Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h −0.666%

Price spread now: OKX against Kraken Futures+0.123%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 OKX

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. OKX is 0.123% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.123% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08149	0.0386	pay 0.0048% / 1h	42m 45s	$6K	$17K	10x
Short	OKX INIT-USDT-SWAP	0.08159	0.0100	get 0.0050% / 4h	1h 42m	$132K	$630K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$60.06
Price spread: +0.123% → 0.000%: $12.25
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$67.81
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 38 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 OKX live order book, 38 min ago	7.95 bp	43.3 bp −$43	doesn't fit	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
Hyperliquid INIT	+0.0100%	1h	0.08148	−0.009%	$296K	$233K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08155	+0.071%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08155	+0.071%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08148	−0.012%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAPshort	+0.0100%	4h	0.08159	+0.123%	$132K	$630K	10x
Gate INIT_USDT	+0.0100%	8h	0.08146	−0.037%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08155	+0.073%	$443K	$215K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08153	+0.049%	$325K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08155	+0.073%	$426K	$311K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08150	+0.012%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08136	−0.163%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0124%	4h	0.08159	+0.123%	$153K	$110K	25x	as long as short
Kraken Futures PF_INITUSDlong	+0.0386%	1h	0.08149	long leg	$6K	$17K	10x