Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.006%

Price spread now: Kraken Futures against Bybit0.000%7-day average +0.018% · 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−$25as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now 0.000%, 7d avg +0.018%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BTCUSDT	86,345.4	0.0100	pay 0.0100% / 8h	7h 50m	$5.26B	$9.75B	150x
Short	Kraken Futures PF_XBTUSD	86,345.5	0.0121	get 0.0015% / 1h	50m 32s	$192.4M	$950.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now 0.000%Rate

Funding earned: $4.44
Price spread: 0.000% → +0.018%: −$1.75
Slippage, 4 orders: −$1.76
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$20.06
Costs to cover: 0.228%
Break-even: 38.6 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: 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 Bybit live order book, 4 min ago	0.01 bp	5.9 bp −$6	6.3 bp −$63	7.0 bp −$703	8.4 bp −$4,224
Sell Kraken Futures live order book, 4 min ago	0.06 bp	5.1 bp −$5	5.8 bp −$58	6.7 bp −$671	8.7 bp −$4,352

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,441	+0.111%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,306	−0.046%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,329.5	−0.018%	$362K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,345.2	0.000%	$460K	$22.2M	6.7x	as long as short
dYdX BTC-USD	+0.0003%	1h	86,307.1	−0.044%	$16.9M	$20.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,351.4	+0.007%	$36.9M	—	200x	as long as short
Bluefin BTC-PERP	+0.0007%	1h	86,350.6	+0.006%	$140K	$663K	40x	as long as short
Aster BTCUSDT	+0.0014%	8h	86,334.9	−0.012%	$500.7M	$1.15B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.313%	$333K	$26.9M	52x	as long as short
KuCoin XBTUSDTM	+0.0030%	8h	86,321.4	−0.028%	$829.8M	$722.9M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0041%	1h	86,338.3	−0.008%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDC	+0.0046%	8h	86,313.4	−0.037%	—	$15.4M	—	as long as short
SoDEX BTC-USD	+0.0050%	1h	86,314	−0.036%	$60.4M	$338.1M	40x	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,345.8	+0.001%	$8.3M	$42.9M	25x	as long as short
Bitget BTCUSDT	+0.0060%	8h	86,342.2	−0.004%	$2.97B	$5.09B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0062%	1h	86,356.4	+0.013%	$903.3M	$1.51B	50x	as long as short
ApeX Omni BTCUSDT	+0.0069%	1h	86,448.9	+0.120%	$141.6M	$323.3M	100x	as long as short
Aevo BTC-PERP	+0.0072%	1h	86,488.1	+0.165%	$2.5M	$1.4M	20x	as long as short
MEXC BTC_USDT	+0.0075%	8h	86,320.5	−0.029%	$5.13B	$5.66B	500x	as long as short
Binance BTCUSDT	+0.0076%	8h	86,332.9	−0.014%	$9.41B	$24.51B	150x	as long as short
Gate BTC_USDT	+0.0077%	8h	86,339.8	−0.006%	$5.83B	$10.48B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,335.4	−0.012%	$170.0M	$981.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,330.6	−0.017%	$23.7M	$148.7M	50x	as long as short
GRVT BTC_USDT_Perp	+0.0096%	8h	86,431.6	+0.100%	$216.9M	$167.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,333	−0.014%	$8.4M	$52.2M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,303	−0.049%	$207K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,356.8	+0.013%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,310.6	−0.040%	$22.1M	$232.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,417	+0.083%	$3.79B	$5.04B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,353.8	+0.010%	$40.7M	$540.8M	50x	as long as short
Bybit BTCUSDTlong	+0.0100%	8h	86,345.4	long leg	$5.26B	$9.75B	150x
OKX BTC-USDT-SWAP	+0.0100%	8h	86,358.8	+0.016%	$2.56B	$12.64B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,338	−0.009%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,358.9	+0.016%	$7.3M	$95.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,523.6	+0.206%	$572.9M	$12.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,298.1	−0.055%	$37.5M	$155.4M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,309.8	−0.041%	$157.9M	$567.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,419.2	+0.086%	$279.1M	$949.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,300	−0.053%	$30.6M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,377.1	+0.037%	—	$11.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,340	−0.006%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,322	−0.027%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,308.9	−0.042%	$2.5M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,345.8	0.000%	$30.4M	$62.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,315.8	−0.034%	$3.4M	$5.3M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,312.9	−0.038%	$2.29B	$967.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	86,318	−0.032%	$152.9M	$478.7M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	86,315.6	−0.034%	$45.9M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,310.5	−0.040%	—	$99.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,353.3	+0.009%	$132.8M	$5.57B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0121%	1h	86,345.5	0.000%	$192.4M	$950.9M	100x
Aftermath Perps BTCUSD	+0.0165%	1h	86,442	+0.112%	$76K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0168%	1h	86,388.4	+0.050%	$714K	$8.0M	30x	as long as short
BloFin BTC-USDT	+0.0196%	8h	86,301	−0.051%	$414.7M	$654.0M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0201% / S −0.0214%	1h	86,341.2	−0.005%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0212%	8h	86,319	−0.031%	$9.6M	$759.8M	6.4x	as long as short