Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0495%/8h= −54.2% APRpaid last 24h −0.039%

Price spread now: Kraken Futures against Phemex−0.003%7-day average +0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$930.933% 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−0.224%−$22 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.003%, 7d avg +0.048%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Kraken Futures is 0.051% cheaper against Phemex than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.224% in total (about -11.7% 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 FILUSDT	0.9860	0.0100	pay 0.0100% / 8h	26m 27s	$1.1M	$2.4M	50x
Short	Kraken Futures PF_FILUSD	0.9860	−0.0395	pay 0.0049% / 1h	26m 27s	$1.3M	$2.4M	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 −0.003%Rate

Funding earned: −$103.87
Price spread: −0.003% → +0.048%: −$5.12
Slippage, 4 orders: −$71.32
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$202.31
Costs to cover: 0.933%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kraken Futures: 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 Phemex live order book, 2 min ago	10.15 bp	33.3 bp −$33	104.0 bp −$1,040	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	4.56 bp	13.5 bp −$14	29.6 bp −$296	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	−0.0661%	1h	0.9864	+0.041%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSDshort	−0.0395%	1h	0.9860	−0.003%	$1.3M	$2.4M	50x
Coinbase International FIL-PERP-INTX	−0.0352%	1h	0.9859	−0.010%	$316K	$1.9M	50x	as long as short
Injective FIL/USDC PERP	−0.0245%	1h	0.9855	−0.051%	$2K	$240K	12x	as long as short
KuCoin FILUSDTM	−0.0015%	8h	0.9850	−0.101%	$7.4M	$7.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9855	−0.051%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9866	+0.059%	$58K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0011%	8h	0.9846	−0.142%	$18.1M	$98.8M	50x	as long as short
Bitget FILUSDT	+0.0032%	8h	0.9855	−0.051%	$10.9M	$21.6M	75x	as long as short
Binance FILUSDT	+0.0047%	8h	0.9850	−0.100%	$57.1M	$178.9M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended FIL-USD	+0.0048%	1h	0.9853	−0.071%	$689K	$2.3M	10x	as long as short
Bybit FILUSDT	+0.0049%	8h	0.9851	−0.091%	$15.4M	$18.3M	25x	as long as short
MEXC FIL_USDC	+0.0050%	8h	0.9847	−0.132%	$250K	$104K	50x	as long as short
BingX FIL-USDT	+0.0051%	8h	0.9854	−0.061%	—	$11.9M	—	as long as short
Gate FIL_USDT	+0.0086%	8h	0.9854	−0.061%	$8.0M	$16.3M	50x	as long as short
Lighter FIL	+0.0096%	1h	0.9852	−0.082%	$158K	$348K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9852	−0.082%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9857	−0.032%	$497K	$545K	20x	as long as short
Variational Omni FIL	+0.0100%	8h	0.9837	−0.230%	$439K	$277K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9848	−0.126%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9835	−0.258%	$293K	$805K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9850	−0.101%	$30K	$197K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9867	+0.072%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9850	−0.101%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9853	−0.071%	$485	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9856	−0.041%	$629K	$5.7M	75x	as long as short
Phemex FILUSDTlong	+0.0100%	8h	0.9860	long leg	$1.1M	$2.4M	50x
BloFin FIL-USDT	+0.0168%	8h	0.9853	−0.071%	$2.7M	$570K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0571% / S −0.0666%	1h	0.9861	+0.010%	$196K	—	100x	as long as short