Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.5362%/8h= −587.2% APRpaid last 24h −4.087%

Price spread now: Gate against Kraken Futures−0.041%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 −$161 a day on $10k at the current rate, and Gate is 0.041% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 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_IOUSD	0.1505	0.5462	pay 0.0683% / 1h	43m 53s	$39K	$21K	10x
Short	Gate IO_USDT	0.1505	0.0100	get 0.0050% / 4h	2h 43m	$230K	$542K	50x

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 −0.041%Rate

Funding earned: −$1,126.06
Price spread: −0.041% → 0.000%: −$4.11
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: −$1,155.17
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: live order book, 41 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 Gate live order book, 41 min ago	4.32 bp	222.3 bp −$222	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.

IO on 14 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
Injective IO/USDC PERP	−0.0157%	1h	0.1503	−0.141%	$2K	$101	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1505	−0.041%	$1.0M	$393K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1505	+0.005%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1505	−0.008%	$3.0M	$6.4M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1504	−0.074%	$1.1M	$864K	25x	as long as short
Gate IO_USDTshort	+0.0100%	4h	0.1505	−0.041%	$230K	$542K	50x
MEXC IO_USDT	+0.0100%	4h	0.1505	−0.008%	$1.1M	$237K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1504	−0.074%	$381K	$655K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1505	−0.008%	$1.4M	$1.1M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1504	−0.074%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1502	−0.207%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1505	−0.022%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0118%	4h	0.1503	−0.141%	$192K	$30K	50x	as long as short
Kraken Futures PF_IOUSDlong	+0.5462%	1h	0.1505	long leg	$39K	$21K	10x