Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h −0.033%

Price spread now: Kraken Futures against Orderly+0.162%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.162% dearer against Orderly than usual: you sell high and buy low (spread +0.162% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BIO_USDC	0.02907	0.0096	pay 0.0048% / 4h	0m 55s	$13K	—	10x
Short	Kraken Futures PF_BIOUSD	0.02912	0.0060	get 0.0007% / 1h	0m 55s	$11K	$6K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.162%Rate

Funding earned: −$7.68
Price spread: +0.162% → 0.000%: $16.25
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$7.43
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Kraken Futures: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Orderly and Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BIO on 15 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
BloFin BIO-USDT	+0.0042%	4h	0.02907	0.000%	$264K	$10K	50x	as long as short
Kraken Futures PF_BIOUSDshort	+0.0060%	1h	0.02912	+0.162%	$11K	$6K	20x
Lighter BIO	+0.0096%	1h	0.02910	+0.096%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDClong	+0.0096%	4h	0.02907	long leg	$13K	—	10x
Aster BIOUSDT	+0.0100%	4h	0.02908	+0.047%	$21K	$94K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02907	0.000%	$6.2M	$6.9M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02910	+0.103%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02908	+0.034%	$1.2M	$2.2M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02909	+0.069%	$1.5M	$276K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02906	−0.034%	$390K	$128K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BIOUSDTM	+0.0100%	4h	0.02911	+0.138%	$562K	$117K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02908	+0.034%	$1.3M	$498K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02908	+0.034%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02908	+0.021%	$34K	$71K	—	as long as short
Hyperliquid BIO	+0.0317%	1h	0.02913	+0.196%	$763K	$217K	3x	as long as short