Funding arb · Price arb /

2Z

all 2Z markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.2944%/8h= −322.4% APRpaid last 24h −0.012%

Price spread now: Kraken Futures against OKX−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 OKX 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 against this trade now: funding costs −$88 a day on $10k at the current rate, and Kraken Futures is 0.078% cheaper against OKX 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	OKX 2Z-USDT-SWAP	0.05141	0.0100	pay 0.0050% / 4h	51m 19s	$426K	$723K	20x
Short	Kraken Futures PF_2ZUSD	0.05137	−0.2844	pay 0.0355% / 1h	51m 19s	$5K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$618.24
Price spread: −0.078% → 0.000%: −$7.75
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$645.99
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 53 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 OKX live order book, 53 min ago	4.82 bp	31.2 bp −$31	1625.3 bp −$16.3K	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 exchanges

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
Kraken Futures PF_2ZUSDshort	−0.2844%	1h	0.05137	−0.078%	$5K	$3K	10x
Backpack 2Z_USDC_PERP	−0.0974%	1h	0.05147	+0.117%	$45K	$2K	5x	as long as short
MEXC 2Z_USDT	+0.0032%	4h	0.05145	+0.078%	$305K	$137K	50x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.132%	$867	$213	5.5x	as long as short
Bybit 2ZUSDT	+0.0036%	4h	0.05140	−0.019%	$703K	$1.0M	50x	as long as short
Lighter 2Z	+0.0096%	1h	0.05149	+0.156%	$16K	$3K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05142	+0.027%	$644K	$325K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05150	+0.174%	$12K	$20K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05142	+0.021%	$74K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05140	−0.023%	$2.0M	$2.1M	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX 2Z-USDT-SWAPlong	+0.0100%	4h	0.05141	long leg	$426K	$723K	20x
Gate 2Z_USDT	+0.0100%	4h	0.05137	−0.078%	$92K	$81K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05137	−0.070%	$165K	$63K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05145	+0.078%	$166K	$711K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05141	0.000%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05159	+0.343%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05144	+0.058%	$1K	$1.1M	20x	as long as short