OP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0280%/8h= −30.7% APRnext payment −$0.35 per $10,000 · paid last 24h −0.073%

Price spread now: ApeX Omni against Kraken Futures−0.082%45s7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$910.914% of the position

Long on Kraken Futures Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.082%, 7d avg −0.038%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and ApeX Omni is 0.044% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.038%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.001% in total (about 0.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.35 per $10,000. 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	Kraken Futures PF_OPUSD	0.1276	0.0380	pay 0.0048% / 1h	7m 24s	$806K	$755K	20x
Short	ApeX Omni OPUSDT	0.1275	0.0100	get 0.0013% / 1h	7m 24s	$44K	$725K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni 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 ApeX OmnibpOrdersPrice spread, now −0.082%Rate

Funding earned: −$58.87
Price spread: −0.082% → −0.038%: −$4.4
Slippage, 4 orders: −$71.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$154.63
Costs to cover: 0.914%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; ApeX Omni: live order book, 66 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 Kraken Futures live order book, 1 min ago	6.66 bp	32.5 bp −$33	180.8 bp −$1,808	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 66 min ago	7.86 bp	16.1 bp −$16	107.9 bp −$1,079	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	−0.1656%	1h	0.1272	−0.317%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1275	−0.049%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1279	+0.231%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1276	−0.020%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1275	−0.082%	$42K	$167K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1278	+0.130%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1272	−0.334%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1275	−0.082%	$6K	$47K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1277	+0.067%	$284K	$953K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1279	+0.247%	$4.0M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1277	+0.088%	$213K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1277	+0.085%	$20.7M	$62.0M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1277	+0.051%	$18.6M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1277	+0.075%	$6.2M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1277	+0.075%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1278	+0.153%	$20.3M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1277	+0.075%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1278	+0.153%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1278	+0.153%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1275	−0.098%	$123K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1275	−0.116%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1274	−0.146%	$315K	$5.1M	10x	as long as short
ApeX Omni OPUSDTshort	+0.0100%	1h	0.1275	−0.082%	$44K	$725K	50x
SoDEX OP-USD	+0.0100%	1h	0.1275	−0.059%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1274	−0.184%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1276	+0.028%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1275	−0.043%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1274	−0.137%	$1.0M	$276K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0380%	1h	0.1276	long leg	$806K	$755K	20x
Reya OPRUSDPERP	+0.0439%	1h	0.1277	+0.093%	$710	—	20x	as long as short