Funding arb · Price arb /

IMX

all IMX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.2591%/8h= −283.7% APRpaid last 24h −0.422%

Price spread now: Bybit against Kraken Futures−0.633%7-day average −0.369% · you buy dearer than you sell

Net, funding: paid 7d − costs−$523as in the Funding arb table

Net, price: spread back to 7d avg − costs−$278as in the Price arb table

costs, in and out, $10k−$2512.512% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−2.721%−$272 on $10k

Price spread, last 4 days (all we have)+0.269%+$27 · spread now −0.633%, 7d avg −0.369%

Together, before fees−2.452%−$245 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$78 a day on $10k at the current rate, and Bybit is 0.264% cheaper against Kraken Futures than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.369%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IMXUSD	0.1509	0.2691	pay 0.0336% / 1h	21m 30s	$115K	$4K	20x
Short	Bybit IMXUSDT	0.1499	0.0100	get 0.0050% / 4h	2h 21m	$3.8M	$2.2M	75x

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 −0.633%Rate

Funding earned: −$544.03
Price spread: −0.633% → −0.369%: −$26.44
Slippage, 4 orders: −$230.24
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$821.72
Costs to cover: 2.512%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 28 min ago; Bybit: live order book, 4 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 Kraken Futures live order book, 28 min ago	54.39 bp	112.0 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.33 bp	34.8 bp −$35	83.5 bp −$835	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0034%	4h	0.1499	−0.641%	$94K	$120K	—	as long as short
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1505	−0.289%	$6K	—	150x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+0.407%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1501	−0.517%	$3.6M	$5.6M	75x	as long as short
Bybit IMXUSDTshort	+0.0100%	4h	0.1499	−0.633%	$3.8M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1501	−0.521%	$938K	$1.5M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1501	−0.521%	$642K	$72K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1501	−0.521%	$2.5M	$583K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1502	−0.454%	$352K	$185K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1501	−0.521%	$1.3M	$305K	75x	as long as short

Show all 15 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IMX-USDT	+0.0100%	4h	0.1500	−0.587%	—	$4.4M	—	as long as short
dYdX IMX-USD	+0.0129%	1h	0.1502	−0.441%	$33K	$18K	5x	as long as short
Hyperliquid IMX	+0.0286%	1h	0.1506	−0.196%	$3.4M	$270K	5x	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1504	−0.322%	$183K	$151K	75x	as long as short
Kraken Futures PF_IMXUSDlong	+0.2691%	1h	0.1509	long leg	$115K	$4K	20x