Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h −0.025%

Price spread now: BingX against Kraken Futures−0.127%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now −0.127%, 7d avg −0.041%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.086% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of −0.041%). If the spread goes back, that is −$9 on $10k: about 26 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.050% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSHIUSD	0.2560	0.0089	pay 0.0011% / 1h	38m 03s	$769K	$67K	20x
Short	BingX SUSHI-USDT	0.2557	0.0100	get 0.0100% / 8h	7h 38m	—	$2.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.127%Rate

Funding earned: $2.3
Price spread: −0.127% → −0.041%: −$8.62
Slippage, 4 orders: −$75.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$101.53
Costs to cover: 0.952%
Break-even: 315.5 days

Slippage from Kraken Futures: live order book, 35 min ago; BingX: live order book, 7 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, 35 min ago	9.82 bp	34.1 bp −$34	2555.9 bp −$25.6K	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.87 bp	16.0 bp −$16	38.5 bp −$385	408.9 bp −$40.9K	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
Bitget SUSHIUSDT	+0.0023%	8h	0.2556	−0.166%	$1.0M	$680K	50x	as long as short
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	−0.596%	$16	$18K	5.5x	as long as short
Variational Omni SUSHI	+0.0071%	8h	0.2555	−0.221%	$41K	$14K	—	as long as short
BloFin SUSHI-USDT	+0.0074%	8h	0.2554	−0.244%	$217K	$62K	75x	as long as short
Kraken Futures PF_SUSHIUSDlong	+0.0089%	1h	0.2560	long leg	$769K	$67K	20x
Hyperliquid SUSHI	+0.0100%	1h	0.2559	−0.069%	$359K	$396K	3x	as long as short
Aster SUSHIUSDT	+0.0100%	8h	0.2558	−0.070%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2557	−0.143%	$3.9M	$8.9M	75x	as long as short
Bybit SUSHIUSDT	+0.0100%	8h	0.2555	−0.205%	$2.6M	$2.4M	75x	as long as short
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2559	−0.049%	$1.7M	$3.1M	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SUSHI_USDT	+0.0100%	8h	0.2558	−0.088%	$566K	$291K	50x	as long as short
MEXC SUSHI_USDT	+0.0100%	8h	0.2558	−0.088%	$1.3M	$294K	75x	as long as short
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2558	−0.088%	$1.2M	$231K	50x	as long as short
BingX SUSHI-USDTshort	+0.0100%	8h	0.2557	−0.127%	—	$2.5M	—
HTX SUSHI-USDT	+0.0100%	8h	0.2559	−0.049%	$89K	$58K	75x	as long as short