Funding you earn now, next payment 00:00 UTC−0.0618%/8h= −67.6% APRpaid last 24h +0.016%
Price spread now: Bybit against Kraken Futures−0.191%7-day average −0.212% · you buy dearer than you sell
Net, funding: paid 7d − costs−$302as in the Funding arb table
Net, price: spread back to 7d avg − costs−$286as in the Price arb table
costs, in and out, $10k−$2882.877% of the position
Funding, last 7 days−0.140%−$14 on $10k
+Price spread, last 3 days (all we have)+0.394%+$39 · spread now −0.191%, 7d avg −0.212%
=The price spread pays, funding is against you. Bybit is 0.021% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.191% now, against its 7-day average of −0.212%): +$2 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 3 hours. At the pace of the last 7 days (−0.140% in total) that is about 25 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% 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_WUSD | 0.01185 | 0.0718 | pay 0.0090% / 1h | 56m 04s | $147K | $181K | 20x |
| Short | Bybit WUSDT | 0.01182 | 0.0100 | get 0.0050% / 4h | 56m 04s | $4.1M | $1.9M | 50x |
Kraken Futures PF_WUSD
Bybit WUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$129.69
- Price spread: −0.191% → −0.212%
- $2.1
- Slippage, 4 orders
- −$266.69
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$415.28
- Costs to cover
- 2.877%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 21 min ago; Bybit: live order book, 2 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, 21 min ago | 10.60 bp | 181.8 bp −$182 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 4.24 bp | 33.0 bp −$33 | 131.1 bp −$1,311 | doesn't fit | doesn't fit |
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| OKX W-USDT-SWAP | −0.0060% | 4h | 0.01183 | −0.141% | $1.3M | $2.0M | 20x | as long as short |
| Deribit W_USDC-PERPETUAL | 0.0000% | 1h | 0.01182 | −0.200% | $17K | $1K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.054% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01183 | −0.141% | $2.0M | $425K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01184 | −0.038% | $3.0M | $6.9M | 50x | as long as short |
| Bybit WUSDTshort | +0.0100% | 4h | 0.01182 | −0.191% | $4.1M | $1.9M | 50x | |
| Gate W_USDT | +0.0100% | 4h | 0.01180 | −0.394% | $445K | $290K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01182 | −0.217% | $12.8M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01181 | −0.309% | $457K | $218K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01184 | −0.056% | $1.3M | $573K | 50x | as long as short |
OKX W-USDT-SWAP
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01181 | −0.309% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01176 | −0.732% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01179 | −0.500% | $130K | $385K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01184 | −0.058% | $59K | $228K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0248% | 1h | 0.01181 | −0.335% | $14K | $17K | 50x | as long as short |
| Kraken Futures PF_WUSDlong | +0.0718% | 1h | 0.01185 | long leg | $147K | $181K | 20x | |
| Backpack W_USDC_PERP | +0.1175% | 1h | 0.01183 | −0.115% | $44K | $47K | 15x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP