, 4 min ago; Kraken Futures: 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 Phoenix live order book, 4 min ago	0.06 bp	3.6 bp −$4	4.9 bp −$49	9.9 bp −$988	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.6 bp −$6	6.0 bp −$60	7.2 bp −$716	8.8 bp −$4,413

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 BTClong	−0.0082%	1h	85,415	long leg	$2.3M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,360	−0.064%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0031%	8h	85,350.9	−0.075%	$928.6M	$773.0M	125x	as long as short
BloFin BTC-USDT	−0.0023%	8h	85,336.6	−0.092%	$420.9M	$680.7M	150x	as long as short
Aster BTCUSDT	−0.0005%	8h	85,363.5	−0.060%	$512.3M	$1.09B	200x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,367.4	−0.056%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,343.9	−0.083%	$491K	$18.3M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	85,362.3	−0.062%	$848.4M	$1.65B	50x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,341.4	−0.086%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,349.5	−0.077%	$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	+0.0049%	1h	85,319.1	−0.112%	$24.1M	$219.6M	50x	as long as short
Injective BTC/USDC PERP	+0.0057%	1h	85,374	−0.048%	$338K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0073%	8h	85,328.7	−0.101%	—	$17.4M	—	as long as short
Kraken Futures PF_XBTUSDshort	+0.0089%	1h	85,346.2	−0.081%	$185.8M	$951.9M	100x
Bybit BTCUSDT	+0.0089%	8h	85,367.3	−0.056%	$5.13B	$9.97B	150x	as long as short
Bitget BTCUSDT	+0.0091%	8h	85,372.3	−0.050%	$2.96B	$5.15B	150x	as long as short
SoDEX BTC-USD	+0.0091%	1h	85,335	−0.094%	$59.7M	$336.6M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,334	−0.095%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,333.8	−0.095%	$23.5M	$149.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,357	−0.068%	$8.4M	$57.2M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,374.8	−0.047%	$5.04B	$5.79B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,328	−0.102%	$2.4M	$6.7M	20x	as long as short
Binance BTCUSDT	+0.0096%	8h	85,374.4	−0.048%	$9.42B	$24.88B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,330	−0.100%	$245K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,399.1	−0.019%	$5.8M	$9.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,446.5	+0.037%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,359	−0.066%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,379	−0.042%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,320	−0.111%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,350.6	−0.075%	$5.1M	$96.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,324.1	−0.106%	$690.8M	$302.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,361.8	−0.062%	$5.54B	$11.10B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,314.4	−0.118%	$37.2M	$183.1M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,299.4	−0.135%	$156.2M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,382.6	−0.038%	$279.7M	$953.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,372.3	−0.050%	$214.3M	$161.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,433.9	+0.022%	$139.7M	$313.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,339	−0.089%	$30.1M	$207.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,414	−0.001%	—	$9.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,376	−0.046%	$11.0M	$14.7M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,374.4	−0.048%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,334.9	−0.094%	$2.6M	$9.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,370.8	−0.052%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,383.8	−0.037%	$30.0M	$46.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,352.6	−0.073%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,335.1	−0.094%	$2.26B	$963.1M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,346.6	−0.080%	$157.5M	$512.2M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,327.1	−0.103%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,357.8	−0.067%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,365	−0.059%	$113.1M	$5.47B	50x	as long as short
Reya BTCRUSDPERP	+0.0135%	1h	85,334.2	−0.095%	$6.6M	$147.4M	40x	as long as short
Kalshi KXBTCPERP	+0.0174%	8h	85,366	−0.057%	$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	−0.080%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,377.3	−0.044%	$8.8M	$42.7M	25x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,374.7	−0.047%	$684K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0283%	1h	85,405.3	−0.011%	$79K	$246K	20x	as long as short