Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.5767%/8h= −631.5% APRpaid last 24h +0.832%

Price spread now: Kraken Futures against Bybit−0.415%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Kraken Futures

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 −$173 a day on $10k at the current rate, and Kraken Futures is 0.415% cheaper against Bybit than usual: you would sell low and buy high (−$41 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	Bybit INITUSDT	0.08267	0.0100	pay 0.0050% / 4h	53m 07s	$1.4M	$1.5M	25x
Short	Kraken Futures PF_INITUSD	0.08233	−0.5667	pay 0.0708% / 1h	53m 07s	$3K	$19K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now −0.415%Rate

Funding earned: −$1,211.16
Price spread: −0.415% → 0.000%: −$41.47
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$1,273.63
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Kraken Futures: no order-book sample. 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 Bybit live order book, 3 min ago	6.64 bp	36.1 bp −$36	93.6 bp −$936	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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.

INIT on 13 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
Kraken Futures PF_INITUSDshort	−0.5667%	1h	0.08233	−0.415%	$3K	$19K	10x
Hyperliquid INIT	+0.0100%	1h	0.08271	+0.044%	$305K	$229K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08281	+0.174%	$27K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08277	+0.121%	$3.4M	$3.7M	25x	as long as short
Bybit INITUSDTlong	+0.0100%	4h	0.08267	long leg	$1.4M	$1.5M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08278	+0.133%	$138K	$662K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08267	0.000%	$84K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08276	+0.109%	$448K	$209K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08279	+0.145%	$326K	$57K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08277	+0.121%	$430K	$308K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX INIT-USDT	+0.0100%	4h	0.08278	+0.133%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08276	+0.110%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0136%	4h	0.08270	+0.036%	$152K	$112K	25x	as long as short