Funding you earn now, next payment 07:00 UTC+0.5828%/8h= +638.2% APRpaid last 24h +2.338%
Price spread now: Kraken Futures against Bybit−1.125%7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+2.540%+$254 on $10k
+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 1.125% cheaper against Bybit than usual: you would sell low and buy high (spread −1.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$112 on $10k: about 15 hours of funding at the current rate (+$175 a day). At the pace of the last 7 days (+2.540% in total) that is about 3.1 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 2.540% in total (about 132.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit NIGHTUSDT | 0.02381 | 0.0100 | pay 0.0050% / 4h | 1h 07m | $1.9M | $1.1M | 50x |
| Short | Kraken Futures PF_NIGHTUSD | 0.02354 | 0.5928 | get 0.0741% / 1h | 7m 00s | $63K | $62K | 25x |
Bybit NIGHTUSDT
Kraken Futures PF_NIGHTUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $1,223.97
- Price spread: −1.125% → 0.000%
- −$112.47
- Slippage, 4 orders
- no order book: not counted
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- $1,090.5
- Costs to cover
- 0.210%
- Break-even
- 0.8 days
Slippage unknown: Bybit: live order book, 5 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 Bybit live order book, 5 min ago | 4.20 bp | 64.4 bp −$64 | 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.
NIGHT on 15 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 | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International NIGHT-PERP-INTX | −2.1536% | 1h | 0.02239 | −5.972% | $1K | $74 | 50x | as long as short |
| Injective NIGHT/USDC PERP | +0.0033% | 1h | 0.02435 | +2.268% | $1K | $58K | 5.5x | as long as short |
| Aster NIGHTUSDT | +0.0100% | 4h | 0.02381 | −0.016% | $16K | $42K | 10x | as long as short |
| Binance NIGHTUSDT | +0.0100% | 4h | 0.02379 | −0.084% | $5.2M | $6.6M | 50x | as long as short |
| Bybit NIGHTUSDTlong | +0.0100% | 4h | 0.02381 | long leg | $1.9M | $1.1M | 50x | |
| OKX NIGHT-USDT-SWAP | +0.0100% | 4h | 0.02379 | −0.071% | $1.6M | $2.0M | 20x | as long as short |
| Gate NIGHT_USDT | +0.0100% | 8h | 0.02379 | −0.084% | $216K | $220K | 20x | as long as short |
| KuCoin NIGHTUSDTM | +0.0100% | 4h | 0.02380 | −0.050% | $1.3M | $5.4M | 50x | as long as short |
| Bitget NIGHTUSDT | +0.0100% | 4h | 0.02381 | 0.000% | $641K | $451K | 25x | as long as short |
| SunX NIGHT-USDT | +0.0100% | 4h | 0.02377 | −0.168% | $2K | $1.9M | 20x | as long as short |
Coinbase International NIGHT-PERP-INTX
Injective NIGHT/USDC PERP
Aster NIGHTUSDT
Binance NIGHTUSDT
OKX NIGHT-USDT-SWAP
Gate NIGHT_USDT
KuCoin NIGHTUSDTM
Bitget NIGHTUSDT
SunX NIGHT-USDTShow all 15 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX NIGHT-USDT | +0.0108% | 4h | 0.02380 | −0.042% | — | $6.6M | — | as long as short |
| BloFin NIGHT-USDT | +0.0109% | 4h | 0.02382 | +0.042% | $272K | $43K | 50x | as long as short |
| MEXC NIGHT_USDT | +0.0216% | 4h | 0.02379 | −0.084% | $761K | $455K | 100x | as long as short |
| Deribit NIGHT_USDC-PERPETUAL | +0.0590% | 1h | 0.02382 | +0.029% | $98 | $99 | 10x | as long as short |
| Kraken Futures PF_NIGHTUSDshort | +0.5928% | 1h | 0.02354 | −1.125% | $63K | $62K | 25x |
BingX NIGHT-USDT
BloFin NIGHT-USDT
MEXC NIGHT_USDT
Deribit NIGHT_USDC-PERPETUAL