Funding you earn now, next payment 00:00 UTC+0.1273%/8h= +139.4% APRpaid last 24h −0.161%
Price spread now: Bybit against Kraken Futures−0.255%7-day average −0.201% · you buy dearer than you sell
Net, funding: paid 7d − costs−$235as in the Funding arb table
Net, price: spread back to 7d avg − costs−$170as in the Price arb table
costs, in and out, $10k−$1651.651% of the position
Funding, last 7 days−0.695%−$69 on $10k
+Price spread, last 3 days (all we have)+0.187%+$19 · spread now −0.255%, 7d avg −0.201%
=Funding pays, the price is against you. Bybit is 0.054% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.255% now, against its 7-day average of −0.201%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$38 a day). Mind the row above: over the last 7 days funding on this pair cost −0.695%, so the current rate has only just turned in your favour.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.695% in total (about -36.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_SPXUSD | 0.5082 | −0.1173 | get 0.0147% / 1h | 4m 09s | $241K | $555K | 20x |
| Short | Bybit SPXUSDT | 0.5069 | 0.0100 | get 0.0050% / 4h | 4m 09s | $11.6M | $16.1M | 50x |
Kraken Futures PF_SPXUSD
Bybit SPXUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $267.29
- Price spread: −0.255% → −0.201%
- −$5.38
- Slippage, 4 orders
- −$144.08
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- $96.83
- Costs to cover
- 1.651%
- Break-even
- 4.5 days
Slippage from Kraken Futures: live order book, 9 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, 9 min ago | 30.70 bp | 81.6 bp −$82 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 3.96 bp | 15.6 bp −$16 | 47.1 bp −$471 | doesn't fit | doesn't fit |
SPX on 19 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_SPXUSDlong | −0.1173% | 1h | 0.5082 | long leg | $241K | $555K | 20x | |
| Variational Omni SPX | +0.0017% | 4h | 0.5042 | −0.780% | $837K | $1.3M | — | as long as short |
| Injective SPX/USDC PERP | +0.0033% | 1h | 0.4979 | −2.026% | $9 | $4K | 5.5x | as long as short |
| Lighter SPX | +0.0096% | 1h | 0.5075 | −0.133% | $125K | $329K | 5x | as long as short |
| Hyperliquid SPX | +0.0100% | 1h | 0.5076 | −0.114% | $9.9M | $7.7M | 5x | as long as short |
| Aster SPXUSDT | +0.0100% | 4h | 0.5066 | −0.314% | $128K | $110K | 10x | as long as short |
| Binance SPXUSDT | +0.0100% | 4h | 0.5075 | −0.141% | $5.0M | $21.1M | 75x | as long as short |
| Bybit SPXUSDTshort | +0.0100% | 4h | 0.5069 | −0.255% | $11.6M | $16.1M | 50x | |
| OKX SPX-USDT-SWAP | +0.0100% | 4h | 0.5076 | −0.117% | $964K | $2.8M | 20x | as long as short |
| Gate SPX_USDT | +0.0100% | 4h | 0.5067 | −0.295% | $1.0M | $507K | 50x | as long as short |
Variational Omni SPX
Injective SPX/USDC PERP
Lighter SPX
Hyperliquid SPX
Aster SPXUSDT
Binance SPXUSDT
OKX SPX-USDT-SWAP
Gate SPX_USDTShow all 19 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC SPX_USDT | +0.0100% | 4h | 0.5074 | −0.157% | $11.2M | $4.7M | 100x | as long as short |
| KuCoin SPXUSDTM | +0.0100% | 4h | 0.5074 | −0.157% | $3.7M | $5.3M | 50x | as long as short |
| Bitget SPXUSDT | +0.0100% | 4h | 0.5075 | −0.137% | $2.6M | $1.4M | 50x | as long as short |
| BingX SPX-USDT | +0.0100% | 4h | 0.5073 | −0.177% | — | $6.9M | — | as long as short |
| ApeX Omni SPXUSDT | +0.0100% | 1h | 0.5054 | −0.550% | $45K | $245K | 25x | as long as short |
| Orderly PERP_SPX_USDC | +0.0100% | 4h | 0.5080 | −0.039% | $20K | $711 | 10x | as long as short |
| SunX SPX-USDT | +0.0100% | 4h | 0.5066 | −0.314% | $8K | $1.7M | 20x | as long as short |
| Extended SPX-USD | +0.0104% | 1h | 0.5073 | −0.176% | $34K | $228K | 10x | as long as short |
| BloFin SPX-USDT | +0.0340% | 4h | 0.5060 | −0.432% | $247K | $996K | 75x | as long as short |
MEXC SPX_USDT
KuCoin SPXUSDTM
Bitget SPXUSDT
BingX SPX-USDT
ApeX Omni SPXUSDT
Orderly PERP_SPX_USDC
SunX SPX-USDT
Extended SPX-USD
BloFin SPX-USDT