Funding arb · Price arb /

SNX

all SNX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.371%

Price spread now: Bybit against Kraken Futures−0.141%7-day average −0.109% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$164as in the Price arb table

costs, in and out, $10k−$1611.606% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.663%−$66 on $10k

Price spread, last 4 days (all we have)+0.120%+$12 · spread now −0.141%, 7d avg −0.109%

Together, before fees−0.543%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.032% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.109%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SNXUSD	0.2373	0.0355	pay 0.0044% / 1h	26m 57s	$142K	$60K	25x
Short	Bybit SNXUSDT	0.2370	0.0100	get 0.0100% / 8h	4h 26m	$1.6M	$1.3M	75x

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 −0.141%Rate

Funding earned: −$53.54
Price spread: −0.141% → −0.109%: −$3.17
Slippage, 4 orders: −$139.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$217.33
Costs to cover: 1.606%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 30 min ago; Bybit: live order book, 4 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 Kraken Futures live order book, 30 min ago	6.34 bp	48.2 bp −$48	214.8 bp −$2,148	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	4.21 bp	41.7 bp −$42	245.6 bp −$2,456	doesn't fit	doesn't fit

SNX on 15 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
Injective SNX/USDC PERP	−0.5000%	1h	0.2233	−5.913%	$23K	$29K	12x	as long as short
BloFin SNX-USDT	+0.0085%	8h	0.2373	−0.014%	$151K	$68K	75x	as long as short
Hyperliquid SNX	+0.0100%	1h	0.2376	+0.095%	$434K	$155K	3x	as long as short
Aster SNXUSDT	+0.0100%	8h	0.2374	+0.025%	$4K	$3K	5x	as long as short
Binance SNXUSDT	+0.0100%	8h	0.2372	−0.056%	$2.9M	$4.2M	75x	as long as short
Bybit SNXUSDTshort	+0.0100%	8h	0.2370	−0.141%	$1.6M	$1.3M	75x
OKX SNX-USDT-SWAP	+0.0100%	8h	0.2369	−0.183%	$845K	$1.3M	20x	as long as short
Gate SNX_USDT	+0.0100%	8h	0.2368	−0.225%	$238K	$96K	25x	as long as short
MEXC SNX_USDT	+0.0100%	8h	0.2371	−0.098%	$1.7M	$717K	100x	as long as short
KuCoin SNXUSDTM	+0.0100%	8h	0.2372	−0.056%	$669K	$2.0M	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SNXUSDT	+0.0100%	8h	0.2372	−0.056%	$1.1M	$394K	50x	as long as short
BingX SNX-USDT	+0.0100%	8h	0.2373	−0.014%	—	$2.3M	—	as long as short
Variational Omni SNX	+0.0100%	8h	0.2375	+0.074%	$12K	$4K	—	as long as short
SunX SNX-USDT	+0.0100%	8h	0.2365	−0.351%	$2K	$1.4M	20x	as long as short
Kraken Futures PF_SNXUSDlong	+0.0355%	1h	0.2373	long leg	$142K	$60K	25x