Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.3446%/8h= −377.3% APRpaid last 24h −0.450%

Price spread now: Binance against Kraken Futures−0.123%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$103 a day on $10k at the current rate, and Binance is 0.123% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_UMAUSD	0.4063	0.3546	pay 0.0443% / 1h	58m 51s	$14K	$6K	10x
Short	Binance UMAUSDT	0.4058	0.0100	get 0.0050% / 4h	1h 58m	$1.5M	$1.2M	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 −0.123%Rate

Funding earned: −$723.59
Price spread: −0.123% → 0.000%: −$12.3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$755.9
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 4 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	2.46 bp	31.5 bp −$32	128.3 bp −$1,283	doesn't fit	doesn't fit

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

UMA 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 UMA-USDT	+0.0072%	4h	0.4050	−0.310%	$73K	$7K	50x	as long as short
Hyperliquid UMA	+0.0100%	1h	0.4061	−0.029%	$214K	$66K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4054	−0.209%	$25K	$769	5x	as long as short
Binance UMAUSDTshort	+0.0100%	4h	0.4058	−0.123%	$1.5M	$1.2M	50x
Bybit UMAUSDT	+0.0100%	4h	0.4059	−0.088%	$676K	$149K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4061	−0.039%	$315K	$239K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4060	−0.064%	$78K	$41K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4056	−0.162%	$223K	$164K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4055	−0.187%	$156K	$63K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4052	−0.260%	$977K	$67K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX UMA-USDT	+0.0100%	4h	0.4058	−0.113%	—	$2.3M	—	as long as short
Variational Omni UMA	+0.0100%	4h	0.4058	−0.119%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSDlong	+0.3546%	1h	0.4063	long leg	$14K	$6K	10x