Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1229%/8h= −134.6% APRpaid last 24h −0.123%

Price spread now: Binance against Kraken Futures+0.086%7-day average −0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4,220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,197as in the Price arb table

costs, in and out, $10k−$4,21542.152% of the position

Long on Kraken Futures Short on Binance

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)−0.053%−$5 · spread now +0.086%, 7d avg −0.099%

Together, before fees−0.103%−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.185% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.086% now, against its 7-day average of −0.099%): +$18 on $10k if it goes back. Holding the pair costs −$37 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.050% in total) that is about 26 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.050% in total (about -2.6% 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_TRBUSD	19.141	0.1329	pay 0.0166% / 1h	26m 43s	$103K	$97K	10x
Short	Binance TRBUSDT	19.158	0.0100	get 0.0050% / 4h	2h 26m	$5.0M	$10.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.086%Rate

Funding earned: −$258.18
Price spread: +0.086% → −0.099%: $18.49
Slippage, 4 orders: −$4,195.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$4,454.89
Costs to cover: 42.152%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 60 min ago; Binance: live order book, 13 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, 60 min ago	23.38 bp	4143.7 bp −$4,144	18935.5 bp −$189.4K	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	1.05 bp	14.7 bp −$15	50.9 bp −$509	doesn't fit	doesn't fit

TRB on 13 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
Hyperliquid TRB	+0.0100%	1h	19.165	+0.125%	$530K	$195K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.137	−0.021%	$9K	$24K	5x	as long as short
Binance TRBUSDTshort	+0.0100%	4h	19.158	+0.086%	$5.0M	$10.1M	50x
Bybit TRBUSDT	+0.0100%	4h	19.193	+0.271%	$6.3M	$1.9M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.180	+0.203%	$4.4M	$4.6M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.150	+0.046%	$541K	$1.5M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.150	+0.046%	$14.4M	$874K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.139	−0.011%	$1.1M	$307K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.151	+0.051%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.159	+0.093%	—	$16.3M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.143	+0.008%	$14K	$3K	—	as long as short
BloFin TRB-USDT	+0.0135%	4h	19.120	−0.110%	$362K	$175K	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1329%	1h	19.141	long leg	$103K	$97K	10x