ARB

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0919%/8h= +100.6% APRnext payment +$1.15 per $10,000 · paid last 24h +0.125%

Price spread now: Backpack against Kraken Futures+0.122%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$520.520% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.321%+$32 on $10k

Price spread, last 3 days (all we have)−0.485%−$48 · spread now +0.122%, 7d avg +0.011%

Together, before fees−0.164%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Backpack is 0.111% dearer against Kraken Futures than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.011%.

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 16.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.15 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	Kraken Futures PF_ARBUSD	0.2229	−0.0098	get 0.0012% / 1h	58m 41s	$1.1M	$4.7M	50x
Short	Backpack ARB_USDC_PERP	0.2231	0.0821	get 0.0103% / 1h	58m 41s	$1.0M	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.122%Rate

Funding earned: $192.93
Price spread: +0.122% → +0.011%: $11.15
Slippage, 4 orders: −$32.03
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $152.05
Costs to cover: 0.520%
Break-even: 1.5 days

Slippage from Kraken Futures: live order book, 5 min ago; Backpack: live order book, just now.

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, 5 min ago	10.78 bp	17.0 bp −$17	24.7 bp −$247	doesn't fit	doesn't fit
Sell Backpack live order book, just now	0.67 bp	7.4 bp −$7	74.4 bp −$744	doesn't fit	doesn't fit

ARB on 35 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	0.2220	−0.389%	$40K	$372K	12x	as long as short
SoDEX ARB-USD	−0.0346%	1h	0.2227	−0.071%	$10K	$2.4M	5x	as long as short
Polymarket Perps ARB-USD	−0.0217%	1h	0.2228	−0.008%	$85K	$2.1M	10x	as long as short
Variational Omni ARB	−0.0151%	8h	0.2224	−0.230%	$1.9M	$2.9M	—	as long as short
OKX ARB-USDT-SWAP	−0.0137%	8h	0.2224	−0.215%	$22.5M	$153.8M	50x	as long as short
MEXC ARB_USDT	−0.0135%	8h	0.2228	−0.031%	$39.0M	$58.9M	200x	as long as short
01 Exchange ARBUSD	−0.0120%	1h	0.2227	−0.084%	$7K	$2K	10x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0109%	1h	0.2228	−0.022%	$25K	$34K	25x	as long as short
Kraken Futures PF_ARBUSDlong	−0.0098%	1h	0.2229	long leg	$1.1M	$4.7M	50x
Orderly PERP_ARB_USDC	−0.0070%	8h	0.2228	−0.031%	$12K	$383K	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ARBUSDT	−0.0046%	8h	0.2225	−0.179%	$56.6M	$127.2M	50x	as long as short
Gate ARB_USDT	−0.0044%	8h	0.2226	−0.116%	$5.4M	$18.9M	60x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2228	−0.048%	$66K	$5K	10x	as long as short
Extended ARB-USD	0.0000%	1h	0.2225	−0.155%	$353K	$2.5M	25x	as long as short
Binance ARBUSDT	+0.0004%	8h	0.2227	−0.090%	$64.9M	$312.1M	75x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0011%	1h	0.2228	−0.008%	$10K	—	150x	as long as short
Aevo ARB-PERP	+0.0080%	1h	0.2229	+0.012%	$141K	$7K	3x	as long as short
Phemex ARBUSDT	+0.0091%	8h	0.2228	−0.031%	$5.0M	$13.0M	50x	as long as short
Lighter ARB	+0.0096%	1h	0.2227	−0.057%	$1.2M	$6.4M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2231	+0.104%	$38.8M	$51.4M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2229	0.000%	$662K	$1.7M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2228	−0.032%	$42K	$179K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2228	−0.008%	$19.7M	$15.7M	75x	as long as short
Bitget ARBUSDT	+0.0100%	8h	0.2227	−0.075%	$21.3M	$35.5M	50x	as long as short
BingX ARB-USDT	+0.0100%	8h	0.2226	−0.120%	—	$54.5M	—	as long as short
edgeX ARBUSDC	+0.0100%	4h	0.2223	−0.236%	$40K	$464K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2226	−0.127%	$482K	$3.6M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2222	−0.300%	$120K	$285K	50x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2230	+0.059%	$1K	$1.1M	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2228	−0.031%	$299K	$973K	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0224%	1h	0.2233	+0.194%	$510K	$2.1M	50x	as long as short
RISEx ARB/USDC	+0.0232%	1h	0.2228	−0.012%	$490K	$2.7M	10x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0273% / S −0.0155%	1h	0.2229	−0.005%	$832K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0290%	1h	0.2226	−0.110%	$2K	$695	20x	as long as short
Backpack ARB_USDC_PERPshort	+0.0821%	1h	0.2231	+0.122%	$1.0M	$2.8M	20x