Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0102%/8h= −11.2% APRpaid last 24h −0.855%

Price spread now: Binance against Kraken Futures−0.187%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 Binance

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 −$3 a day on $10k at the current rate, and Binance is 0.187% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 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_NOTUSD	0.0005082	0.0202	pay 0.0025% / 1h	50m 18s	$50K	$10K	10x
Short	Binance NOTUSDT	0.0005072	0.0100	get 0.0050% / 4h	2h 50m	$2.1M	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.187%Rate

Funding earned: −$21.48
Price spread: −0.187% → 0.000%: −$18.74
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$60.21
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 15 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 Binance live order book, 15 min ago	2.93 bp	15.8 bp −$16	81.8 bp −$818	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.

NOT on 16 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
Variational Omni NOT	−0.0231%	4h	0.0005058	−0.474%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.090%	$1K	$13K	5.5x	as long as short
Bybit NOTUSDT	+0.0084%	4h	0.0005064	−0.351%	$2.1M	$866K	25x	as long as short
KuCoin NOTUSDTM	+0.0092%	4h	0.0005060	−0.429%	$462K	$135K	50x	as long as short
BloFin NOT-USDT	+0.0094%	4h	0.0005064	−0.351%	$112K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005080	−0.044%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005070	−0.233%	$370K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005074	−0.148%	$14K	$9K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005072	−0.187%	$2.1M	$3.2M	50x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005070	−0.233%	$625K	$645K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005058	−0.469%	$143K	$81K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005072	−0.193%	$1.3M	$467K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005072	−0.193%	$669K	$408K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005072	−0.193%	—	$722K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005071	−0.211%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.0202%	1h	0.0005082	long leg	$50K	$10K	10x