Funding you earn now, next payment 03:00 UTC−0.0662%/8h= −72.5% APRnext payment −$0.83 per $10,000 · paid last 24h −0.131%
Price spread now: Kraken Futures against Backpack−0.207%51s7-day average −0.012% · you buy dearer than you sell
Net, funding: paid 7d − costs−$84as 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−$520.519% of the position
Funding, last 7 days−0.321%−$32 on $10k
+Price spread, last 4 days (all we have)+2.790%+$279 · spread now −0.207%, 7d avg −0.012%
=Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Kraken Futures is 0.195% cheaper against Backpack than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.012%). Swap the legs. 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 -0.321% in total (about -16.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.83 per $10,000. 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 | Backpack ARB_USDC_PERP | 0.2231 | 0.0564 | pay 0.0071% / 1h | 10m 23s | $1.0M | $2.8M | 20x |
| Short | Kraken Futures PF_ARBUSD | 0.2226 | −0.0098 | pay 0.0012% / 1h | 10m 23s | $1.1M | $4.4M | 50x |
Backpack ARB_USDC_PERP
Kraken Futures PF_ARBUSDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Kraken Futures against Backpack. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$139.04
- Price spread: −0.207% → −0.012%
- −$19.53
- Slippage, 4 orders
- −$31.91
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$210.47
- Costs to cover
- 0.519%
- Break-even
- never at this rate
Slippage from Backpack: live order book, 4 min ago; Kraken Futures: live order book, 3 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 Backpack live order book, 4 min ago | 0.67 bp | 7.6 bp −$8 | 64.2 bp −$642 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 3 min ago | 10.77 bp | 17.0 bp −$17 | 26.6 bp −$266 | 579.6 bp −$58.0K | doesn't fit |
ARB on 36 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective ARB/USDC PERP | −0.1577% | 1h | 0.2213 | −0.811% | $40K | $372K | 12x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0154% | 1h | 0.2226 | −0.211% | $25K | $34K | 25x | as long as short |
| OKX ARB-USDT-SWAP | −0.0142% | 8h | 0.2225 | −0.264% | $22.4M | $150.3M | 50x | as long as short |
| MEXC ARB_USDT | −0.0140% | 8h | 0.2225 | −0.273% | $38.3M | $59.4M | 200x | as long as short |
| Variational Omni ARB | −0.0140% | 8h | 0.2223 | −0.362% | $1.9M | $2.9M | — | as long as short |
| 01 Exchange ARBUSD | −0.0112% | 1h | 0.2229 | −0.094% | $7K | $2K | 10x | as long as short |
| Polymarket Perps ARB-USD | −0.0110% | 1h | 0.2228 | −0.121% | $88K | $2.1M | 10x | as long as short |
| Gate ARB_USDT | −0.0103% | 8h | 0.2226 | −0.220% | $5.4M | $19.2M | 60x | as long as short |
| Kraken Futures PF_ARBUSDshort | −0.0098% | 1h | 0.2226 | −0.207% | $1.1M | $4.4M | 50x | |
| SoDEX ARB-USD | −0.0080% | 1h | 0.2225 | −0.251% | $10K | $2.3M | 5x | as long as short |
Injective ARB/USDC PERP
Deribit ARB_USDC-PERPETUAL
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Variational Omni ARB
01 Exchange ARBUSD
Polymarket Perps ARB-USD
Gate ARB_USDT
SoDEX ARB-USDShow all 36 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Orderly PERP_ARB_USDC | −0.0075% | 8h | 0.2227 | −0.184% | $12K | $387K | 10x | as long as short |
| Bybit ARBUSDT | −0.0074% | 8h | 0.2226 | −0.233% | $56.7M | $125.9M | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2230 | −0.031% | $66K | $5K | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0013% | 1h | 0.2227 | −0.169% | $11K | — | 150x | as long as short |
| Binance ARBUSDT | +0.0024% | 8h | 0.2227 | −0.201% | $65.0M | $306.6M | 75x | as long as short |
| Extended ARB-USD | +0.0024% | 1h | 0.2225 | −0.274% | $353K | $2.5M | 25x | as long as short |
| Phemex ARBUSDT | +0.0039% | 8h | 0.2225 | −0.273% | $5.0M | $12.9M | 50x | as long as short |
| Bitget ARBUSDT | +0.0075% | 8h | 0.2225 | −0.273% | $21.2M | $34.6M | 50x | as long as short |
| BingX ARB-USDT | +0.0078% | 8h | 0.2226 | −0.224% | — | $53.8M | — | as long as short |
| Aevo ARB-PERP | +0.0088% | 1h | 0.2226 | −0.217% | $141K | $7K | 3x | as long as short |
| BloFin ARB-USDT | +0.0095% | 8h | 0.2228 | −0.143% | $3.1M | $2.6M | 75x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2229 | −0.076% | $1.2M | $6.4M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2229 | −0.112% | $38.6M | $49.2M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2228 | −0.147% | $652K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2229 | −0.081% | $43K | $169K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2226 | −0.211% | $19.7M | $15.3M | 75x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2227 | −0.204% | $40K | $460K | 20x | as long as short |
| GRVT ARB_USDT_Perp | +0.0100% | 8h | 0.2229 | −0.095% | $483K | $3.6M | 10x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2227 | −0.184% | $120K | $283K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2231 | −0.004% | $1K | $1.1M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2227 | −0.170% | $303K | $939K | 50x | as long as short |
| Coinbase International ARB-PERP-INTX | +0.0224% | 1h | 0.2229 | −0.094% | $499K | $2.0M | 50x | as long as short |
| RISEx ARB/USDC | +0.0232% | 1h | 0.2230 | −0.036% | $485K | $2.6M | 10x | as long as short |
| GMX ARB/USD [ARB-USDC] | L +0.0273% / S −0.0155% | 1h | 0.2227 | −0.186% | $832K | — | 150x | as long as short |
| Reya ARBRUSDPERP | +0.0289% | 1h | 0.2225 | −0.281% | $2K | $695 | 20x | as long as short |
| Backpack ARB_USDC_PERPlong | +0.0564% | 1h | 0.2231 | long leg | $1.0M | $2.8M | 20x |
Orderly PERP_ARB_USDC
Bybit ARBUSDT
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
Binance ARBUSDT
Extended ARB-USD
Phemex ARBUSDT
Bitget ARBUSDT
BingX ARB-USDT
Aevo ARB-PERP
BloFin ARB-USDT
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
edgeX ARBUSDC
GRVT ARB_USDT_Perp
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Coinbase International ARB-PERP-INTX
RISEx ARB/USDC
GMX ARB/USD [ARB-USDC]
Reya ARBRUSDPERP