Funding arb · Price arb /

GRIFFAIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−3.9305%/8h= −4303.9% APRpaid last 24h −2.349%

Price spread now: Bybit against Kraken Futures−0.619%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bybit

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

Both sides work against this trade now: funding costs −$1,179 a day on $10k at the current rate, and Bybit is 0.619% cheaper against Kraken Futures than usual: you would sell low and buy high (−$62 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_GRIFFAINUSD	0.01577	3.9405	pay 0.4926% / 1h	13m 35s	$18K	$23K	10x
Short	Bybit GRIFFAINUSDT	0.01567	0.0100	get 0.0050% / 4h	1h 13m	$770K	$444K	25x

Funding 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 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.619%Rate

Funding earned: −$8,254.13
Price spread: −0.619% → 0.000%: −$61.88
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: −$8,337.01
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 46 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, 46 min ago	11.53 bp	59.8 bp −$60	436.9 bp −$4,369	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.

GRIFFAIN on 12 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
Reya GRIFFAINRUSDPERP	0.0000%	1h	0.01177	−25.336%	—	—	—	as long as short
Bybit GRIFFAINUSDTshort	+0.0100%	4h	0.01567	−0.619%	$770K	$444K	25x
Gate GRIFFAIN_USDT	+0.0100%	4h	0.01564	−0.809%	$430K	$86K	10x	as long as short
KuCoin GRIFFAINUSDTM	+0.0100%	4h	0.01562	−0.923%	$493K	$49K	20x	as long as short
Hyperliquid GRIFFAIN	+0.0460%	1h	0.01567	−0.631%	$1.2M	$99K	3x	as long as short
Bitget GRIFFAINUSDT	+0.0556%	4h	0.01565	−0.733%	$378K	$286K	10x	as long as short
BloFin GRIFFAIN-USDT	+0.0927%	4h	0.01566	−0.663%	$279K	$12K	20x	as long as short
Binance GRIFFAINUSDT	+0.0944%	4h	0.01566	−0.689%	$4.2M	$1.8M	20x	as long as short
MEXC GRIFFAIN_USDT	+0.0954%	4h	0.01564	−0.796%	$302K	$115K	100x	as long as short
BingX GRIFFAIN-USDT	+0.0960%	4h	0.01566	−0.689%	—	$6.5M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster GRIFFAINUSDT	+0.1112%	4h	0.01563	−0.874%	$15K	$31K	5x	as long as short
Kraken Futures PF_GRIFFAINUSDlong	+3.9405%	1h	0.01577	long leg	$18K	$23K	10x