Funding arb · Price arb /

USUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0810%/8h= +88.7% APRpaid last 24h +0.192%

Price spread now: BingX against Kraken Futures+0.151%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1311.310% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.239%−$24 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now +0.151%, 7d avg +0.049%

Together, before fees−0.215%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and BingX is 0.102% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.049%. Mind the row above: over the last 7 days funding on this pair cost −0.239%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.239% in total (about -12.4% 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_USUALUSD	0.01350	−0.0710	get 0.0089% / 1h	34m 59s	$110K	$23K	10x
Short	BingX USUAL-USDT	0.01352	0.0100	get 0.0050% / 4h	1h 34m	—	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.151%Rate

Funding earned: $170.02
Price spread: +0.151% → +0.049%: $10.16
Slippage, 4 orders: −$111.03
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $49.14
Costs to cover: 1.310%
Break-even: 5.0 days

Slippage from Kraken Futures: live order book, 47 min ago; BingX: live order book, 10 min ago.

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 live order book, 47 min ago	33.11 bp	39.0 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	4.43 bp	30.3 bp −$30	136.8 bp −$1,368	547.4 bp −$54.7K	791.5 bp −$395.7K

USUAL on 11 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
Injective USUAL/USDC PERP	−0.4025%	1h	0.01335	−1.101%	$6K	$2K	5.5x	as long as short
Kraken Futures PF_USUALUSDlong	−0.0710%	1h	0.01350	long leg	$110K	$23K	10x
Hyperliquid USUAL	+0.0100%	1h	0.01350	+0.010%	$386K	$232K	3x	as long as short
Binance USUALUSDT	+0.0100%	4h	0.01350	−0.017%	$2.1M	$3.5M	50x	as long as short
Bybit USUALUSDT	+0.0100%	4h	0.01351	+0.084%	$997K	$914K	25x	as long as short
Gate USUAL_USDT	+0.0100%	8h	0.01352	+0.158%	$902K	$213K	50x	as long as short
MEXC USUAL_USDT	+0.0100%	4h	0.01351	+0.054%	$5.9M	$258K	100x	as long as short
KuCoin USUALUSDTM	+0.0100%	4h	0.01354	+0.306%	$280K	$64K	20x	as long as short
Bitget USUALUSDT	+0.0100%	4h	0.01351	+0.084%	$816K	$503K	50x	as long as short
BingX USUAL-USDTshort	+0.0100%	4h	0.01352	+0.151%	—	$1.2M	—

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni USUAL	+0.0100%	4h	0.01352	+0.176%	$9K	$208	—	as long as short