Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0690%/8h= +75.5% APRpaid last 24h +0.029%

Price spread now: Bybit against Kraken Futures−0.292%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1311.311% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.109%−$11 · spread now −0.292%, 7d avg −0.139%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.153% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.292% now, against its 7-day average of −0.139%). If the spread goes back, that is −$15 on $10k: about 18 hours of funding at the current rate (+$21 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% in total (about -2.2% 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	0.3437	−0.0590	get 0.0074% / 1h	36m 38s	$279K	$218K	50x
Short	Bybit XTZUSDT	0.3427	0.0100	get 0.0050% / 4h	1h 36m	$2.8M	$3.3M	75x

Funding 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 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 BybitbpOrdersPrice spread, now −0.292%Rate

Funding earned: $144.86
Price spread: −0.292% → −0.139%: −$15.34
Slippage, 4 orders: −$110.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$1.56
Costs to cover: 1.311%
Break-even: 7.1 days

Slippage from Kraken Futures: live order book, 46 min ago; Bybit: live order book, 6 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, 46 min ago	10.14 bp	33.0 bp −$33	104.9 bp −$1,049	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	1.45 bp	37.7 bp −$38	88.8 bp −$888	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_XTZUSDlong	−0.0590%	1h	0.3437	long leg	$279K	$218K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+1.366%	$62	$17K	5.5x	as long as short
BingX XTZ-USDT	+0.0036%	4h	0.3442	+0.144%	—	$1.1M	—	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3426	−0.321%	$4.8M	$10.1M	75x	as long as short
Bybit XTZUSDTshort	+0.0100%	4h	0.3427	−0.292%	$2.8M	$3.3M	75x
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3426	−0.321%	$1.2M	$1.4M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3433	−0.117%	$639K	$212K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3429	−0.234%	$2.1M	$610K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3437	−0.001%	$680K	$318K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3434	−0.088%	$947K	$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	0.3440	+0.075%	$123K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0154%	4h	0.3435	−0.059%	$283K	$95K	75x	as long as short