Funding arb · Price arb /

AR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1026%/8h= −112.3% APRpaid last 24h −0.305%

Price spread now: Kraken Futures against Bybit−0.250%7-day average +0.156% · you buy dearer than you sell

Net, funding: paid 7d − costs−$270as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1341.343% 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−1.354%−$135 on $10k

Price spread, last 4 days (all we have)+0.185%+$18 · spread now −0.250%, 7d avg +0.156%

Together, before fees−1.169%−$117 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Kraken Futures is 0.407% cheaper against Bybit than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of +0.156%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ARUSDT	4.1730	0.0100	pay 0.0100% / 8h	2h 20m	$4.1M	$9.3M	75x
Short	Kraken Futures PF_ARUSD	4.1626	−0.0926	pay 0.0116% / 1h	20m 32s	$51K	$179K	20x

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 −0.250%Rate

Funding earned: −$215.43
Price spread: −0.250% → +0.156%: −$40.65
Slippage, 4 orders: −$113.35
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$390.43
Costs to cover: 1.343%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 27 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, 3 min ago	1.20 bp	32.2 bp −$32	134.5 bp −$1,345	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 27 min ago	27.60 bp	37.5 bp −$38	doesn't fit	doesn't fit	doesn't fit

AR 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
Kraken Futures PF_ARUSDshort	−0.0926%	1h	4.1626	−0.250%	$51K	$179K	20x
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0550%	1h	4.1788	+0.139%	$537K	—	50x	as long as short
Hyperliquid AR	+0.0100%	1h	4.1818	+0.211%	$3.4M	$4.9M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.1810	+0.192%	$41K	$464K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.1810	+0.191%	$8.3M	$52.3M	75x	as long as short
Bybit ARUSDTlong	+0.0100%	8h	4.1730	long leg	$4.1M	$9.3M	75x
OKX AR-USDT-SWAP	+0.0100%	8h	4.1770	+0.096%	$2.2M	$16.9M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.1680	−0.120%	$2.3M	$2.9M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.1780	+0.120%	$5.7M	$4.3M	100x	as long as short
KuCoin ARUSDTM	+0.0100%	8h	4.1740	+0.024%	$1.0M	$1.3M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ARUSDT	+0.0100%	8h	4.1760	+0.072%	$3.7M	$5.5M	75x	as long as short
BingX AR-USDT	+0.0100%	8h	4.1780	+0.120%	—	$2.8M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.1738	+0.018%	$234K	$626K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.1740	+0.024%	$20K	$716K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.1788	+0.140%	$36K	$248K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.1720	−0.024%	$406K	$453K	20x	as long as short
Injective AR/USDC PERP	+0.0666%	1h	4.4240	+6.015%	$2K	$5K	5.5x	as long as short