Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.015%

Price spread now: Kraken Futures against Bybit+0.179%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$730.735% 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−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now +0.179%, 7d avg +0.065%

Together, before fees−0.175%−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.114% dearer against Bybit than usual: you sell high and buy low (spread +0.179% now, against its 7-day average of +0.065%): +$11 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.058% in total) that is about 14 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% 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	Bybit FILUSDT	0.9941	0.0100	pay 0.0100% / 8h	6h 39m	$15.8M	$19.1M	25x
Short	Kraken Futures PF_FILUSD	0.9959	−0.0192	pay 0.0024% / 1h	39m 50s	$1.4M	$2.4M	50x

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 +0.179%Rate

Funding earned: −$61.35
Price spread: +0.179% → +0.065%: $11.41
Slippage, 4 orders: −$52.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$123.42
Costs to cover: 0.735%
Break-even: never at this rate

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	0.50 bp	16.2 bp −$16	36.9 bp −$369	130.0 bp −$13.0K	doesn't fit
Sell Kraken Futures live order book, 4 min ago	6.96 bp	24.7 bp −$25	43.1 bp −$431	doesn't fit	doesn't fit

FIL on 29 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
Coinbase International FIL-PERP-INTX	−0.0296%	1h	0.9906	−0.352%	$362K	$2.1M	50x	as long as short
Kraken Futures PF_FILUSDshort	−0.0192%	1h	0.9959	+0.179%	$1.4M	$2.4M	50x
OKX FIL-USDT-SWAP	−0.0061%	8h	0.9940	−0.010%	$18.4M	$100.2M	50x	as long as short
KuCoin FILUSDTM	−0.0048%	8h	0.9934	−0.070%	$7.4M	$7.3M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9919	−0.223%	$36K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9907	−0.342%	$58K	$2K	10x	as long as short
Deribit FIL_USDC-PERPETUAL	0.0000%	1h	0.9940	−0.010%	$171K	$23K	25x	as long as short
Extended FIL-USD	+0.0024%	1h	0.9936	−0.047%	$695K	$3.3M	10x	as long as short
Binance FILUSDT	+0.0028%	8h	0.9940	−0.010%	$57.6M	$183.7M	75x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	−0.865%	$2K	$240K	12x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate FIL_USDT	+0.0051%	8h	0.9940	−0.010%	$8.3M	$16.1M	50x	as long as short
MEXC FIL_USDC	+0.0070%	8h	0.9937	−0.040%	$244K	$104K	50x	as long as short
BloFin FIL-USDT	+0.0093%	8h	0.9993	+0.523%	$2.7M	$610K	75x	as long as short
Lighter FIL	+0.0096%	1h	0.9942	+0.006%	$157K	$345K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9940	−0.014%	$8.5M	$9.5M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9933	−0.078%	$507K	$605K	20x	as long as short
Bybit FILUSDTlong	+0.0100%	8h	0.9941	long leg	$15.8M	$19.1M	25x
Bitget FILUSDT	+0.0100%	8h	0.9940	−0.010%	$11.0M	$22.2M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9936	−0.050%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9940	−0.010%	$449K	$269K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	1.0032	+0.911%	$46K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9960	+0.186%	$297K	$849K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	1.0050	+1.096%	$30K	$193K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9920	−0.209%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9940	−0.010%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9945	+0.040%	$490	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9958	+0.171%	$645K	$5.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9940	−0.010%	$1.1M	$2.3M	50x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0571% / S −0.0237%	1h	0.9916	−0.247%	$264K	—	100x	as long as short