Funding arb · Price arb /

UMA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2256%/8h= −247.0% APRpaid last 24h −0.436%

Price spread now: Bybit against Kraken Futures−0.154%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 Bybit

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 −$68 a day on $10k at the current rate, and Bybit is 0.154% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 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	0.4039	0.2356	pay 0.0294% / 1h	33m 34s	$14K	$6K	10x
Short	Bybit UMAUSDT	0.4033	0.0100	get 0.0050% / 4h	33m 34s	$668K	$154K	25x

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 −0.154%Rate

Funding earned: −$473.71
Price spread: −0.154% → 0.000%: −$15.38
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$510.09
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 17 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 Bybit live order book, 17 min ago	7.44 bp	49.2 bp −$49	273.5 bp −$2,735	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	+0.0040%	4h	0.4038	−0.030%	$74K	$8K	50x	as long as short
Hyperliquid UMA	+0.0100%	1h	0.4038	−0.037%	$214K	$67K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4032	−0.178%	$24K	$2K	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4035	−0.114%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDTshort	+0.0100%	4h	0.4033	−0.154%	$668K	$154K	25x
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4037	−0.055%	$313K	$240K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4031	−0.203%	$78K	$45K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4032	−0.179%	$221K	$164K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4031	−0.203%	$156K	$63K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4040	+0.019%	$972K	$66K	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	0.4031	−0.203%	—	$2.3M	—	as long as short
Variational Omni UMA	+0.0100%	4h	0.4033	−0.159%	$5K	$7	—	as long as short
Kraken Futures PF_UMAUSDlong	+0.2356%	1h	0.4039	long leg	$14K	$6K	10x