Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0467%/8h= −51.1% APRpaid last 24h −0.101%

Price spread now: OKX against Kraken Futures−0.078%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 OKX

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 −$14 a day on $10k at the current rate, and OKX is 0.078% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 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	0.05245	0.0567	pay 0.0071% / 1h	30m 16s	$5K	$3K	10x
Short	OKX 2Z-USDT-SWAP	0.05241	0.0100	get 0.0050% / 4h	3h 30m	$449K	$714K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$98.08
Price spread: −0.078% → 0.000%: −$7.76
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$125.84
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 21 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 OKX live order book, 21 min ago	1.90 bp	34.5 bp −$35	doesn't fit	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	−0.0663%	1h	0.05238	−0.135%	$45K	$22K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−5.054%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05247	+0.037%	$17K	$6K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05242	−0.060%	$676K	$353K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05241	−0.070%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05243	−0.038%	$76K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05238	−0.134%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05244	−0.020%	$725K	$964K	50x	as long as short
OKX 2Z-USDT-SWAPshort	+0.0100%	4h	0.05241	−0.078%	$449K	$714K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05236	−0.173%	$91K	$61K	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	0.05244	−0.020%	$329K	$132K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05235	−0.188%	$179K	$55K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05242	−0.059%	$162K	$625K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05240	−0.097%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05243	−0.038%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05243	−0.039%	$2K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSDlong	+0.0567%	1h	0.05245	long leg	$5K	$3K	10x