Funding arb · Price arb /

NOT

all NOT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.942%

Price spread now: Bybit against Kraken Futures−0.120%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 Bybit

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 −$10 a day on $10k at the current rate, and Bybit is 0.120% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 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	0.0005030	0.0445	pay 0.0056% / 1h	1m 15s	$49K	$5K	10x
Short	Bybit NOTUSDT	0.0005024	0.0100	get 0.0050% / 4h	1m 15s	$2.1M	$816K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$72.51
Price spread: −0.120% → 0.000%: −$11.99
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$105.5
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, just now. 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 Bybit live order book, just now	3.98 bp	41.4 bp −$41	185.2 bp −$1,852	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
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.102%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0046%	4h	0.0005029	−0.020%	$108K	$18K	50x	as long as short
Variational Omni NOT	+0.0083%	4h	0.0005020	−0.203%	$71K	$38K	—	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005039	+0.178%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005030	−0.001%	$341K	$65K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005029	−0.017%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005027	−0.062%	$2.1M	$2.9M	50x	as long as short
Bybit NOTUSDTshort	+0.0100%	4h	0.0005024	−0.120%	$2.1M	$816K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005029	−0.020%	$644K	$653K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005030	−0.001%	$141K	$59K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005026	−0.080%	$1.3M	$468K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005021	−0.180%	$487K	$130K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005033	+0.059%	$674K	$468K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005026	−0.080%	—	$731K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005026	−0.080%	$4K	—	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.0445%	1h	0.0005030	long leg	$49K	$5K	10x