Funding you earn now, next payment 12:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h +0.033%
Price spread now: Bybit against Kraken Futures+0.113%7-day average — · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
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. Bybit is 0.113% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.5 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_COWUSD | 0.1596 | 0.0251 | pay 0.0031% / 1h | 11m 03s | $5K | $95 | 10x |
| Short | Bybit COWUSDT | 0.1598 | 0.0100 | get 0.0050% / 4h | 11m 03s | $970K | $456K | 25x |
Kraken Futures PF_COWUSD
Bybit COWUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$31.66
- Price spread: +0.113% → 0.000%
- $11.33
- Slippage, 4 orders
- no order book: not counted
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$41.34
- Costs to cover
- 0.210%
- Break-even
- never at this rate
Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 27 min ago. 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 Kraken Futures no order-book sample | — | — | — | — | — |
| Sell Bybit live order book, 27 min ago | 7.47 bp | 54.0 bp −$54 | 167.3 bp −$1,673 | doesn't fit | doesn't fit |
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.
COW on 11 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| BingX COW-USDT | +0.0070% | 4h | 0.1597 | +0.063% | — | $6.6M | — | as long as short |
| Aster COWUSDT | +0.0100% | 4h | 0.1597 | +0.087% | $30K | $8K | 5x | as long as short |
| Binance COWUSDT | +0.0100% | 4h | 0.1597 | +0.047% | $2.1M | $2.8M | 50x | as long as short |
| Bybit COWUSDTshort | +0.0100% | 4h | 0.1598 | +0.113% | $970K | $456K | 25x | |
| Gate COW_USDT | +0.0100% | 4h | 0.1599 | +0.188% | $121K | $66K | 50x | as long as short |
| MEXC COW_USDT | +0.0100% | 4h | 0.1597 | +0.063% | $559K | $192K | 20x | as long as short |
| KuCoin COWUSDTM | +0.0100% | 4h | 0.1595 | −0.062% | $215K | $36K | 20x | as long as short |
| Bitget COWUSDT | +0.0100% | 4h | 0.1598 | +0.126% | $379K | $200K | 50x | as long as short |
| Variational Omni COW | +0.0100% | 4h | 0.1601 | +0.345% | $8K | $3K | — | as long as short |
| BloFin COW-USDT | +0.0122% | 4h | 0.1597 | +0.063% | $135K | $31K | 75x | as long as short |
BingX COW-USDT
Aster COWUSDT
Binance COWUSDT
Gate COW_USDT
MEXC COW_USDT
KuCoin COWUSDTM
Bitget COWUSDT
Variational Omni COW
BloFin COW-USDTShow all 11 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_COWUSDlong | +0.0251% | 1h | 0.1596 | long leg | $5K | $95 | 10x |