Funding arb · Price arb /

UMA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1986%/8h= −217.4% APRpaid last 24h −0.441%

Price spread now: KuCoin against Kraken Futures−0.232%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 KuCoin

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 −$60 a day on $10k at the current rate, and KuCoin is 0.232% cheaper against Kraken Futures than usual: you would sell low and buy high (−$23 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	0.4065	0.2086	pay 0.0261% / 1h	27m 38s	$14K	$6K	10x
Short	KuCoin UMAUSDTM	0.4056	0.0100	get 0.0050% / 4h	3h 27m	$155K	$63K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.232%Rate

Funding earned: −$416.96
Price spread: −0.232% → 0.000%: −$23.19
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$462.15
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; KuCoin: live order book, 37 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 KuCoin live order book, 37 min ago	13.55 bp	302.2 bp −$302	doesn't fit	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
Hyperliquid UMA	+0.0100%	1h	0.4057	−0.202%	$214K	$67K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4057	−0.201%	$25K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4054	−0.282%	$1.5M	$1.2M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4058	−0.183%	$675K	$151K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4055	−0.256%	$316K	$242K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4054	−0.281%	$78K	$45K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4053	−0.306%	$254K	$166K	50x	as long as short
KuCoin UMAUSDTMshort	+0.0100%	4h	0.4056	−0.232%	$155K	$63K	30x
Bitget UMAUSDT	+0.0100%	4h	0.4063	−0.060%	$980K	$66K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.4056	−0.232%	—	$2.3M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMA	+0.0100%	4h	0.4066	+0.009%	$5K	$7	—	as long as short
BloFin UMA-USDT	+0.0133%	4h	0.4053	−0.306%	$75K	$7K	50x	as long as short
Kraken Futures PF_UMAUSDlong	+0.2086%	1h	0.4065	long leg	$14K	$6K	10x