Funding arb · Price arb /

SPK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0685%/8h= −75.0% APRpaid last 24h +0.411%

Price spread now: Kraken Futures against BingX+0.135%7-day average — · you sell dearer than you buy

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

Long on BingX 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 0.135% dearer against BingX than usual: you sell high and buy low (spread +0.135% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SPK-USDT	0.02166	0.0100	pay 0.0050% / 4h	3h 58m	—	$2.3M	—
Short	Kraken Futures PF_SPKUSD	0.02169	−0.0585	pay 0.0073% / 1h	58m 18s	$23K	$25K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.135%Rate

Funding earned: −$143.8
Price spread: +0.135% → 0.000%: $13.46
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$150.34
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 11 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 BingX live order book, 11 min ago	9.23 bp	27.8 bp −$28	83.2 bp −$832	942.6 bp −$94.3K	1294.3 bp −$647.1K
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.

SPK on 14 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_SPKUSDshort	−0.0585%	1h	0.02169	+0.135%	$23K	$25K	10x
Gate SPK_USDT	−0.0296%	4h	0.02168	+0.092%	$150K	$134K	50x	as long as short
Bybit SPKUSDT	−0.0171%	4h	0.02165	−0.046%	$1.8M	$2.2M	25x	as long as short
Aster SPKUSDT	−0.0037%	4h	0.02169	+0.135%	$16K	$76K	5x	as long as short
Binance SPKUSDT	+0.0100%	4h	0.02167	+0.046%	$3.7M	$5.6M	50x	as long as short
OKX SPK-USDT-SWAP	+0.0100%	4h	0.02166	0.000%	$762K	$2.0M	20x	as long as short
MEXC SPK_USDT	+0.0100%	4h	0.02165	−0.046%	$2.1M	$632K	50x	as long as short
Bitget SPKUSDT	+0.0100%	4h	0.02168	+0.092%	$1.2M	$1.4M	50x	as long as short
BingX SPK-USDTlong	+0.0100%	4h	0.02166	long leg	—	$2.3M	—
Variational Omni SPK	+0.0100%	4h	0.02170	+0.167%	$176K	$76K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPK-USDT	+0.0100%	4h	0.02213	+2.170%	$809	$1.2M	20x	as long as short
Extended SPK-USD	+0.0104%	1h	0.02164	−0.074%	$4K	$145K	5x	as long as short
BloFin SPK-USDT	+0.0115%	4h	0.02164	−0.092%	$187K	$28K	50x	as long as short
KuCoin SPKUSDTM	+0.0786%	4h	0.02175	+0.416%	$1.1M	$476K	30x	as long as short