Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0438%/8h= −47.9% APRpaid last 24h −0.058%

Price spread now: Kraken Futures against OKX+0.201%45s7-day average +0.159% · you sell dearer than you buy

Net, funding: paid 7d − costs−$124as 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−$1251.247% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now +0.201%, 7d avg +0.159%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.043% dearer against OKX than usual: you sell high and buy low (spread +0.201% now, against its 7-day average of +0.159%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 8 hours. The two prices were read 45 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 0.003% in total (about 0.2% 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	OKX XTZ-USDT-SWAP	0.3444	0.0100	pay 0.0100% / 8h	2h 01m	$1.2M	$1.4M	20x
Short	Kraken Futures PF_XTZUSD	0.3451	−0.0338	pay 0.0042% / 1h	1m 31s	$280K	$217K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.201%Rate

Funding earned: −$91.91
Price spread: +0.201% → +0.159%: $4.26
Slippage, 4 orders: −$104.72
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$212.37
Costs to cover: 1.247%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 21 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 OKX live order book, 5 min ago	2.90 bp	35.3 bp −$35	222.1 bp −$2,221	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 min ago	10.14 bp	27.9 bp −$28	74.0 bp −$740	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	−0.0338%	1h	0.3451	+0.201%	$280K	$217K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+1.161%	$62	$17K	5.5x	as long as short
BingX XTZ-USDT	+0.0036%	4h	0.3448	+0.116%	—	$1.1M	—	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3444	0.000%	$4.8M	$10.1M	75x	as long as short
Bybit XTZUSDT	+0.0100%	4h	0.3444	0.000%	$2.9M	$3.3M	75x	as long as short
OKX XTZ-USDT-SWAPlong	+0.0100%	8h	0.3444	long leg	$1.2M	$1.4M	20x
Gate XTZ_USDT	+0.0100%	8h	0.3444	0.000%	$642K	$216K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3444	0.000%	$2.2M	$633K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3447	+0.087%	$687K	$315K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3443	−0.029%	$950K	$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	+0.083%	$123K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0118%	4h	0.3445	+0.029%	$284K	$82K	75x	as long as short