Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0492%/8h= −53.9% APRpaid last 24h −0.051%

Price spread now: KuCoin against Kraken Futures−0.237%7-day average −0.094% · you buy dearer than you sell

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1121.124% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.237%, 7d avg −0.094%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and KuCoin is 0.143% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.094%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.019% in total (about -1.0% 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	Kraken Futures PF_OPUSD	0.1258	0.0509	pay 0.0064% / 1h	57m 55s	$744K	$734K	20x
Short	KuCoin OPUSDTM	0.1255	0.0017	get 0.0017% / 8h	6h 57m	$2.9M	$6.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$103.28
Price spread: −0.237% → −0.094%: −$14.27
Slippage, 4 orders: −$90.36
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$229.91
Costs to cover: 1.124%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 35 min ago; KuCoin: live order book, 10 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, 35 min ago	10.46 bp	27.0 bp −$27	82.3 bp −$823	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	3.96 bp	25.7 bp −$26	78.8 bp −$788	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	−0.1934%	1h	0.1257	−0.078%	$35K	$67K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1263	+0.425%	$13K	—	100x	as long as short
Deribit OP_USDC-PERPETUAL	−0.0545%	1h	0.1257	−0.078%	$31K	$153K	25x	as long as short
Orderly PERP_OP_USDC	−0.0050%	8h	0.1257	−0.078%	$12K	$233K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1258	−0.025%	$39K	$522	10x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1264	+0.450%	—	—	150x	as long as short
KuCoin OPUSDTMshort	+0.0017%	8h	0.1255	−0.237%	$2.9M	$6.0M	75x
Variational Omni OP	+0.0073%	8h	0.1262	+0.321%	$223K	$46K	—	as long as short
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1265	+0.558%	$25K	$69K	50x	as long as short
Extended OP-USD	+0.0088%	1h	0.1255	−0.230%	$104K	$576K	25x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance OPUSDT	+0.0089%	8h	0.1257	−0.066%	$19.4M	$68.0M	75x	as long as short
MEXC OP_USDT	+0.0091%	8h	0.1255	−0.245%	$22.3M	$7.5M	300x	as long as short
Lighter OP	+0.0096%	1h	0.1258	−0.006%	$288K	$1.0M	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1256	−0.165%	$3.5M	$3.7M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1256	−0.138%	$202K	$209K	10x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1258	−0.030%	$18.2M	$26.2M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1256	−0.189%	$6.0M	$29.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1258	+0.010%	$2.0M	$1.4M	50x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1258	+0.002%	$5.8M	$6.9M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1259	+0.081%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1256	−0.165%	$113K	$214K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1263	+0.387%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1263	+0.375%	$307K	$5.4M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1264	+0.479%	$44K	$692K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1256	−0.165%	$193	$5K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	−0.038%	$171K	$251K	50x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1256	−0.157%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0211%	8h	0.1259	+0.105%	$985K	$277K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1259	+0.098%	$700	—	20x	as long as short
Kraken Futures PF_OPUSDlong	+0.0509%	1h	0.1258	long leg	$744K	$734K	20x