Funding arb · Price arb /

2Z

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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: Binance against Kraken Futures−0.289%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Binance

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 against this trade now: funding costs −$71 a day on $10k at the current rate, and Binance is 0.289% cheaper against Kraken Futures than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_2ZUSD	0.05240	0.2479	pay 0.0310% / 1h	14m 14s	$6K	$3K	10x
Short	Binance 2ZUSDT	0.05225	0.0100	get 0.0050% / 4h	1h 14m	$2.1M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.289%Rate

Funding earned: −$499.5
Price spread: −0.289% → 0.000%: −$28.94
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$548.44
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 5 min ago. 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Binance live order book, 5 min ago	1.91 bp	26.6 bp −$27	126.4 bp −$1,264	doesn't fit	doesn't fit

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	−0.0379%	1h	0.05227	−0.251%	$46K	$29K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.965%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05236	−0.079%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05224	−0.310%	$675K	$373K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05225	−0.283%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05232	−0.163%	$75K	$14K	3x	as long as short
Binance 2ZUSDTshort	+0.0100%	4h	0.05225	−0.289%	$2.1M	$2.3M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05227	−0.251%	$686K	$975K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05227	−0.251%	$451K	$712K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05222	−0.347%	$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	0.05224	−0.308%	$296K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05230	−0.188%	$193K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05228	−0.232%	$159K	$631K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05226	−0.270%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05240	−0.004%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05229	−0.213%	$777	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSDlong	+0.2479%	1h	0.05240	long leg	$6K	$3K	10x