Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0285%/8h= +31.2% APRpaid last 24h +0.666%

Price spread now: Kraken Futures against OKX−0.061%55s7-day average — · you buy dearer than you sell

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

Long on OKX 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

Funding pays, the price is against you. Kraken Futures is 0.061% cheaper against OKX than usual: you would sell low and buy high (spread −0.061% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 17 hours of funding at the current rate (+$9 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX INIT-USDT-SWAP	0.08169	0.0100	pay 0.0050% / 4h	1h 12m	$133K	$632K	10x
Short	Kraken Futures PF_INITUSD	0.08164	0.0385	get 0.0048% / 1h	12m 29s	$5K	$17K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.061%Rate

Funding earned: $59.91
Price spread: −0.061% → 0.000%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $33.83
Costs to cover: 0.200%
Break-even: 3.0 days

Slippage unknown: OKX: 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 OKX live order book, 3 min ago	4.90 bp	45.9 bp −$46	doesn't fit	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
Hyperliquid INIT	+0.0100%	1h	0.08163	−0.069%	$297K	$233K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08159	−0.124%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08172	+0.033%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08157	−0.147%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAPlong	+0.0100%	4h	0.08169	long leg	$133K	$632K	10x
Gate INIT_USDT	+0.0100%	8h	0.08150	−0.233%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08170	+0.012%	$444K	$220K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08159	−0.122%	$325K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08162	−0.086%	$426K	$310K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08159	−0.122%	—	$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	0.08144	−0.300%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0124%	4h	0.08161	−0.098%	$152K	$110K	25x	as long as short
Kraken Futures PF_INITUSDshort	+0.0385%	1h	0.08164	−0.061%	$5K	$17K	10x