BTC

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0080%/8h= +8.8% APRnext payment +$0.10 per $10,000 · paid last 24h +0.007%

Price spread now: Kraken Futures against SoDEX−0.040%61s7-day average +0.022% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.187% of the position

Long on SoDEX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.065%+$6 · spread now −0.040%, 7d avg +0.022%

Together, before fees+0.058%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.062% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.022%). If the spread goes back, that is −$6 on $10k: about 2.6 days of funding at the current rate (+$2 a day). The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BTC-USD	85,566	0.0055	pay 0.0007% / 1h	16m 25s	$60.0M	$336.0M	40x
Short	Kraken Futures PF_XBTUSD	85,532.2	0.0135	get 0.0017% / 1h	16m 25s	$187.8M	$957.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against SoDEX. 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 SoDEXbpFee Kraken FuturesbpOrdersPrice spread, now −0.040%Rate

Funding earned: $16.89
Price spread: −0.040% → +0.022%: −$6.18
Slippage, 4 orders: −$0.68
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.98
Costs to cover: 0.187%
Break-even: 10.3 days

Slippage from SoDEX: live order book, 3 min ago; Kraken Futures: 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 SoDEX live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	5.0 bp −$497	39.7 bp −$19.9K
Sell Kraken Futures live order book, 3 min ago	0.06 bp	5.4 bp −$5	6.3 bp −$63	7.6 bp −$759	9.5 bp −$4,763

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	−0.0140%	1h	85,565	−0.001%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,583	+0.020%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0044%	8h	85,506.6	−0.069%	$920.0M	$758.1M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,560.8	−0.006%	$420.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,536.9	−0.034%	$364K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0006%	8h	85,515	−0.060%	$515.0M	$1.10B	200x	as long as short
Perpl BTC	0.0000%	43m	85,560.7	−0.006%	$504K	$18.7M	6.7x	as long as short
Nado BTC-PERP	+0.0002%	1h	85,521	−0.053%	$24.5M	$222.9M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,533.1	−0.038%	$36.5M	—	200x	as long as short
dYdX BTC-USD	+0.0032%	1h	85,584.5	+0.022%	$16.8M	$21.2M	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	+0.0044%	1h	85,552	−0.016%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USDlong	+0.0055%	1h	85,566	long leg	$60.0M	$336.0M	40x
BingX BTC-USDC	+0.0064%	8h	85,499	−0.078%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,571.4	+0.006%	$149.0M	$496.6M	150x	as long as short
Deribit BTC-PERPETUAL	+0.0075%	1h	85,560	−0.007%	$872.1M	$1.60B	50x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,515.3	−0.059%	$2.95B	$5.12B	150x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,524.8	−0.048%	$5.07B	$5.67B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,512.8	−0.062%	$9.44B	$24.46B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,538.1	−0.033%	$172.2M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,539.6	−0.031%	$23.9M	$148.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,515	−0.060%	$8.4M	$55.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,506.3	−0.070%	$2.9M	$2.8M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,506	−0.070%	$230K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,583.1	+0.020%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,603.6	+0.044%	$3.79B	$5.02B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,563.5	−0.003%	$40.4M	$591.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,511.7	−0.063%	$5.18B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,520.5	−0.053%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,548	−0.021%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,527.6	−0.045%	$4.7M	$99.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,519.3	−0.055%	$5.54B	$10.84B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,530	−0.042%	$36.1M	$178.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,535	−0.036%	$154.3M	$565.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,494.4	−0.084%	$279.2M	$930.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,547.9	−0.021%	$215.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,536.9	−0.034%	$139.8M	$316.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,565.5	−0.001%	$30.2M	$206.8M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,588.8	+0.027%	—	$11.0M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,518	−0.056%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,517	−0.057%	$202K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,510	−0.065%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,562.4	−0.004%	$207K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,499.7	−0.077%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,508	−0.068%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,553	−0.015%	$2.27B	$949.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,447	−0.139%	$679.5M	$701.9M	40x	as long as short
Reya BTCRUSDPERP	+0.0103%	1h	85,509.8	−0.066%	$6.6M	$147.1M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,487.1	−0.092%	$45.7M	$235.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,546	−0.023%	—	$106.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,613	+0.055%	$117.2M	$5.26B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0135%	1h	85,532.2	−0.040%	$187.8M	$957.2M	100x
RISEx BTC/USDC	+0.0174%	1h	85,555.1	−0.013%	$8.6M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,532.7	−0.039%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,604	+0.044%	$11.5M	$753.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,604.4	+0.045%	$701K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0251%	1h	85,561	−0.006%	$78K	$222K	20x	as long as short