Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1749%/8h= −191.5% APRpaid last 24h −0.450%

Price spread now: BingX against Kraken Futures−0.269%53s7-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 BingX

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 −$52 a day on $10k at the current rate, and BingX is 0.269% cheaper against Kraken Futures than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_UMAUSD	0.4040	0.1849	pay 0.0231% / 1h	37m 26s	$14K	$6K	10x
Short	BingX UMA-USDT	0.4029	0.0100	get 0.0050% / 4h	2h 37m	—	$2.3M	—

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 −0.269%Rate

Funding earned: −$367.32
Price spread: −0.269% → 0.000%: −$26.95
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$414.27
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BingX: live order book, 6 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 BingX live order book, 6 min ago	8.67 bp	30.9 bp −$31	75.0 bp −$750	716.4 bp −$71.6K	1134.1 bp −$567.0K

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	+0.0057%	4h	0.4008	−0.789%	$74K	$7K	50x	as long as short
Hyperliquid UMA	+0.0100%	1h	0.4027	−0.307%	$212K	$67K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4023	−0.421%	$24K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4027	−0.327%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4022	−0.443%	$669K	$151K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4026	−0.344%	$313K	$237K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4026	−0.344%	$77K	$43K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4024	−0.393%	$237K	$165K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4025	−0.368%	$154K	$63K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4035	−0.121%	$973K	$68K	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-USDTshort	+0.0100%	4h	0.4029	−0.269%	—	$2.3M	—
Variational Omni UMA	+0.0100%	4h	0.4032	−0.198%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSDlong	+0.1849%	1h	0.4040	long leg	$14K	$6K	10x