Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0398%/8h= −43.5% APRpaid last 24h −0.747%

Price spread now: Binance against Kraken Futures+0.083%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Binance

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

The price spread pays, funding is against you. Binance is 0.083% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.083% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08183	0.0498	pay 0.0062% / 1h	34m 07s	$5K	$17K	10x
Short	Binance INITUSDT	0.08190	0.0100	get 0.0050% / 4h	34m 07s	$3.4M	$3.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.083%Rate

Funding earned: −$83.51
Price spread: +0.083% → 0.000%: $8.29
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$95.23
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 2 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 Binance live order book, 2 min ago	1.22 bp	26.7 bp −$27	77.5 bp −$775	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.

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
BloFin INIT-USDT	+0.0078%	4h	0.08188	+0.063%	$153K	$110K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08187	+0.046%	$298K	$233K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08191	+0.099%	$27K	$36K	5x	as long as short
Binance INITUSDTshort	+0.0100%	4h	0.08190	+0.083%	$3.4M	$3.6M	25x
Bybit INITUSDT	+0.0100%	4h	0.08176	−0.084%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08186	+0.039%	$133K	$632K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08184	+0.014%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08185	+0.026%	$445K	$219K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08188	+0.063%	$326K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08186	+0.039%	$427K	$310K	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	0.08183	+0.002%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08176	−0.089%	$26K	$23K	—	as long as short
Kraken Futures PF_INITUSDlong	+0.0498%	1h	0.08183	long leg	$5K	$17K	10x