Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1157%/8h= −126.6% APRpaid last 24h −0.346%

Price spread now: Bitget against Kraken Futures+0.122%48s7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$771as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$7497.492% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.122%, 7d avg −0.033%

Together, before fees−0.310%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.154% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.122% now, against its 7-day average of −0.033%): +$15 on $10k if it goes back. Holding the pair costs −$35 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 7 days (−0.217% in total) that is about 5.0 days. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.217% in total (about -11.3% 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	Kraken Futures PF_TRBUSD	18.908	0.1257	pay 0.0157% / 1h	22m 25s	$102K	$71K	10x
Short	Bitget TRBUSDT	18.931	0.0100	get 0.0050% / 4h	2h 22m	$1.3M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.122%Rate

Funding earned: −$242.88
Price spread: +0.122% → −0.033%: $15.43
Slippage, 4 orders: −$727.21
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$976.66
Costs to cover: 7.492%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 25 min ago; Bitget: 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, 25 min ago	13.11 bp	653.3 bp −$653	17305.9 bp −$173.1K	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	3.18 bp	34.1 bp −$34	99.8 bp −$998	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
BloFin TRB-USDT	+0.0088%	4h	18.870	−0.201%	$352K	$165K	50x	as long as short
Hyperliquid TRB	+0.0100%	1h	18.936	+0.148%	$472K	$269K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	18.894	−0.075%	$7K	$25K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	18.927	+0.098%	$5.0M	$11.7M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	18.951	+0.227%	$6.2M	$2.2M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	18.960	+0.275%	$4.3M	$5.2M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	18.910	+0.010%	$582K	$2.2M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	18.927	+0.100%	$15.1M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	18.897	−0.058%	$1.1M	$332K	50x	as long as short
Bitget TRBUSDTshort	+0.0100%	4h	18.931	+0.122%	$1.3M	$1.6M	50x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX TRB-USDT	+0.0100%	4h	18.931	+0.122%	—	$18.2M	—	as long as short
Variational Omni TRB	+0.0100%	4h	18.882	−0.138%	$15K	$4K	—	as long as short
Kraken Futures PF_TRBUSDlong	+0.1257%	1h	18.908	long leg	$102K	$71K	10x