Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0693%/8h= +75.9% APRpaid last 24h +0.063%

Price spread now: Gate against Kraken Futures−0.100%51s7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1781.782% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 3 days (all we have)−0.113%−$11 · spread now −0.100%, 7d avg −0.122%

Together, before fees−0.078%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Gate is 0.022% dearer against Kraken Futures than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.122%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.036% in total (about 1.9% 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	0.3416	−0.0593	get 0.0074% / 1h	22m 23s	$277K	$219K	50x
Short	Gate XTZ_USDT	0.3413	0.0100	get 0.0100% / 8h	1h 22m	$634K	$216K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.100%Rate

Funding earned: $145.61
Price spread: −0.100% → −0.122%: $2.2
Slippage, 4 orders: −$153.25
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$30.44
Costs to cover: 1.782%
Break-even: 8.5 days

Slippage from Kraken Futures: live order book, 60 min ago; Gate: live order book, 59 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, 60 min ago	10.14 bp	33.0 bp −$33	104.9 bp −$1,049	doesn't fit	doesn't fit
Sell Gate live order book, 59 min ago	8.70 bp	54.3 bp −$54	128.0 bp −$1,280	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	−0.0593%	1h	0.3416	long leg	$277K	$219K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+1.978%	$62	$17K	5.5x	as long as short
BingX XTZ-USDT	+0.0036%	4h	0.3415	−0.042%	—	$1.1M	—	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3411	−0.152%	$4.8M	$10.2M	75x	as long as short
Bybit XTZUSDT	+0.0100%	4h	0.3412	−0.130%	$2.8M	$3.3M	75x	as long as short
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3412	−0.130%	$1.2M	$1.4M	20x	as long as short
Gate XTZ_USDTshort	+0.0100%	8h	0.3413	−0.100%	$634K	$216K	75x
MEXC XTZ_USDT	+0.0100%	4h	0.3413	−0.100%	$2.1M	$626K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3413	−0.100%	$671K	$319K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3411	−0.159%	$943K	$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	0.3397	−0.567%	$122K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0103%	4h	0.3404	−0.364%	$284K	$97K	75x	as long as short