Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0410%/8h= +44.9% APRpaid last 24h +0.030%

Price spread now: Kraken Futures against Bybit+0.121%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1141.140% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now +0.121%, 7d avg +0.104%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.104%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	Bybit SUSHIUSDT	0.2518	0.0100	pay 0.0100% / 8h	38m 16s	$2.5M	$3.0M	75x
Short	Kraken Futures PF_SUSHIUSD	0.2521	0.0510	get 0.0064% / 1h	38m 16s	$759K	$65K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.121%Rate

Funding earned: $86.08
Price spread: +0.121% → +0.104%: $1.75
Slippage, 4 orders: −$93.04
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$26.21
Costs to cover: 1.140%
Break-even: 9.1 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: live order book, 65 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 Bybit live order book, 4 min ago	1.98 bp	23.8 bp −$24	117.9 bp −$1,179	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 65 min ago	13.89 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit

SUSHI 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
Variational Omni SUSHI	0.0000%	8h	0.2524	+0.231%	$41K	$7K	—	as long as short
Bitget SUSHIUSDT	+0.0030%	8h	0.2520	+0.071%	$996K	$750K	50x	as long as short
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	+1.064%	$16	$18K	5.5x	as long as short
BloFin SUSHI-USDT	+0.0093%	8h	0.2526	+0.310%	$204K	$54K	75x	as long as short
Hyperliquid SUSHI	+0.0100%	1h	0.2521	+0.115%	$332K	$344K	3x	as long as short
Aster SUSHIUSDT	+0.0100%	8h	0.2523	+0.181%	$23K	$15K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2521	+0.099%	$3.9M	$9.5M	75x	as long as short
Bybit SUSHIUSDTlong	+0.0100%	8h	0.2518	long leg	$2.5M	$3.0M	75x
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2520	+0.071%	$1.5M	$3.7M	50x	as long as short
Gate SUSHI_USDT	+0.0100%	8h	0.2521	+0.111%	$571K	$277K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SUSHI_USDT	+0.0100%	8h	0.2519	+0.032%	$1.2M	$281K	75x	as long as short
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2520	+0.071%	$1.2M	$247K	50x	as long as short
BingX SUSHI-USDT	+0.0100%	8h	0.2520	+0.071%	—	$2.5M	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2523	+0.191%	$84K	$78K	75x	as long as short
Kraken Futures PF_SUSHIUSDshort	+0.0510%	1h	0.2521	+0.121%	$759K	$65K	20x