Settings8H · net · $10k
Funding arb · Price arb /

USUAL

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SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 01:00 UTC−0.0742%/8h= −81.2% APRpaid last 24h −0.214%
Price spread now: Kraken Futures against Bitget−0.299%7-day average −0.104% · you buy dearer than you sell
Net, funding: paid 7d − costs−$98as in the Funding arb table
Net, price: spread back to 7d avg − costs−$154as in the Price arb table
costs, in and out, $10k−$1351.346% of the position
What this pair did over the last
the charts below follow
Funding, last 7 days+0.361%+$36 on $10k
Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.299%, 7d avg −0.104%
Together, before fees+0.533%+$53 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Kraken Futures is 0.195% cheaper against Bitget than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.104%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.361%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.361% in total (about 18.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBitget USUALUSDT0.013780.0100pay 0.0050% / 4h3h 15m$827K$419K50x
ShortKraken Futures PF_USUALUSD0.01374−0.0642pay 0.0080% / 1h15m 56s$112K$18K10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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

Funding earned
−$155.79
Price spread: −0.299% → −0.104%
−$19.51
Slippage, 4 orders
−$112.59
Fee Bitget: 6 bp × 2 orders
−$12
Fee Kraken Futures: 5 bp × 2 orders
−$10
Net
−$309.89
Costs to cover
1.346%
Break-even
never at this rate
Slippage from Bitget: live order book, 55 min ago; Kraken Futures: live order book, 56 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bitget live order book, 55 min ago3.63 bp23.2 bp −$23106.3 bp −$1,063doesn't fitdoesn't fit
Sell Kraken Futures live order book, 56 min ago31.67 bp40.0 bp −$40doesn't fitdoesn't fitdoesn't fit

USUAL on 11 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective USUAL/USDC PERP−0.4996%1h0.01358−1.451%$6K$2K5.5xas long as short
Kraken Futures PF_USUALUSDshort−0.0642%1h0.01374−0.299%$112K$18K10x
Hyperliquid USUAL+0.0100%1h0.01377−0.073%$396K$185K3xas long as short
Binance USUALUSDT+0.0100%4h0.01376−0.125%$2.2M$3.3M50xas long as short
Bybit USUALUSDT+0.0100%4h0.01377−0.080%$1.0M$795K25xas long as short
Gate USUAL_USDT+0.0100%8h0.01377−0.073%$931K$212K50xas long as short
MEXC USUAL_USDT+0.0100%4h0.01377−0.094%$6.0M$246K100xas long as short
KuCoin USUALUSDTM+0.0100%4h0.01375−0.218%$271K$62K20xas long as short
Bitget USUALUSDTlong+0.0100%4h0.01378long leg$827K$419K50x
BingX USUAL-USDT+0.0100%4h0.01376−0.152%$1.2Mas long as short
Show all 11 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Variational Omni USUAL+0.0100%4h0.01375−0.186%$9K$208as long as short