Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2627%/8h= +287.6% APRpaid last 24h +0.534%

Price spread now: Orderly against Kraken Futures−0.236%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 Orderly

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. Orderly is 0.236% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.236% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 7 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	0.04431	−0.2561	get 0.0320% / 1h	15m 32s	$37K	$21K	10x
Short	Orderly PERP_S_USDC	0.04421	0.0066	get 0.0033% / 4h	3h 15m	$110K	$641K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.236%Rate

Funding earned: $551.59
Price spread: −0.236% → 0.000%: −$23.55
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $512.04
Costs to cover: 0.160%
Break-even: 0.5 days

Slippage unknown: Kraken Futures: no order-book sample; Orderly: 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Kraken Futures and Orderly: 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_SUSDlong	−0.2561%	1h	0.04431	long leg	$37K	$21K	10x
01 Exchange SUSD	−0.2424%	1h	0.04420	−0.258%	$27K	$3K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−2.785%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04411	−0.454%	$2K	—	100x	as long as short
Variational Omni S	−0.0130%	4h	0.04416	−0.340%	$683K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04415	−0.369%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04413	−0.416%	$681	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−7.479%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDCshort	+0.0066%	4h	0.04421	−0.236%	$110K	$641K	10x
Lighter S	+0.0096%	1h	0.04421	−0.236%	$154K	$149K	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	0.04418	−0.305%	$1.1M	$756K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04422	−0.222%	$48K	$187K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04425	−0.141%	$6.6M	$17.5M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04420	−0.258%	$6.3M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04425	−0.145%	$1.3M	$5.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04417	−0.326%	$375K	$233K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04416	−0.348%	$4.6M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04417	−0.326%	$2.1M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04417	−0.326%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04416	−0.348%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04420	−0.258%	$26K	$515K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04413	−0.425%	$244K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04415	−0.371%	$316K	$117K	75x	as long as short
Backpack S_USDC_PERP	+0.0781%	1h	0.04430	−0.032%	$104K	$472K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.1107%	1h	0.04429	−0.055%	$74K	$11K	10x	as long as short