Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1142%/8h= −125.1% APRpaid last 24h −0.150%

Price spread now: Bybit against Kraken Futures−0.083%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2,249as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,258as in the Price arb table

costs, in and out, $10k−$2,24622.456% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 3 days (all we have)+0.162%+$16 · spread now −0.083%, 7d avg +0.039%

Together, before fees+0.130%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Bybit is 0.122% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% 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	19.070	0.1242	pay 0.0155% / 1h	34m 55s	$101K	$98K	10x
Short	Bybit TRBUSDT	19.054	0.0100	get 0.0050% / 4h	1h 34m	$6.3M	$1.9M	50x

Funding 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 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 BybitbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$239.87
Price spread: −0.083% → +0.039%: −$12.17
Slippage, 4 orders: −$2,224.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2,497.66
Costs to cover: 22.456%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 47 min ago; Bybit: live order book, 3 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, 47 min ago	18.24 bp	2143.4 bp −$2,143	18059.0 bp −$180.6K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.83 bp	27.4 bp −$27	91.1 bp −$911	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	+0.0041%	4h	19.017	−0.277%	$358K	$173K	50x	as long as short
Hyperliquid TRB	+0.0100%	1h	19.035	−0.182%	$484K	$225K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.049	−0.107%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.028	−0.220%	$5.0M	$10.2M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.054	−0.083%	$6.3M	$1.9M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.040	−0.156%	$4.4M	$4.6M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.029	−0.214%	$14.4M	$898K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.056	−0.072%	$1.1M	$308K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.029	−0.214%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.046	−0.125%	—	$16.5M	—	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	19.086	+0.087%	$14K	$3K	—	as long as short
Gate TRB_USDT	+0.0210%	4h	19.060	−0.051%	$575K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1242%	1h	19.070	long leg	$101K	$98K	10x