Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−3.9838%/8h= −4362.3% APRpaid last 24h −5.061%

Price spread now: BloFin against Kraken Futures−0.094%57s7-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 BloFin

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 −$1,195 a day on $10k at the current rate, and BloFin is 0.094% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 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	Kraken Futures PF_IOUSD	0.1484	3.9973	pay 0.4997% / 1h	51m 54s	$51K	$19K	10x
Short	BloFin IO-USDT	0.1483	0.0135	get 0.0068% / 4h	51m 54s	$189K	$27K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$8,366.01
Price spread: −0.094% → 0.000%: −$9.38
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$8,397.39
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BloFin: live order book, 46 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 BloFin live order book, 46 min ago	10.13 bp	16.1 bp −$16	49.4 bp −$494	524.8 bp −$52.5K	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.

IO on 14 exchanges

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
Injective IO/USDC PERP	+0.0033%	1h	0.1494	+0.647%	$2K	$185	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1480	−0.269%	$990K	$272K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1480	−0.291%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1480	−0.296%	$2.9M	$4.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1478	−0.431%	$1.1M	$520K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1479	−0.350%	$213K	$394K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1478	−0.431%	$1.2M	$201K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1478	−0.431%	$336K	$190K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1481	−0.229%	$1.3M	$797K	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1479	−0.363%	—	$1.3M	—	as long as short

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1479	−0.390%	$28K	$20K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1480	−0.330%	$728	$205K	5x	as long as short
BloFin IO-USDTshort	+0.0135%	4h	0.1483	−0.094%	$189K	$27K	50x
Kraken Futures PF_IOUSDlong	+3.9973%	1h	0.1484	long leg	$51K	$19K	10x