Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.5426%/8h= +594.1% APRpaid last 24h −0.764%

Price spread now: Bybit against Kraken Futures−0.066%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

Funding pays, the price is against you. Bybit is 0.066% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.066% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about under an hour of funding at the current rate (+$163 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08393	−0.5326	get 0.0666% / 1h	33m 15s	$5K	$24K	10x
Short	Bybit INITUSDT	0.08387	0.0100	get 0.0050% / 4h	3h 33m	$1.5M	$1.7M	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 −0.066%Rate

Funding earned: $1,139.38
Price spread: −0.066% → 0.000%: −$6.63
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: $1,111.75
Costs to cover: 0.210%
Break-even: 0.2 days

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 3 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, 3 min ago	7.18 bp	68.2 bp −$68	165.9 bp −$1,659	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
Kraken Futures PF_INITUSDlong	−0.5326%	1h	0.08393	long leg	$5K	$24K	10x
BloFin INIT-USDT	+0.0080%	4h	0.08394	+0.017%	$153K	$113K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08400	+0.090%	$314K	$238K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08378	−0.178%	$28K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08396	+0.041%	$3.5M	$4.0M	25x	as long as short
Bybit INITUSDTshort	+0.0100%	4h	0.08387	−0.066%	$1.5M	$1.7M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08399	+0.077%	$143K	$722K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08378	−0.174%	$82K	$58K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08396	+0.041%	$451K	$210K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08385	−0.090%	$325K	$62K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget INITUSDT	+0.0100%	4h	0.08383	−0.114%	$432K	$333K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08388	−0.054%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08359	−0.399%	$26K	$23K	—	as long as short