Funding arb · Price arb /

SPK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2011%/8h= −220.2% APRpaid last 24h −0.411%

Price spread now: Bybit against Kraken Futures−0.092%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

Both sides work against this trade now: funding costs −$60 a day on $10k at the current rate, and Bybit is 0.092% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPKUSD	0.02148	0.2111	pay 0.0264% / 1h	49m 09s	$22K	$25K	10x
Short	Bybit SPKUSDT	0.02146	0.0100	get 0.0050% / 4h	49m 09s	$1.8M	$2.2M	25x

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 −0.092%Rate

Funding earned: −$422.22
Price spread: −0.092% → 0.000%: −$9.19
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: −$452.41
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 3 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, 3 min ago	4.65 bp	36.3 bp −$36	142.1 bp −$1,421	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.

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
Gate SPK_USDT	−0.0366%	4h	0.02150	+0.113%	$148K	$136K	50x	as long as short
Aster SPKUSDT	−0.0141%	4h	0.02148	+0.020%	$13K	$74K	5x	as long as short
Binance SPKUSDT	+0.0100%	4h	0.02145	−0.104%	$3.7M	$5.6M	50x	as long as short
Bybit SPKUSDTshort	+0.0100%	4h	0.02146	−0.092%	$1.8M	$2.2M	25x
OKX SPK-USDT-SWAP	+0.0100%	4h	0.02144	−0.166%	$753K	$2.0M	20x	as long as short
MEXC SPK_USDT	+0.0100%	4h	0.02145	−0.120%	$2.1M	$636K	50x	as long as short
Bitget SPKUSDT	+0.0100%	4h	0.02148	+0.020%	$1.2M	$1.5M	50x	as long as short
BingX SPK-USDT	+0.0100%	4h	0.02147	−0.027%	—	$2.3M	—	as long as short
Variational Omni SPK	+0.0100%	4h	0.02149	+0.072%	$174K	$76K	—	as long as short
SunX SPK-USDT	+0.0100%	4h	0.02193	+2.115%	$1K	$1.1M	20x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SPK-USD	+0.0104%	1h	0.02145	−0.137%	$2K	$140K	5x	as long as short
BloFin SPK-USDT	+0.0131%	4h	0.02146	−0.073%	$187K	$29K	50x	as long as short
KuCoin SPKUSDTM	+0.0424%	4h	0.02158	+0.485%	$1.1M	$476K	30x	as long as short
Kraken Futures PF_SPKUSDlong	+0.2111%	1h	0.02148	long leg	$22K	$25K	10x