Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0153%/8h= +16.7% APRpaid last 24h −0.031%

Price spread now: Bybit against Kraken Futures−0.176%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 Bybit

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

Funding pays, the price is against you. Bybit is 0.176% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.176% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 3.8 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_2ZUSD	0.05209	−0.0053	get 0.0007% / 1h	38m 37s	$6K	$3K	10x
Short	Bybit 2ZUSDT	0.05200	0.0100	get 0.0050% / 4h	3h 38m	$686K	$979K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.176%Rate

Funding earned: $32.04
Price spread: −0.176% → 0.000%: −$17.55
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.51
Costs to cover: 0.210%
Break-even: 8.4 days

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 17 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 Bybit live order book, 17 min ago	5.77 bp	21.8 bp −$22	426.1 bp −$4,261	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	−0.0564%	1h	0.05201	−0.156%	$45K	$32K	5x	as long as short
Kraken Futures PF_2ZUSDlong	−0.0053%	1h	0.05209	long leg	$6K	$3K	10x
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.399%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05209	−0.003%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05199	−0.200%	$653K	$391K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05202	−0.130%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05200	−0.176%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05194	−0.291%	$2.1M	$2.4M	50x	as long as short
Bybit 2ZUSDTshort	+0.0100%	4h	0.05200	−0.176%	$686K	$979K	50x
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05196	−0.252%	$452K	$714K	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate 2Z_USDT	+0.0100%	4h	0.05203	−0.118%	$92K	$70K	50x	as long as short
MEXC 2Z_USDT	+0.0100%	4h	0.05203	−0.118%	$304K	$119K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05200	−0.176%	$196K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05197	−0.233%	$148K	$571K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05199	−0.195%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05205	−0.076%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05208	−0.022%	$2K	$1.3M	20x	as long as short