Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0415%/8h= −45.4% APRpaid last 24h −0.100%

Price spread now: Gate against Kraken Futures+0.224%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Gate

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

The price spread pays, funding is against you. Gate is 0.224% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.224% now, against zero (this spread has no 7-day history yet)): +$22 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 43 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_2ZUSD	0.05180	0.0515	pay 0.0064% / 1h	37m 55s	$5K	$3K	10x
Short	Gate 2Z_USDT	0.05192	0.0100	get 0.0050% / 4h	2h 37m	$90K	$60K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.224%Rate

Funding earned: −$87.08
Price spread: +0.224% → 0.000%: $22.43
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$89.65
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Gate no order-book sample	—	—	—	—	—

Kraken Futures and Gate: 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	−0.0865%	1h	0.05195	+0.282%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.868%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05204	+0.456%	$16K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05199	+0.350%	$655K	$350K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05202	+0.417%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05189	+0.159%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05201	+0.398%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05208	+0.533%	$708K	$943K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05205	+0.475%	$443K	$693K	20x	as long as short
Gate 2Z_USDTshort	+0.0100%	4h	0.05192	+0.224%	$90K	$60K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05201	+0.398%	$323K	$126K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05193	+0.238%	$177K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05198	+0.340%	$151K	$639K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05202	+0.417%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05200	+0.373%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05201	+0.398%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSDlong	+0.0515%	1h	0.05180	long leg	$5K	$3K	10x