Funding arb · Price arb /

ALGO

all ALGO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.022%

Price spread now: Kraken Futures against Bybit+0.090%7-day average +0.122% · you sell dearer than you buy

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$800.799% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 4 days (all we have)+0.139%+$14 · spread now +0.090%, 7d avg +0.122%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.032% cheaper against Bybit than usual: you would sell low and buy high (spread +0.090% now, against its 7-day average of +0.122%). If the spread goes back, that is −$3 on $10k: about 8.8 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.269%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ALGOUSDT	0.1101	0.0100	pay 0.0100% / 8h	2h 12m	$11.0M	$12.6M	75x
Short	Kraken Futures PF_ALGOUSD	0.1102	0.0112	get 0.0014% / 1h	12m 40s	$819K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.090%Rate

Funding earned: $2.56
Price spread: +0.090% → +0.122%: −$3.21
Slippage, 4 orders: −$58.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$80.55
Costs to cover: 0.799%
Break-even: 227.0 days

Slippage from Bybit: live order book, 6 min ago; Kraken Futures: live order book, 1 min ago.

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 Bybit live order book, 6 min ago	1.82 bp	15.3 bp −$15	59.8 bp −$598	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	9.53 bp	23.7 bp −$24	49.5 bp −$495	doesn't fit	doesn't fit

ALGO on 22 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
Deribit ALGO_USDC-PERPETUAL	−0.0204%	1h	0.1101	+0.064%	$87K	$44K	25x	as long as short
gTrade (Gains Network) ALGO/USD	L −0.0001% / S +0.0003%	1h	0.1102	+0.116%	$16K	—	150x	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	+1.744%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1102	+0.145%	$3.4M	$2.3M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1102	+0.072%	$44K	$37K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1101	+0.040%	$9.4M	$34.5M	75x	as long as short
Bybit ALGOUSDTlong	+0.0100%	8h	0.1101	long leg	$11.0M	$12.6M	75x
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1101	+0.045%	$2.7M	$7.8M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1101	+0.018%	$833K	$933K	50x	as long as short
MEXC ALGO_USDT	+0.0100%	8h	0.1101	+0.036%	$22.8M	$3.2M	200x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ALGOUSDTM	+0.0100%	8h	0.1101	+0.064%	$3.4M	$1.5M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1103	+0.200%	$5.4M	$3.6M	75x	as long as short
BingX ALGO-USDT	+0.0100%	8h	0.1101	+0.027%	—	$3.3M	—	as long as short
Variational Omni ALGO	+0.0100%	8h	0.1097	−0.384%	$60K	$12K	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1100	−0.082%	$59K	$135K	75x	as long as short
Extended ALGO-USD	+0.0104%	1h	0.1101	+0.020%	$7K	$196K	10x	as long as short
Kraken Futures PF_ALGOUSDshort	+0.0112%	1h	0.1102	+0.090%	$819K	$1.1M	50x
Phemex ALGOUSDT	+0.0121%	8h	0.1104	+0.291%	$3.7M	$1.8M	50x	as long as short
Coinbase International ALGO-PERP-INTX	+0.0144%	1h	0.1102	+0.136%	$62K	$247K	50x	as long as short
BloFin ALGO-USDT	+0.0220%	8h	0.1101	+0.018%	$467K	$882K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]	L +0.0317% / S −0.0264%	1h	0.1102	+0.106%	$6K	—	100x	as long as short
dYdX ALGO-USD	+0.1373%	1h	0.1102	+0.105%	$159K	$5K	5x	as long as short