Funding you earn now, next payment 23:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.069%
Price spread now: Kraken Futures against Bybit+0.112%7-day average +0.139% · you sell dearer than you buy
Net, funding: paid 7d − costs−$75as in the Funding arb table
Net, price: spread back to 7d avg − costs−$81as in the Price arb table
costs, in and out, $10k−$780.782% of the position
Funding, last 7 days+0.033%+$3 on $10k
+Price spread, last 3 days (all we have)+0.124%+$12 · spread now +0.112%, 7d avg +0.139%
=Funding pays, the price is against you. Kraken Futures is 0.027% cheaper against Bybit than usual: you would sell low and buy high (spread +0.112% now, against its 7-day average of +0.139%). If the spread goes back, that is −$3 on $10k: about 18 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.033% in total) that is about 5.8 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit OPUSDT | 0.1283 | 0.0100 | pay 0.0100% / 8h | 1h 08m | $18.8M | $25.4M | 75x |
| Short | Kraken Futures PF_OPUSD | 0.1284 | 0.0224 | get 0.0028% / 1h | 8m 49s | $803K | $745K | 20x |
Bybit OPUSDT
Kraken Futures PF_OPUSDFunding 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
- $26.08
- Price spread: +0.112% → +0.139%
- −$2.75
- Slippage, 4 orders
- −$57.22
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$54.89
- Costs to cover
- 0.782%
- Break-even
- 21.7 days
Slippage from Bybit: live order book, 5 min ago; Kraken Futures: live order book, 9 min ago.
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 | 0.39 bp | 12.7 bp −$13 | 27.5 bp −$275 | 113.8 bp −$11.4K | doesn't fit |
| Sell Kraken Futures live order book, 9 min ago | 8.20 bp | 22.3 bp −$22 | 73.7 bp −$737 | doesn't fit | doesn't fit |
OP on 30 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 OP/USDC PERP | −0.1710% | 1h | 0.1274 | −0.671% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1283 | +0.057% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0360% | 1h | 0.1280 | −0.203% | $21K | $65K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1283 | +0.017% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1283 | +0.031% | $42K | $171K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1283 | +0.031% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0062% | 8h | 0.1282 | −0.047% | $6K | $49K | 10x | as long as short |
| Variational Omni OP | +0.0063% | 8h | 0.1280 | −0.220% | $233K | $53K | — | as long as short |
| Lighter OP | +0.0096% | 1h | 0.1284 | +0.140% | $291K | $923K | 15x | as long as short |
| Hyperliquid OP | +0.0100% | 1h | 0.1284 | +0.140% | $4.2M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Lighter OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1284 | +0.112% | $214K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1283 | +0.030% | $20.8M | $61.8M | 75x | as long as short |
| Bybit OPUSDTlong | +0.0100% | 8h | 0.1283 | long leg | $18.8M | $25.4M | 75x | |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1283 | +0.070% | $6.1M | $30.3M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1283 | +0.031% | $2.0M | $1.6M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1283 | +0.039% | $20.4M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1283 | +0.031% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1284 | +0.109% | $6.1M | $6.3M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1283 | +0.047% | — | $6.8M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1283 | +0.047% | $125K | $191K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1281 | −0.150% | $10K | $382K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1279 | −0.249% | $320K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1280 | −0.203% | $46K | $722K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1283 | +0.023% | $178 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1282 | −0.023% | $177K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1283 | +0.030% | $103K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1283 | +0.018% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1282 | −0.039% | $1.0M | $289K | 75x | as long as short |
| Kraken Futures PF_OPUSDshort | +0.0224% | 1h | 0.1284 | +0.112% | $803K | $745K | 20x | |
| Reya OPRUSDPERP | +0.0437% | 1h | 0.1283 | +0.027% | $713 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Reya OPRUSDPERP