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: Kraken Futures against Phemex+0.030%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$830.833% of the position

Long on Phemex Short on Kraken Futures

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)−0.076%−$8 · spread now +0.030%, 7d avg +0.051%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Kraken Futures is 0.021% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.051%). Swap the legs.

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	Phemex ARBUSDT	0.2270	0.0100	pay 0.0100% / 8h	7h 07m	$5.2M	$12.9M	50x
Short	Kraken Futures PF_ARBUSD	0.2271	−0.0137	pay 0.0017% / 1h	7m 38s	$1.2M	$4.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$49.77
Price spread: +0.030% → +0.051%: −$2.1
Slippage, 4 orders: −$61.33
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$135.2
Costs to cover: 0.833%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Kraken Futures: live order book, 6 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 Phemex live order book, 6 min ago	6.59 bp	24.2 bp −$24	43.0 bp −$430	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 6 min ago	11.63 bp	16.7 bp −$17	27.4 bp −$274	470.5 bp −$47.0K	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	0.2261	−0.396%	$41K	$372K	12x	as long as short
Variational Omni ARB	−0.0201%	8h	0.2267	−0.151%	$2.0M	$2.8M	—	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0147%	1h	0.2268	−0.084%	$25K	$34K	25x	as long as short
01 Exchange ARBUSD	−0.0144%	1h	0.2266	−0.172%	$7K	$2K	10x	as long as short
Kraken Futures PF_ARBUSDshort	−0.0137%	1h	0.2271	+0.030%	$1.2M	$4.9M	50x
Bybit ARBUSDT	−0.0110%	8h	0.2268	−0.101%	$59.0M	$126.7M	50x	as long as short
OKX ARB-USDT-SWAP	−0.0108%	8h	0.2268	−0.088%	$23.2M	$157.9M	50x	as long as short
MEXC ARB_USDT	−0.0107%	8h	0.2270	−0.018%	$39.6M	$59.5M	200x	as long as short
SoDEX ARB-USD	−0.0068%	1h	0.2268	−0.101%	$10K	$2.5M	5x	as long as short
Orderly PERP_ARB_USDC	−0.0050%	8h	0.2267	−0.132%	$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	−0.030%	$67K	$4K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0006%	1h	0.2269	−0.048%	$33K	—	150x	as long as short
Binance ARBUSDT	+0.0021%	8h	0.2267	−0.133%	$67.1M	$310.6M	75x	as long as short
Extended ARB-USD	+0.0024%	1h	0.2268	−0.107%	$360K	$2.5M	25x	as long as short
Aevo ARB-PERP	+0.0088%	1h	0.2269	−0.060%	$144K	$7K	3x	as long as short
BingX ARB-USDC	+0.0094%	8h	0.2266	−0.159%	—	$6.5M	—	as long as short
BloFin ARB-USDT	+0.0095%	8h	0.2271	+0.062%	$3.2M	$2.9M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2270	−0.013%	$1.4M	$7.3M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2270	0.000%	$41.1M	$47.2M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2270	+0.006%	$707K	$1.6M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2269	−0.056%	$45K	$183K	10x	as long as short
Gate ARB_USDT	+0.0100%	8h	0.2269	−0.031%	$5.5M	$20.0M	60x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2268	−0.084%	$19.7M	$15.8M	75x	as long as short
Bitget ARBUSDT	+0.0100%	8h	0.2269	−0.044%	$21.8M	$35.7M	50x	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2269	−0.049%	$41K	$461K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2276	+0.264%	$488K	$3.5M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2270	0.000%	$122K	$296K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2267	−0.132%	$65K	$2.0M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2268	−0.088%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2267	−0.123%	$295K	$976K	50x	as long as short
Phemex ARBUSDTlong	+0.0100%	8h	0.2270	long leg	$5.2M	$12.9M	50x
Coinbase International ARB-PERP-INTX	+0.0232%	1h	0.2270	0.000%	$522K	$2.3M	50x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2265	−0.229%	$2K	$695	20x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0296% / S −0.0186%	1h	0.2269	−0.052%	$927K	—	150x	as long as short
RISEx ARB/USDC	+0.0384%	1h	0.2270	−0.015%	$519K	$2.6M	10x	as long as short
Backpack ARB_USDC_PERP	+0.0593%	1h	0.2271	+0.040%	$1.0M	$2.8M	20x	as long as short