Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0237%/8h= +26.0% APRpaid last 24h +0.017%

Price spread now: Phemex against Kraken Futures+0.007%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now +0.007%, 7d avg −0.051%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phemex is 0.058% dearer against Kraken Futures than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.078% in total (about 4.1% a year). A funding rate is set anew for every payment. 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	Kraken Futures PF_ARBUSD	0.2269	−0.0137	get 0.0017% / 1h	7m 18s	$1.2M	$4.9M	50x
Short	Phemex ARBUSDT	0.2269	0.0100	get 0.0100% / 8h	7h 07m	$5.2M	$12.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.007%Rate

Funding earned: $49.79
Price spread: +0.007% → −0.051%: $5.83
Slippage, 4 orders: −$56.35
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$22.72
Costs to cover: 0.783%
Break-even: 10.2 days

Slippage from Kraken Futures: live order book, 2 min ago; Phemex: live order book, 2 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 Kraken Futures live order book, 2 min ago	10.80 bp	25.8 bp −$26	33.3 bp −$333	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	6.61 bp	16.3 bp −$16	26.0 bp −$260	doesn't fit	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	−0.1666%	1h	0.2253	−0.698%	$41K	$372K	12x	as long as short
Variational Omni ARB	−0.0201%	8h	0.2267	−0.100%	$2.0M	$2.8M	—	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0191%	1h	0.2267	−0.086%	$25K	$34K	25x	as long as short
01 Exchange ARBUSD	−0.0144%	1h	0.2266	−0.121%	$7K	$2K	10x	as long as short
Kraken Futures PF_ARBUSDlong	−0.0137%	1h	0.2269	long leg	$1.2M	$4.9M	50x
Bybit ARBUSDT	−0.0110%	8h	0.2264	−0.227%	$58.9M	$126.7M	50x	as long as short
OKX ARB-USDT-SWAP	−0.0108%	8h	0.2265	−0.152%	$23.1M	$157.7M	50x	as long as short
MEXC ARB_USDT	−0.0107%	8h	0.2266	−0.116%	$39.6M	$59.5M	200x	as long as short
SoDEX ARB-USD	−0.0074%	1h	0.2266	−0.130%	$10K	$2.5M	5x	as long as short
Orderly PERP_ARB_USDC	−0.0050%	8h	0.2266	−0.125%	$13K	$389K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ARB-USD	0.0000%	1h	0.2269	+0.021%	$67K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0013%	1h	0.2268	−0.037%	$11K	—	150x	as long as short
Binance ARBUSDT	+0.0021%	8h	0.2265	−0.170%	$67.0M	$310.6M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2265	−0.170%	$360K	$2.5M	25x	as long as short
BloFin ARB-USDT	+0.0084%	8h	0.2265	−0.174%	$3.2M	$2.9M	75x	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2268	−0.054%	$144K	$7K	3x	as long as short
Lighter ARB	+0.0096%	1h	0.2267	−0.081%	$1.4M	$7.3M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2269	+0.003%	$41.1M	$47.2M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2269	−0.008%	$707K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2269	−0.004%	$45K	$183K	10x	as long as short
Gate ARB_USDT	+0.0100%	8h	0.2267	−0.068%	$5.6M	$20.0M	60x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2267	−0.081%	$19.7M	$15.8M	75x	as long as short
Bitget ARBUSDT	+0.0100%	8h	0.2267	−0.081%	$21.7M	$35.7M	50x	as long as short
BingX ARB-USDT	+0.0100%	8h	0.2266	−0.112%	—	$54.4M	—	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2273	+0.181%	$41K	$462K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2275	+0.274%	$488K	$3.5M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2273	+0.183%	$122K	$296K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2267	−0.090%	$65K	$2.0M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2269	+0.007%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2267	−0.090%	$295K	$976K	50x	as long as short
Phemex ARBUSDTshort	+0.0100%	8h	0.2269	+0.007%	$5.2M	$12.9M	50x
Coinbase International ARB-PERP-INTX	+0.0232%	1h	0.2267	−0.081%	$521K	$2.3M	50x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2265	−0.165%	$2K	$695	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0296% / S −0.0186%	1h	0.2268	−0.038%	$926K	—	150x	as long as short
RISEx ARB/USDC	+0.0384%	1h	0.2270	+0.036%	$519K	$2.6M	10x	as long as short
Backpack ARB_USDC_PERP	+0.0593%	1h	0.2271	+0.091%	$1.0M	$2.8M	20x	as long as short