Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1705%/8h= −186.7% APRpaid last 24h −0.474%

Price spread now: Kraken Futures against Bybit+0.115%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

The price spread pays, funding is against you. Kraken Futures is 0.115% dearer against Bybit than usual: you sell high and buy low (spread +0.115% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$51 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.03889	0.0100	pay 0.0050% / 4h	1h 09m	$5.5M	$5.4M	50x
Short	Kraken Futures PF_SUSD	0.03893	−0.1605	pay 0.0201% / 1h	9m 53s	$33K	$26K	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 +0.115%Rate

Funding earned: −$358.08
Price spread: +0.115% → 0.000%: $11.51
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$367.57
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: 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 Bybit live order book, 3 min ago	1.28 bp	25.3 bp −$25	86.8 bp −$868	doesn't fit	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
Kraken Futures PF_SUSDshort	−0.1605%	1h	0.03893	+0.115%	$33K	$26K	10x
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−1.620%	$47K	$5K	25x	as long as short
01 Exchange SUSD	−0.1216%	1h	0.03800	−2.289%	$23K	$2K	5x	as long as short
Variational Omni S	−0.0932%	4h	0.03888	−0.013%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0198% / S +0.0191%	1h	0.03900	+0.285%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03896	+0.186%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03900	+0.289%	$601	—	150x	as long as short
Orderly PERP_S_USDC	+0.0029%	4h	0.03899	+0.257%	$99K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.426%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03902	+0.334%	$163K	$223K	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	0.03898	+0.239%	$978K	$716K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03899	+0.262%	$43K	$212K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03899	+0.257%	$5.3M	$18.2M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03889	long leg	$5.5M	$5.4M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03897	+0.206%	$973K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03893	+0.103%	$318K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03897	+0.206%	$3.5M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03893	+0.103%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03902	+0.334%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03896	+0.180%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03900	+0.283%	$25K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03896	+0.179%	$219K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0263%	1h	0.03902	+0.334%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	+0.360%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERP	+0.0482%	1h	0.03910	+0.540%	$114K	$300K	5x	as long as short