Funding arb · Price arb /

ATH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1909%/8h= +209.0% APRpaid last 24h −1.050%

Price spread now: Bybit against Kraken Futures−0.199%7-day average −0.252% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.199%, 7d avg −0.252%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$57 a day on $10k at the current rate, and Bybit is 0.053% 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 −0.252%. Mind the row above: over the last 7 days funding on this pair cost −0.129%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.129% in total (about -6.7% 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_ATHUSD	0.005488	−0.1809	get 0.0226% / 1h	15m 34s	$17K	$109K	10x
Short	Bybit ATHUSDT	0.005477	0.0100	get 0.0050% / 4h	15m 34s	$4.3M	$2.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.199%Rate

Funding earned: $400.83
Price spread: −0.199% → −0.252%: $5.27
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $385.1
Costs to cover: 0.210%
Break-even: 0.3 days

Slippage unknown: Kraken Futures: live order book, 22 min ago; Bybit: live order book, 2 min ago. Net counts fees only.

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, 22 min ago	4.55 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	5.47 bp	32.8 bp −$33	134.1 bp −$1,341	doesn't fit	doesn't fit

ATH on 13 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_ATHUSDlong	−0.1809%	1h	0.005488	long leg	$17K	$109K	10x
Variational Omni ATH	−0.0098%	4h	0.005476	−0.224%	$184K	$93K	—	as long as short
dYdX ATH-USD	0.0000%	1h	0.005490	+0.038%	$11K	$59	5x	as long as short
BloFin ATH-USDT	+0.0078%	4h	0.005496	+0.147%	$162K	$70K	75x	as long as short
Aster ATHUSDT	+0.0100%	4h	0.005490	+0.041%	$4K	$42K	5x	as long as short
Binance ATHUSDT	+0.0100%	4h	0.005489	+0.013%	$3.2M	$4.3M	50x	as long as short
Bybit ATHUSDTshort	+0.0100%	4h	0.005477	−0.199%	$4.3M	$2.7M	25x
OKX ATH-USDT-SWAP	+0.0100%	4h	0.005478	−0.181%	$701K	$1.3M	20x	as long as short
Gate ATH_USDT	+0.0100%	4h	0.005483	−0.090%	$783K	$619K	30x	as long as short
MEXC ATH_USDT	+0.0100%	4h	0.005490	+0.038%	$8.9M	$680K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ATHUSDTM	+0.0100%	4h	0.005478	−0.181%	$549K	$79K	30x	as long as short
Bitget ATHUSDT	+0.0100%	4h	0.005485	−0.053%	$1.5M	$898K	25x	as long as short
BingX ATH-USDT	+0.0100%	4h	0.005485	−0.053%	—	$21.3M	—	as long as short