Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.2379%/8h= +260.5% APRpaid last 24h +0.052%

Price spread now: Kraken Futures against Binance+0.193%54s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$71 a day on $10k at the current rate, and Kraken Futures is 0.193% dearer against Binance than usual: you sell high and buy low: +$19 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 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	Binance 2ZUSDT	0.05230	0.0100	pay 0.0050% / 4h	1h 13m	$2.1M	$2.2M	50x
Short	Kraken Futures PF_2ZUSD	0.05240	0.2479	get 0.0310% / 1h	13m 21s	$6K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.193%Rate

Funding earned: $499.5
Price spread: +0.193% → 0.000%: $19.27
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $498.77
Costs to cover: 0.200%
Break-even: 0.0 days

Slippage unknown: Binance: live order book, 6 min ago; Kraken Futures: no order-book sample. Net counts fees only.

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 Binance live order book, 6 min ago	1.91 bp	23.2 bp −$23	142.7 bp −$1,427	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0383%	1h	0.05222	−0.155%	$45K	$29K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.782%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05237	+0.132%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05234	+0.082%	$676K	$373K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05232	+0.028%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05230	−0.009%	$75K	$14K	3x	as long as short
Binance 2ZUSDTlong	+0.0100%	4h	0.05230	long leg	$2.1M	$2.2M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05234	+0.075%	$686K	$972K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05231	+0.017%	$452K	$714K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05227	−0.059%	$91K	$69K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05233	+0.056%	$296K	$126K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05228	−0.032%	$193K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05232	+0.037%	$159K	$628K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05230	−0.002%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05240	+0.189%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05229	−0.021%	$777	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSDshort	+0.2479%	1h	0.05240	+0.193%	$6K	$3K	10x