Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.2221%/8h= −243.2% APRpaid last 24h −0.477%

Price spread now: Kraken Futures against Binance−0.138%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Kraken Futures

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 −$67 a day on $10k at the current rate, and Kraken Futures is 0.138% cheaper against Binance than usual: you would sell low and buy high (−$14 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	Binance SUSDT	0.03937	0.0100	pay 0.0050% / 4h	52m 44s	$5.4M	$17.6M	75x
Short	Kraken Futures PF_SUSD	0.03931	−0.2121	pay 0.0265% / 1h	52m 44s	$33K	$25K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$466.5
Price spread: −0.138% → 0.000%: −$13.79
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$500.29
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 min ago; Kraken Futures: no order-book sample. 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 Binance live order book, 3 min ago	1.27 bp	22.9 bp −$23	63.1 bp −$631	3312.3 bp −$331.2K	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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.

S on 25 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
01 Exchange SUSD	−0.6832%	1h	0.03840	−2.457%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSDshort	−0.2121%	1h	0.03931	−0.138%	$33K	$25K	10x
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.812%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0974%	4h	0.03933	−0.095%	$610K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0199% / S +0.0192%	1h	0.03935	−0.051%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03930	−0.172%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03933	−0.092%	$606	—	150x	as long as short
Orderly PERP_S_USDC	+0.0033%	4h	0.03932	−0.120%	$100K	$342K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.148%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03940	+0.083%	$165K	$217K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03938	+0.023%	$987K	$700K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03938	+0.031%	$43K	$145K	10x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03937	long leg	$5.4M	$17.6M	75x
Bybit SUSDT	+0.0100%	4h	0.03930	−0.171%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03934	−0.069%	$981K	$5.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03930	−0.171%	$321K	$258K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03938	+0.033%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03934	−0.069%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03935	−0.044%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03932	−0.120%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.171%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03934	−0.076%	$221K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03932	−0.120%	$265K	$126K	75x	as long as short
Backpack S_USDC_PERP	+0.0357%	1h	0.03940	+0.083%	$115K	$307K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0512%	1h	0.03938	+0.033%	$66K	$10K	10x	as long as short