Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2644%/8h= +289.5% APRpaid last 24h +0.513%

Price spread now: Bybit against Kraken Futures−0.063%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.063% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.063% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2 hours of funding at the current rate (+$79 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.04014	−0.2544	get 0.0318% / 1h	27m 45s	$33K	$13K	10x
Short	Bybit SUSDT	0.04011	0.0100	get 0.0050% / 4h	27m 45s	$5.8M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.063%Rate

Funding earned: $555.15
Price spread: −0.063% → 0.000%: −$6.3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $527.84
Costs to cover: 0.210%
Break-even: 0.3 days

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 5 min ago. 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.24 bp	26.4 bp −$26	81.3 bp −$813	doesn't fit	doesn't fit

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	−0.7648%	1h	0.03910	−2.580%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSDlong	−0.2544%	1h	0.04014	long leg	$33K	$13K	10x
Coinbase International S-PERP-INTX	−0.1376%	1h	0.03986	−0.686%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04018	+0.119%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04017	+0.089%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04019	+0.125%	$3K	—	150x	as long as short
Variational Omni S	+0.0020%	4h	0.04025	+0.293%	$624K	$30K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.154%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0064%	4h	0.04016	+0.062%	$99K	$296K	10x	as long as short
Lighter S	+0.0096%	1h	0.04020	+0.161%	$168K	$156K	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	0.04019	+0.129%	$1.0M	$555K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04015	+0.034%	$44K	$131K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04016	+0.062%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.04011	−0.063%	$5.8M	$4.5M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.04014	+0.012%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04019	+0.136%	$329K	$188K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04014	+0.012%	$3.8M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04017	+0.086%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04016	+0.062%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04016	+0.062%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04030	+0.410%	$24K	$459K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04014	+0.012%	$230K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04040	+0.660%	$279K	$98K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0497%	1h	0.04020	+0.161%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1051%	1h	0.04020	+0.161%	$117K	$406K	5x	as long as short