Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0374%/8h= +40.9% APRpaid last 24h −0.004%

Price spread now: BingX against Kraken Futures−0.085%7-day average −0.138% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$1071.066% 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+0.116%+$12 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now −0.085%, 7d avg −0.138%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and BingX is 0.053% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.138%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.116% in total (about 6.1% 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_XTZUSD	0.3451	−0.0338	get 0.0042% / 1h	1m 54s	$280K	$217K	50x
Short	BingX XTZ-USDT	0.3448	0.0036	get 0.0018% / 4h	2h 01m	—	$1.1M	—

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 −0.085%Rate

Funding earned: $78.47
Price spread: −0.085% → −0.138%: $5.34
Slippage, 4 orders: −$86.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$22.8
Costs to cover: 1.066%
Break-even: 9.0 days

Slippage from Kraken Futures: live order book, 21 min ago; BingX: live order book, 13 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	10.14 bp	33.0 bp −$33	104.9 bp −$1,049	doesn't fit	doesn't fit
Sell BingX live order book, 13 min ago	5.80 bp	19.2 bp −$19	58.4 bp −$584	431.5 bp −$43.2K	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_XTZUSDlong	−0.0338%	1h	0.3451	long leg	$280K	$217K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+0.958%	$62	$17K	5.5x	as long as short
BingX XTZ-USDTshort	+0.0036%	4h	0.3448	−0.085%	—	$1.1M	—
Binance XTZUSDT	+0.0100%	4h	0.3445	−0.172%	$4.8M	$10.1M	75x	as long as short
Bybit XTZUSDT	+0.0100%	4h	0.3446	−0.143%	$2.9M	$3.3M	75x	as long as short
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3444	−0.201%	$1.2M	$1.4M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3444	−0.201%	$642K	$216K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3445	−0.172%	$2.2M	$633K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3447	−0.114%	$687K	$315K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3447	−0.114%	$951K	$1.2M	75x	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	0.3447	−0.118%	$123K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0118%	4h	0.3445	−0.172%	$284K	$82K	75x	as long as short