Funding arb · Price arb /

PORTAL

all PORTAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.3341%/8h= +365.8% APRpaid last 24h +0.567%

Price spread now: Kraken Futures against Bybit+0.304%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$405as in the Funding arb table

Net, price: spread back to 7d avg − costs−$436as in the Price arb table

costs, in and out, $10k−$4634.633% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.584%+$58 on $10k

Price spread, last 4 days (all we have)+0.696%+$70 · spread now +0.304%, 7d avg +0.034%

Together, before fees+1.280%+$128 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$100 a day on $10k at the current rate, and Kraken Futures is 0.270% dearer against Bybit than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of +0.034%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.584% in total (about 30.5% 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	Bybit PORTALUSDT	0.02025	0.0100	pay 0.0050% / 4h	3h 43m	$1.3M	$870K	20x
Short	Kraken Futures PF_PORTALUSD	0.02031	0.3441	get 0.0430% / 1h	43m 56s	$41K	$190K	10x

Funding 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 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.304%Rate

Funding earned: $701.53
Price spread: +0.304% → +0.034%: $26.95
Slippage, 4 orders: −$442.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $265.15
Costs to cover: 4.633%
Break-even: 4.4 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 54 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, 2 min ago	1.97 bp	127.1 bp −$127	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 54 min ago	36.67 bp	146.6 bp −$147	331.3 bp −$3,313	doesn't fit	doesn't fit

PORTAL on 9 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
Aster PORTALUSDT	+0.0100%	4h	0.02025	−0.010%	$10K	$31K	5x	as long as short
Binance PORTALUSDT	+0.0100%	4h	0.02024	−0.054%	$3.3M	$5.2M	10x	as long as short
Bybit PORTALUSDTlong	+0.0100%	4h	0.02025	long leg	$1.3M	$870K	20x
MEXC PORTAL_USDT	+0.0100%	4h	0.02023	−0.104%	$1.1M	$401K	50x	as long as short
KuCoin PORTALUSDTM	+0.0100%	4h	0.02026	+0.044%	$330K	$111K	10x	as long as short
BingX PORTAL-USDT	+0.0100%	4h	0.02025	−0.005%	—	$1.3M	—	as long as short
Variational Omni PORTAL	+0.0100%	4h	0.02035	+0.465%	$1K	$7K	—	as long as short
BloFin PORTAL-USDT	+0.0120%	4h	0.02033	+0.390%	$211K	$21K	10x	as long as short
Kraken Futures PF_PORTALUSDshort	+0.3441%	1h	0.02031	+0.304%	$41K	$190K	10x