Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0435%/8h= −47.7% APRpaid last 24h −0.592%

Price spread now: Gate against Kraken Futures−0.046%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 Gate

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 −$13 a day on $10k at the current rate, and Gate is 0.046% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 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_INITUSD	0.08172	0.0535	pay 0.0067% / 1h	13m 48s	$6K	$17K	10x
Short	Gate INIT_USDT	0.08168	0.0100	get 0.0100% / 8h	2h 13m	$83K	$56K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.046%Rate

Funding earned: −$91.39
Price spread: −0.046% → 0.000%: −$4.56
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$120.95
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Gate no order-book sample	—	—	—	—	—

Kraken Futures and Gate: 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	+0.0096%	4h	0.08169	−0.033%	$154K	$110K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08167	−0.061%	$297K	$235K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08172	+0.008%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08172	+0.008%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08159	−0.156%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08169	−0.033%	$132K	$630K	10x	as long as short
Gate INIT_USDTshort	+0.0100%	8h	0.08168	−0.046%	$83K	$56K	25x
MEXC INIT_USDT	+0.0100%	4h	0.08172	+0.003%	$444K	$217K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08173	+0.016%	$325K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08168	−0.046%	$426K	$311K	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	0.08170	−0.021%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08157	−0.179%	$26K	$23K	—	as long as short
Kraken Futures PF_INITUSDlong	+0.0535%	1h	0.08172	long leg	$6K	$17K	10x