Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.2118%/8h= +231.9% APRpaid last 24h +0.366%

Price spread now: Bitget against Kraken Futures−0.103%48s7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs+$26as 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−$1251.245% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+1.508%+$151 on $10k

Price spread, last 3 days (all we have)+0.803%+$80 · spread now −0.103%, 7d avg −0.158%

Together, before fees+2.311%+$231 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$64 a day on $10k at the current rate, and Bitget is 0.055% 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 −0.158%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ARUSD	4.4456	−0.2018	get 0.0252% / 1h	4m 31s	$46K	$155K	20x
Short	Bitget ARUSDT	4.4410	0.0100	get 0.0100% / 8h	2h 04m	$3.8M	$5.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.103%Rate

Funding earned: $444.8
Price spread: −0.103% → −0.158%: $5.47
Slippage, 4 orders: −$102.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $325.76
Costs to cover: 1.245%
Break-even: 1.9 days

Slippage from Kraken Futures: live order book, 18 min ago; Bitget: live order book, 4 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, 18 min ago	32.26 bp	40.3 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	3.37 bp	16.2 bp −$16	44.6 bp −$446	doesn't fit	doesn't fit

AR on 17 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_ARUSDlong	−0.2018%	1h	4.4456	long leg	$46K	$155K	20x
GMX AR/USD [WBTC.b-USDC]	L −0.0140% / S +0.0551%	1h	4.4457	+0.002%	$571K	—	50x	as long as short
Injective AR/USDC PERP	+0.0033%	1h	4.5720	+2.844%	$3K	$363	5.5x	as long as short
Hyperliquid AR	+0.0100%	1h	4.4522	+0.149%	$3.8M	$4.8M	5x	as long as short
Aster ARUSDT	+0.0100%	8h	4.4488	+0.072%	$20K	$621K	10x	as long as short
Binance ARUSDT	+0.0100%	8h	4.4443	−0.028%	$8.7M	$55.9M	75x	as long as short
Bybit ARUSDT	+0.0100%	8h	4.4440	−0.036%	$4.6M	$9.0M	75x	as long as short
OKX AR-USDT-SWAP	+0.0100%	8h	4.4420	−0.081%	$2.2M	$20.4M	20x	as long as short
Gate AR_USDT	+0.0100%	8h	4.4420	−0.081%	$2.5M	$2.3M	50x	as long as short
MEXC AR_USDT	+0.0100%	8h	4.4450	−0.013%	$6.7M	$4.8M	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ARUSDTM	+0.0100%	8h	4.4430	−0.058%	$1.4M	$1.1M	50x	as long as short
Bitget ARUSDTshort	+0.0100%	8h	4.4410	−0.103%	$3.8M	$5.6M	75x
BingX AR-USDT	+0.0100%	8h	4.4430	−0.058%	—	$2.9M	—	as long as short
Variational Omni AR	+0.0100%	8h	4.4458	+0.005%	$135K	$174K	—	as long as short
ApeX Omni ARUSDT	+0.0100%	1h	4.4630	+0.392%	$56K	$748K	50x	as long as short
Extended AR-USD	+0.0104%	1h	4.4445	−0.025%	$36K	$237K	10x	as long as short
BloFin AR-USDT	+0.0220%	8h	4.4450	−0.013%	$417K	$666K	20x	as long as short