ARB

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0628%/8h= −68.8% APRnext payment −$0.79 per $10,000 · paid last 24h −0.134%

Price spread now: Kraken Futures against Backpack−0.075%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.331%−$33 on $10k

Price spread, last 4 days (all we have)+0.854%+$85 · spread now −0.075%, 7d avg −0.013%

Together, before fees+0.523%+$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.062% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.331% in total (about -17.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.79 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ARB_USDC_PERP	0.2193	0.0578	pay 0.0072% / 1h	12m 50s	$984K	$2.8M	20x
Short	Kraken Futures PF_ARBUSD	0.2191	−0.0050	pay 0.0006% / 1h	12m 50s	$1.1M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$131.95
Price spread: −0.075% → −0.013%: −$6.22
Slippage, 4 orders: −$25.68
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$183.84
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 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 Backpack live order book, 1 min ago	1.14 bp	9.5 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	6.85 bp	13.8 bp −$14	20.8 bp −$208	609.0 bp −$60.9K	doesn't fit

ARB on 36 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
Injective ARB/USDC PERP	−0.1589%	1h	0.2183	−0.456%	$39K	$372K	12x	as long as short
Polymarket Perps ARB-USD	−0.0168%	1h	0.2189	−0.173%	$69K	$2.1M	10x	as long as short
MEXC ARB_USDT	−0.0102%	8h	0.2188	−0.242%	$41.3M	$60.7M	200x	as long as short
OKX ARB-USDT-SWAP	−0.0101%	8h	0.2187	−0.287%	$22.0M	$141.7M	50x	as long as short
Variational Omni ARB	−0.0095%	8h	0.2191	−0.097%	$1.8M	$3.0M	—	as long as short
Orderly PERP_ARB_USDC	−0.0063%	8h	0.2190	−0.137%	$12K	$407K	10x	as long as short
Bybit ARBUSDT	−0.0053%	8h	0.2187	−0.296%	$55.2M	$123.1M	50x	as long as short
Kraken Futures PF_ARBUSDshort	−0.0050%	1h	0.2191	−0.075%	$1.1M	$4.4M	50x
01 Exchange ARBUSD	−0.0016%	1h	0.2190	−0.141%	$7K	$1K	10x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2191	−0.111%	$65K	$5K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ARB_USDC-PERPETUAL	0.0000%	1h	0.2191	−0.105%	$24K	$34K	25x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0009%	1h	0.2190	−0.119%	$44K	—	150x	as long as short
Gate ARB_USDT	+0.0005%	8h	0.2188	−0.251%	$5.3M	$18.2M	60x	as long as short
Bitget ARBUSDT	+0.0052%	8h	0.2186	−0.319%	$20.8M	$33.8M	50x	as long as short
BingX ARB-USDC	+0.0053%	8h	0.2187	−0.255%	—	$6.5M	—	as long as short
Extended ARB-USD	+0.0056%	1h	0.2186	−0.305%	$349K	$2.5M	25x	as long as short
Binance ARBUSDT	+0.0056%	8h	0.2187	−0.286%	$63.9M	$298.6M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2186	−0.301%	$1.3M	$5.5M	15x	as long as short
Aevo ARB-PERP	+0.0096%	1h	0.2191	−0.084%	$139K	$7K	3x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2188	−0.219%	$37.3M	$48.4M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2188	−0.243%	$630K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2189	−0.181%	$42K	$158K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2190	−0.160%	$19.6M	$14.5M	75x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2191	−0.089%	$38K	$465K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2192	−0.043%	$468K	$3.5M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2194	+0.046%	$118K	$283K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2193	0.000%	$2K	$1.1M	30x	as long as short
SoDEX ARB-USD	+0.0100%	1h	0.2190	−0.137%	$10K	$2.2M	5x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2191	−0.096%	$296K	$884K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2190	−0.137%	$5.0M	$12.8M	50x	as long as short
RISEx ARB/USDC	+0.0118%	1h	0.2191	−0.096%	$444K	$2.6M	10x	as long as short
BloFin ARB-USDT	+0.0176%	8h	0.2191	−0.109%	$3.1M	$2.5M	75x	as long as short
Coinbase International ARB-PERP-INTX	+0.0256%	1h	0.2193	0.000%	$494K	$1.6M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0276% / S −0.0158%	1h	0.2191	−0.099%	$827K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0289%	1h	0.2189	−0.167%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERPlong	+0.0578%	1h	0.2193	long leg	$984K	$2.8M	20x