Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.3797%/8h= −415.8% APRpaid last 24h −0.439%

Price spread now: OKX against Kraken Futures−0.416%55s7-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 OKX

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 −$114 a day on $10k at the current rate, and OKX is 0.416% cheaper against Kraken Futures than usual: you would sell low and buy high (−$42 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 55 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	0.3990	0.3897	pay 0.0487% / 1h	29m 24s	$14K	$6K	10x
Short	OKX UMA-USDT-SWAP	0.3973	0.0100	get 0.0050% / 4h	1h 29m	$310K	$238K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.416%Rate

Funding earned: −$797.36
Price spread: −0.416% → 0.000%: −$41.63
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$858.98
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 14 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 OKX live order book, 14 min ago	2.50 bp	36.3 bp −$36	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 exchanges

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	0.3977	−0.311%	$215K	$72K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.3975	−0.366%	$24K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.3973	−0.411%	$1.4M	$1.1M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.3975	−0.366%	$677K	$147K	25x	as long as short
OKX UMA-USDT-SWAPshort	+0.0100%	4h	0.3973	−0.416%	$310K	$238K	10x
Gate UMA_USDT	+0.0100%	4h	0.3982	−0.191%	$71K	$40K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.3973	−0.416%	$214K	$182K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.3974	−0.391%	$151K	$59K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.3977	−0.316%	$954K	$63K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.3975	−0.366%	—	$2.3M	—	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMA	+0.0100%	4h	0.3974	−0.402%	$4K	$1	—	as long as short
BloFin UMA-USDT	+0.0141%	4h	0.3972	−0.441%	$72K	$5K	50x	as long as short
Kraken Futures PF_UMAUSDlong	+0.3897%	1h	0.3990	long leg	$14K	$6K	10x