Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0705%/8h= −77.2% APRpaid last 24h −0.007%

Price spread now: Kraken Futures against KuCoin+0.002%52s7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$630.635% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now +0.002%, 7d avg +0.028%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Kraken Futures is 0.026% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.028%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.3% 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	KuCoin FILUSDTM	0.9925	0.0013	pay 0.0013% / 8h	1h 07m	$7.4M	$7.1M	50x
Short	Kraken Futures PF_FILUSD	0.9925	−0.0692	pay 0.0086% / 1h	7m 25s	$1.3M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$147.98
Price spread: +0.002% → +0.028%: −$2.6
Slippage, 4 orders: −$41.48
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$214.05
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from KuCoin: 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 KuCoin live order book, 1 min ago	2.02 bp	18.1 bp −$18	46.9 bp −$469	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	3.53 bp	16.0 bp −$16	34.6 bp −$346	doesn't fit	doesn't fit

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.0756%	1h	0.9929	+0.040%	$171K	$23K	25x	as long as short
Kraken Futures PF_FILUSDshort	−0.0692%	1h	0.9925	+0.002%	$1.3M	$2.3M	50x
Coinbase International FIL-PERP-INTX	−0.0376%	1h	0.9929	+0.040%	$319K	$1.9M	50x	as long as short
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	−0.705%	$2K	$240K	12x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9930	+0.050%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9919	−0.065%	$58K	$2K	10x	as long as short
Bitget FILUSDT	+0.0009%	8h	0.9921	−0.040%	$10.8M	$21.6M	75x	as long as short
KuCoin FILUSDTMlong	+0.0013%	8h	0.9925	long leg	$7.4M	$7.1M	50x
Bybit FILUSDT	+0.0034%	8h	0.9927	+0.020%	$15.4M	$18.1M	25x	as long as short
OKX FIL-USDT-SWAP	+0.0037%	8h	0.9922	−0.030%	$18.2M	$98.4M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC FIL_USDC	+0.0074%	8h	0.9912	−0.131%	$252K	$105K	50x	as long as short
Binance FILUSDT	+0.0075%	8h	0.9924	−0.006%	$57.4M	$176.4M	75x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9912	−0.131%	$692K	$2.3M	10x	as long as short
BingX FIL-USDC	+0.0080%	8h	0.9925	0.000%	—	$6.5M	—	as long as short
Lighter FIL	+0.0096%	1h	0.9910	−0.153%	$159K	$349K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9926	+0.006%	$8.7M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9930	+0.048%	$499K	$525K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9922	−0.030%	$7.9M	$16.3M	50x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9926	+0.012%	$442K	$277K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9925	−0.002%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9919	−0.059%	$288K	$790K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9930	+0.050%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9934	+0.090%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9920	−0.050%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9920	−0.050%	$486	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9932	+0.071%	$629K	$5.6M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9920	−0.050%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0196%	8h	0.9922	−0.030%	$2.7M	$659K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0601% / S −0.0709%	1h	0.9926	+0.010%	$207K	—	100x	as long as short