Funding arb · Price arb /

UMA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1773%/8h= −194.1% APRpaid last 24h −0.450%

Price spread now: BloFin against Kraken Futures−0.643%57s7-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 BloFin

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 −$53 a day on $10k at the current rate, and BloFin is 0.643% cheaper against Kraken Futures than usual: you would sell low and buy high (−$64 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 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	0.4044	0.1847	pay 0.0231% / 1h	35m 49s	$14K	$6K	10x
Short	BloFin UMA-USDT	0.4018	0.0075	get 0.0037% / 4h	2h 35m	$74K	$7K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.643%Rate

Funding earned: −$372.24
Price spread: −0.643% → 0.000%: −$64.28
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$458.52
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BloFin: no order-book sample. 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 BloFin no order-book sample	—	—	—	—	—

Kraken Futures and BloFin: 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-USDTshort	+0.0075%	4h	0.4018	−0.643%	$74K	$7K	50x
Hyperliquid UMA	+0.0100%	1h	0.4038	−0.136%	$213K	$67K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4030	−0.342%	$24K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4034	−0.247%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4036	−0.198%	$671K	$151K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4038	−0.148%	$313K	$238K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4028	−0.396%	$77K	$43K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4031	−0.321%	$237K	$165K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4027	−0.420%	$154K	$63K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4045	+0.025%	$976K	$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-USDT	+0.0100%	4h	0.4034	−0.247%	—	$2.3M	—	as long as short
Variational Omni UMA	+0.0100%	4h	0.4031	−0.312%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSDlong	+0.1847%	1h	0.4044	long leg	$14K	$6K	10x