Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0260%/8h= −28.4% APRpaid last 24h −0.043%

Price spread now: Kraken Futures against Bybit+0.108%7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1371.366% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.292%+$29 · spread now +0.108%, 7d avg +0.137%

Together, before fees+0.338%+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Kraken Futures is 0.028% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.137%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% 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	Bybit XTZUSDT	0.3409	0.0100	pay 0.0050% / 4h	26m 14s	$2.7M	$2.8M	75x
Short	Kraken Futures PF_XTZUSD	0.3413	−0.0160	pay 0.0020% / 1h	26m 14s	$282K	$251K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.108%Rate

Funding earned: −$54.56
Price spread: +0.108% → +0.137%: −$2.84
Slippage, 4 orders: −$115.55
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$193.95
Costs to cover: 1.366%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 31 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 Bybit live order book, 1 min ago	4.39 bp	29.5 bp −$30	50.0 bp −$500	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 31 min ago	14.66 bp	33.5 bp −$33	92.3 bp −$923	doesn't fit	doesn't fit

XTZ on 12 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
Kraken Futures PF_XTZUSDshort	−0.0160%	1h	0.3413	+0.108%	$282K	$251K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+2.200%	$62	$17K	5.5x	as long as short
Bitget XTZUSDT	+0.0066%	4h	0.3406	−0.088%	$919K	$938K	75x	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3407	−0.059%	$4.7M	$9.7M	75x	as long as short
Bybit XTZUSDTlong	+0.0100%	4h	0.3409	long leg	$2.7M	$2.8M	75x
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3410	+0.029%	$1.2M	$1.3M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3414	+0.147%	$633K	$168K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3408	−0.029%	$2.1M	$662K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3412	+0.088%	$626K	$191K	30x	as long as short
BingX XTZ-USDT	+0.0100%	4h	0.3413	+0.117%	—	$1.1M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XTZ	+0.0100%	4h	0.3413	+0.114%	$86K	$331K	—	as long as short
BloFin XTZ-USDT	+0.0150%	4h	0.3413	+0.117%	$280K	$96K	75x	as long as short