# Kraken vs WhiteBIT Funding Rates: 153 Coins Compared

As of 2026-10-03 13:14 UTC, Kraken and WhiteBIT share 153 liquid perpetual markets. Kraken has the higher funding rate on 53 of them (35%), and the average gap is 0.0427% per 8 hours (46.78% APR). The widest gap is CFG at 0.2307% per 8 hours (252.62% APR): short on Kraken and long on WhiteBIT.

| Coin | Kraken per 8h | WhiteBIT per 8h | Gap per 8h | Funding arbitrage |
| --- | --- | --- | --- | --- |
| [CFG](https://arbtide.com/funding-rates/cfg) | 0.2407% | 0.0100% | 0.2307% | Short Kraken, long WhiteBIT |
| [SAGA](https://arbtide.com/funding-rates/saga) | -0.1734% | 0.0100% | 0.1834% | Short WhiteBIT, long Kraken |
| [BAT](https://arbtide.com/funding-rates/bat) | -0.1664% | 0.0100% | 0.1764% | Short WhiteBIT, long Kraken |
| [POPCAT](https://arbtide.com/funding-rates/popcat) | 0.1373% | 0.0100% | 0.1273% | Short Kraken, long WhiteBIT |
| [NOT](https://arbtide.com/funding-rates/not) | 0.1371% | 0.0100% | 0.1271% | Short Kraken, long WhiteBIT |
| [GOAT](https://arbtide.com/funding-rates/goat) | 0.1367% | 0.0100% | 0.1267% | Short Kraken, long WhiteBIT |
| [TURBO](https://arbtide.com/funding-rates/turbo) | -0.1166% | 0.0100% | 0.1266% | Short WhiteBIT, long Kraken |
| [SUPER](https://arbtide.com/funding-rates/super) | 0.1357% | 0.0100% | 0.1257% | Short Kraken, long WhiteBIT |
| [MANA](https://arbtide.com/funding-rates/mana) | -0.1134% | 0.0100% | 0.1234% | Short WhiteBIT, long Kraken |
| [QTUM](https://arbtide.com/funding-rates/qtum) | -0.1132% | 0.0100% | 0.1232% | Short WhiteBIT, long Kraken |
| [STX](https://arbtide.com/funding-rates/stx) | -0.1111% | 0.0100% | 0.1211% | Short WhiteBIT, long Kraken |
| [LPT](https://arbtide.com/funding-rates/lpt) | -0.1096% | 0.0100% | 0.1196% | Short WhiteBIT, long Kraken |
| [NEIRO](https://arbtide.com/funding-rates/neiro) | -0.1088% | 0.0100% | 0.1188% | Short WhiteBIT, long Kraken |
| [FLOW](https://arbtide.com/funding-rates/flow) | -0.1058% | 0.0100% | 0.1158% | Short WhiteBIT, long Kraken |
| [C98](https://arbtide.com/funding-rates/c98) | 0.1230% | 0.0100% | 0.1130% | Short Kraken, long WhiteBIT |
| [SNX](https://arbtide.com/funding-rates/snx) | -0.0894% | 0.0100% | 0.0994% | Short WhiteBIT, long Kraken |
| [APE](https://arbtide.com/funding-rates/ape) | 0.0022% | 0.0976% | 0.0954% | Short WhiteBIT, long Kraken |
| [USUAL](https://arbtide.com/funding-rates/usual) | 0.1000% | 0.0100% | 0.0900% | Short Kraken, long WhiteBIT |
| [JUP](https://arbtide.com/funding-rates/jup) | -0.0790% | 0.0100% | 0.0890% | Short WhiteBIT, long Kraken |
| [CATI](https://arbtide.com/funding-rates/cati) | 0.0966% | 0.0100% | 0.0866% | Short Kraken, long WhiteBIT |
| [GRASS](https://arbtide.com/funding-rates/grass) | 0.0964% | 0.0100% | 0.0864% | Short Kraken, long WhiteBIT |
| [BOME](https://arbtide.com/funding-rates/bome) | 0.0954% | 0.0100% | 0.0854% | Short Kraken, long WhiteBIT |
| [PENDLE](https://arbtide.com/funding-rates/pendle) | -0.0738% | 0.0100% | 0.0838% | Short WhiteBIT, long Kraken |
| [ZEN](https://arbtide.com/funding-rates/zen) | -0.0724% | 0.0100% | 0.0824% | Short WhiteBIT, long Kraken |
| [SAMSUNG](https://arbtide.com/funding-rates/samsung) | 0.0891% | 0.0100% | 0.0791% | Short Kraken, long WhiteBIT |
| [POL](https://arbtide.com/funding-rates/pol) | -0.0086% | -0.0867% | 0.0781% | Short Kraken, long WhiteBIT |
| [KAITO](https://arbtide.com/funding-rates/kaito) | -0.0657% | 0.0100% | 0.0757% | Short WhiteBIT, long Kraken |
| [NBIS](https://arbtide.com/funding-rates/nbis) | 0.0654% | -0.0100% | 0.0754% | Short Kraken, long WhiteBIT |
| [BRETT](https://arbtide.com/funding-rates/brett) | 0.0773% | 0.0100% | 0.0673% | Short Kraken, long WhiteBIT |
| [DYDX](https://arbtide.com/funding-rates/dydx) | -0.0570% | 0.0100% | 0.0670% | Short WhiteBIT, long Kraken |
| [FET](https://arbtide.com/funding-rates/fet) | 0.0749% | 0.0100% | 0.0649% | Short Kraken, long WhiteBIT |
| [OPEN](https://arbtide.com/funding-rates/open) | -0.0548% | 0.0100% | 0.0648% | Short WhiteBIT, long Kraken |
| [AGLD](https://arbtide.com/funding-rates/agld) | -0.0541% | 0.0100% | 0.0641% | Short WhiteBIT, long Kraken |
| [QNT](https://arbtide.com/funding-rates/qnt) | -0.0508% | 0.0100% | 0.0608% | Short WhiteBIT, long Kraken |
| [ONT](https://arbtide.com/funding-rates/ont) | -0.0504% | 0.0100% | 0.0604% | Short WhiteBIT, long Kraken |
| [NATGAS](https://arbtide.com/funding-rates/natgas) | 0.0801% | 0.0200% | 0.0601% | Short Kraken, long WhiteBIT |
| [ACE](https://arbtide.com/funding-rates/ace) | -0.0497% | 0.0100% | 0.0597% | Short WhiteBIT, long Kraken |
| [CVX](https://arbtide.com/funding-rates/cvx) | 0.0689% | 0.0100% | 0.0589% | Short Kraken, long WhiteBIT |
| [ASTER](https://arbtide.com/funding-rates/aster) | 0.0688% | 0.0100% | 0.0588% | Short Kraken, long WhiteBIT |
| [RUNE](https://arbtide.com/funding-rates/rune) | -0.0487% | 0.0100% | 0.0587% | Short WhiteBIT, long Kraken |
| [SYRUP](https://arbtide.com/funding-rates/syrup) | 0.0682% | 0.0100% | 0.0582% | Short Kraken, long WhiteBIT |
| [KAS](https://arbtide.com/funding-rates/kas) | -0.0472% | 0.0100% | 0.0572% | Short WhiteBIT, long Kraken |
| [SAND](https://arbtide.com/funding-rates/sand) | -0.5954% | -0.6513% | 0.0558% | Short Kraken, long WhiteBIT |
| [PNUT](https://arbtide.com/funding-rates/pnut) | -0.0456% | 0.0100% | 0.0556% | Short WhiteBIT, long Kraken |
| [SSV](https://arbtide.com/funding-rates/ssv) | -0.0456% | 0.0100% | 0.0556% | Short WhiteBIT, long Kraken |
| [ZRO](https://arbtide.com/funding-rates/zro) | 0.0639% | 0.0100% | 0.0539% | Short Kraken, long WhiteBIT |
| [COMP](https://arbtide.com/funding-rates/comp) | -0.0424% | 0.0100% | 0.0524% | Short WhiteBIT, long Kraken |
| [XPL](https://arbtide.com/funding-rates/xpl) | -0.0405% | 0.0100% | 0.0505% | Short WhiteBIT, long Kraken |
| [TIA](https://arbtide.com/funding-rates/tia) | -0.0377% | 0.0100% | 0.0477% | Short WhiteBIT, long Kraken |
| [OPN](https://arbtide.com/funding-rates/opn) | -0.0369% | 0.0100% | 0.0469% | Short WhiteBIT, long Kraken |
| [ZBT](https://arbtide.com/funding-rates/zbt) | -0.0360% | 0.0100% | 0.0460% | Short WhiteBIT, long Kraken |
| [IMX](https://arbtide.com/funding-rates/imx) | -0.0353% | 0.0100% | 0.0453% | Short WhiteBIT, long Kraken |
| [ENS](https://arbtide.com/funding-rates/ens) | -0.0349% | 0.0100% | 0.0449% | Short WhiteBIT, long Kraken |
| [OP](https://arbtide.com/funding-rates/op) | 0.0547% | 0.0100% | 0.0447% | Short Kraken, long WhiteBIT |
| [ETC](https://arbtide.com/funding-rates/etc) | -0.0344% | 0.0100% | 0.0444% | Short WhiteBIT, long Kraken |
| [DASH](https://arbtide.com/funding-rates/dash) | -0.0339% | 0.0100% | 0.0439% | Short WhiteBIT, long Kraken |
| [EIGEN](https://arbtide.com/funding-rates/eigen) | -0.0334% | 0.0100% | 0.0434% | Short WhiteBIT, long Kraken |
| [MON](https://arbtide.com/funding-rates/mon) | 0.0533% | 0.0100% | 0.0433% | Short Kraken, long WhiteBIT |
| [PYTH](https://arbtide.com/funding-rates/pyth) | -0.0323% | 0.0100% | 0.0423% | Short WhiteBIT, long Kraken |
| [WLFI](https://arbtide.com/funding-rates/wlfi) | -0.0314% | 0.0100% | 0.0414% | Short WhiteBIT, long Kraken |
| [SHIB](https://arbtide.com/funding-rates/shib) | -0.0314% | 0.0100% | 0.0414% | Short WhiteBIT, long Kraken |
| [KAIA](https://arbtide.com/funding-rates/kaia) | -0.0309% | 0.0100% | 0.0409% | Short WhiteBIT, long Kraken |
| [BICO](https://arbtide.com/funding-rates/bico) | 0.0502% | 0.0100% | 0.0402% | Short Kraken, long WhiteBIT |
| [RENDER](https://arbtide.com/funding-rates/render) | -0.0300% | 0.0100% | 0.0400% | Short WhiteBIT, long Kraken |
| [ATOM](https://arbtide.com/funding-rates/atom) | -0.0296% | 0.0100% | 0.0396% | Short WhiteBIT, long Kraken |
| [1INCH](https://arbtide.com/funding-rates/1inch) | 0.0492% | 0.0100% | 0.0392% | Short Kraken, long WhiteBIT |
| [FARTCOIN](https://arbtide.com/funding-rates/fartcoin) | -0.0267% | 0.0100% | 0.0367% | Short WhiteBIT, long Kraken |
| [BIO](https://arbtide.com/funding-rates/bio) | -0.0261% | 0.0100% | 0.0361% | Short WhiteBIT, long Kraken |
| [GRT](https://arbtide.com/funding-rates/grt) | -0.0248% | 0.0100% | 0.0348% | Short WhiteBIT, long Kraken |
| [MU](https://arbtide.com/funding-rates/mu) | -0.0247% | 0.0100% | 0.0347% | Short WhiteBIT, long Kraken |
| [APT](https://arbtide.com/funding-rates/apt) | 0.0445% | 0.0100% | 0.0345% | Short Kraken, long WhiteBIT |
| [GPS](https://arbtide.com/funding-rates/gps) | -0.0244% | 0.0100% | 0.0344% | Short WhiteBIT, long Kraken |
| [UNI](https://arbtide.com/funding-rates/uni) | -0.0243% | 0.0100% | 0.0343% | Short WhiteBIT, long Kraken |
| [PEOPLE](https://arbtide.com/funding-rates/people) | -0.0232% | 0.0100% | 0.0332% | Short WhiteBIT, long Kraken |
| [CAKE](https://arbtide.com/funding-rates/cake) | -0.0225% | 0.0100% | 0.0325% | Short WhiteBIT, long Kraken |
| [ONDO](https://arbtide.com/funding-rates/ondo) | -0.0222% | 0.0100% | 0.0322% | Short WhiteBIT, long Kraken |
| [ICP](https://arbtide.com/funding-rates/icp) | -0.0213% | 0.0100% | 0.0313% | Short WhiteBIT, long Kraken |
| [XAU](https://arbtide.com/funding-rates/xau) | -0.0109% | 0.0200% | 0.0309% | Short WhiteBIT, long Kraken |
| [PIXEL](https://arbtide.com/funding-rates/pixel) | -0.0209% | 0.0100% | 0.0309% | Short WhiteBIT, long Kraken |
| [XTZ](https://arbtide.com/funding-rates/xtz) | -0.0208% | 0.0100% | 0.0308% | Short WhiteBIT, long Kraken |
| [STRK](https://arbtide.com/funding-rates/strk) | -0.0205% | 0.0100% | 0.0305% | Short WhiteBIT, long Kraken |
| [FIL](https://arbtide.com/funding-rates/fil) | -0.0193% | 0.0100% | 0.0293% | Short WhiteBIT, long Kraken |
| [INJ](https://arbtide.com/funding-rates/inj) | -0.0180% | 0.0100% | 0.0280% | Short WhiteBIT, long Kraken |
| [XLM](https://arbtide.com/funding-rates/xlm) | -0.0172% | 0.0100% | 0.0272% | Short WhiteBIT, long Kraken |
| [TRUMP](https://arbtide.com/funding-rates/trump) | -0.0168% | 0.0100% | 0.0268% | Short WhiteBIT, long Kraken |
| [BONK](https://arbtide.com/funding-rates/bonk) | -0.0168% | 0.0100% | 0.0268% | Short WhiteBIT, long Kraken |
| [TRX](https://arbtide.com/funding-rates/trx) | -0.0318% | -0.0056% | 0.0262% | Short WhiteBIT, long Kraken |
| [SNDK](https://arbtide.com/funding-rates/sndk) | 0.0153% | -0.0100% | 0.0253% | Short Kraken, long WhiteBIT |
| [BTC](https://arbtide.com/funding-rates/btc) | -0.0034% | -0.0284% | 0.0249% | Short Kraken, long WhiteBIT |
| [CHZ](https://arbtide.com/funding-rates/chz) | -0.0147% | 0.0100% | 0.0247% | Short WhiteBIT, long Kraken |
| [HBAR](https://arbtide.com/funding-rates/hbar) | -0.0132% | 0.0100% | 0.0232% | Short WhiteBIT, long Kraken |
| [DOGE](https://arbtide.com/funding-rates/doge) | -0.0123% | 0.0100% | 0.0223% | Short WhiteBIT, long Kraken |
| [WLD](https://arbtide.com/funding-rates/wld) | -0.0115% | 0.0100% | 0.0215% | Short WhiteBIT, long Kraken |
| [AVAX](https://arbtide.com/funding-rates/avax) | 0.0313% | 0.0100% | 0.0213% | Short Kraken, long WhiteBIT |
| [AXS](https://arbtide.com/funding-rates/axs) | -0.0108% | 0.0100% | 0.0208% | Short WhiteBIT, long Kraken |
| [ETHFI](https://arbtide.com/funding-rates/ethfi) | -0.0106% | 0.0100% | 0.0206% | Short WhiteBIT, long Kraken |
| [INTC](https://arbtide.com/funding-rates/intc) | 0.0306% | 0.0100% | 0.0206% | Short Kraken, long WhiteBIT |
| [HYPE](https://arbtide.com/funding-rates/hype) | -0.0102% | 0.0100% | 0.0202% | Short WhiteBIT, long Kraken |
| [CFX](https://arbtide.com/funding-rates/cfx) | 0.0302% | 0.0100% | 0.0202% | Short Kraken, long WhiteBIT |
| [PORTAL](https://arbtide.com/funding-rates/portal) | -0.0101% | 0.0100% | 0.0201% | Short WhiteBIT, long Kraken |
| [TAO](https://arbtide.com/funding-rates/tao) | -0.0093% | 0.0100% | 0.0193% | Short WhiteBIT, long Kraken |
| [SEI](https://arbtide.com/funding-rates/sei) | 0.0293% | 0.0100% | 0.0193% | Short Kraken, long WhiteBIT |
| [LDO](https://arbtide.com/funding-rates/ldo) | 0.0292% | 0.0100% | 0.0192% | Short Kraken, long WhiteBIT |
| [ADA](https://arbtide.com/funding-rates/ada) | -0.0089% | 0.0100% | 0.0189% | Short WhiteBIT, long Kraken |
| [TRB](https://arbtide.com/funding-rates/trb) | -0.0074% | 0.0100% | 0.0174% | Short WhiteBIT, long Kraken |
| [ARB](https://arbtide.com/funding-rates/arb) | -0.0073% | 0.0100% | 0.0173% | Short WhiteBIT, long Kraken |
| [EGLD](https://arbtide.com/funding-rates/egld) | -0.0072% | 0.0100% | 0.0172% | Short WhiteBIT, long Kraken |
| [XCU](https://arbtide.com/funding-rates/xcu) | 0.0329% | 0.0496% | 0.0167% | Short WhiteBIT, long Kraken |
| [MELANIA](https://arbtide.com/funding-rates/melania) | 0.0256% | 0.0100% | 0.0156% | Short Kraken, long WhiteBIT |
| [VIRTUAL](https://arbtide.com/funding-rates/virtual) | -0.0054% | 0.0100% | 0.0154% | Short WhiteBIT, long Kraken |
| [NIGHT](https://arbtide.com/funding-rates/night) | -0.0051% | 0.0100% | 0.0151% | Short WhiteBIT, long Kraken |
| [XMR](https://arbtide.com/funding-rates/xmr) | 0.0250% | 0.0100% | 0.0150% | Short Kraken, long WhiteBIT |
| [ROSE](https://arbtide.com/funding-rates/rose) | -0.0045% | 0.0100% | 0.0145% | Short WhiteBIT, long Kraken |
| [ETH](https://arbtide.com/funding-rates/eth) | -0.0043% | 0.0100% | 0.0143% | Short WhiteBIT, long Kraken |
| [NEAR](https://arbtide.com/funding-rates/near) | -0.0035% | 0.0100% | 0.0135% | Short WhiteBIT, long Kraken |
| [JASMY](https://arbtide.com/funding-rates/jasmy) | -0.0035% | 0.0100% | 0.0135% | Short WhiteBIT, long Kraken |
| [KAVA](https://arbtide.com/funding-rates/kava) | 0.0229% | 0.0100% | 0.0129% | Short Kraken, long WhiteBIT |
| [XAUT](https://arbtide.com/funding-rates/xaut) | -0.0028% | 0.0100% | 0.0128% | Short WhiteBIT, long Kraken |
| [PEPE](https://arbtide.com/funding-rates/pepe) | -0.0024% | 0.0100% | 0.0124% | Short WhiteBIT, long Kraken |
| [AAVE](https://arbtide.com/funding-rates/aave) | -0.0113% | -0.0234% | 0.0121% | Short Kraken, long WhiteBIT |
| [MORPHO](https://arbtide.com/funding-rates/morpho) | -0.0014% | 0.0100% | 0.0114% | Short WhiteBIT, long Kraken |
| [BCH](https://arbtide.com/funding-rates/bch) | -0.0008% | 0.0100% | 0.0108% | Short WhiteBIT, long Kraken |
| [SOXL](https://arbtide.com/funding-rates/soxl) | 0.0006% | -0.0100% | 0.0106% | Short Kraken, long WhiteBIT |
| [MOODENG](https://arbtide.com/funding-rates/moodeng) | 0.0206% | 0.0100% | 0.0106% | Short Kraken, long WhiteBIT |
| [DOT](https://arbtide.com/funding-rates/dot) | 0.0194% | 0.0100% | 0.0094% | Short Kraken, long WhiteBIT |
| [PUMP](https://arbtide.com/funding-rates/pump) | 0.0191% | 0.0100% | 0.0091% | Short Kraken, long WhiteBIT |
| [DEXE](https://arbtide.com/funding-rates/dexe) | 0.0178% | 0.0100% | 0.0078% | Short Kraken, long WhiteBIT |
| [YFI](https://arbtide.com/funding-rates/yfi) | 0.0173% | 0.0100% | 0.0073% | Short Kraken, long WhiteBIT |
| [ZEC](https://arbtide.com/funding-rates/zec) | 0.0163% | 0.0100% | 0.0063% | Short Kraken, long WhiteBIT |
| [SOL](https://arbtide.com/funding-rates/sol) | 0.0050% | -0.0004% | 0.0054% | Short Kraken, long WhiteBIT |
| [SUSHI](https://arbtide.com/funding-rates/sushi) | 0.0050% | 0.0100% | 0.0050% | Short WhiteBIT, long Kraken |
| [LTC](https://arbtide.com/funding-rates/ltc) | 0.0051% | 0.0100% | 0.0049% | Short WhiteBIT, long Kraken |
| [PENGU](https://arbtide.com/funding-rates/pengu) | 0.0054% | 0.0100% | 0.0046% | Short WhiteBIT, long Kraken |
| [WIF](https://arbtide.com/funding-rates/wif) | 0.0054% | 0.0100% | 0.0046% | Short WhiteBIT, long Kraken |
| [LINK](https://arbtide.com/funding-rates/link) | 0.0054% | 0.0100% | 0.0046% | Short WhiteBIT, long Kraken |
| [XAG](https://arbtide.com/funding-rates/xag) | 0.0161% | 0.0200% | 0.0039% | Short WhiteBIT, long Kraken |
| [SUI](https://arbtide.com/funding-rates/sui) | 0.0139% | 0.0100% | 0.0039% | Short Kraken, long WhiteBIT |
| [ENA](https://arbtide.com/funding-rates/ena) | 0.0067% | 0.0100% | 0.0033% | Short WhiteBIT, long Kraken |
| [LQTY](https://arbtide.com/funding-rates/lqty) | 0.0133% | 0.0100% | 0.0033% | Short Kraken, long WhiteBIT |
| [BB](https://arbtide.com/funding-rates/bb) | 0.0072% | 0.0100% | 0.0028% | Short WhiteBIT, long Kraken |
| [JTO](https://arbtide.com/funding-rates/jto) | 0.0127% | 0.0100% | 0.0027% | Short Kraken, long WhiteBIT |
| [CRV](https://arbtide.com/funding-rates/crv) | 0.0074% | 0.0100% | 0.0026% | Short WhiteBIT, long Kraken |
| [RSR](https://arbtide.com/funding-rates/rsr) | 0.0075% | 0.0100% | 0.0025% | Short WhiteBIT, long Kraken |
| [PAXG](https://arbtide.com/funding-rates/paxg) | 0.0124% | 0.0100% | 0.0024% | Short Kraken, long WhiteBIT |
| [XRP](https://arbtide.com/funding-rates/xrp) | 0.0079% | 0.0100% | 0.0021% | Short WhiteBIT, long Kraken |
| [MEW](https://arbtide.com/funding-rates/mew) | 0.0082% | 0.0100% | 0.0018% | Short WhiteBIT, long Kraken |
| [W](https://arbtide.com/funding-rates/w) | 0.0088% | 0.0100% | 0.0012% | Short WhiteBIT, long Kraken |
| [ZK](https://arbtide.com/funding-rates/zk) | 0.0112% | 0.0100% | 0.0012% | Short Kraken, long WhiteBIT |
| [BNB](https://arbtide.com/funding-rates/bnb) | -0.0069% | -0.0081% | 0.0012% | Short Kraken, long WhiteBIT |
| [ORDI](https://arbtide.com/funding-rates/ordi) | 0.0111% | 0.0100% | 0.0011% | Short Kraken, long WhiteBIT |
| [FLOKI](https://arbtide.com/funding-rates/floki) | 0.0091% | 0.0100% | 0.0009% | Short WhiteBIT, long Kraken |
| [GALA](https://arbtide.com/funding-rates/gala) | 0.0094% | 0.0100% | 0.0006% | Short WhiteBIT, long Kraken |
| [ALGO](https://arbtide.com/funding-rates/algo) | 0.0104% | 0.0100% | 0.0004% | Short Kraken, long WhiteBIT |

## Frequently asked questions

### Which has higher funding rates, Kraken or WhiteBIT?

Right now WhiteBIT has the higher funding rate on 100 of 153 shared coins.

### How often do Kraken and WhiteBIT pay funding?

On shared markets, Kraken pays every 1 hours and WhiteBIT every 4 and 8 hours, depending on the contract. Rates on this page are annualized so they compare directly.

### Can I arbitrage funding between Kraken and WhiteBIT?

Yes, by going long where funding is lower and short where it is higher. The largest gap right now is CFG at 0.2307% per 8 hours (252.62% APR) before fees.