Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h −0.018%

Price spread now: Kraken Futures against Gate+0.059%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.059%, 7d avg +0.035%

Together, before fees−0.100%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kraken Futures is 0.024% dearer against Gate than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.035%. Mind the row above: over the last 7 days funding on this pair cost −0.083%, 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 -0.083% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate FIL_USDT	0.9794	0.0100	pay 0.0100% / 8h	5h 48m	$8.1M	$14.2M	50x
Short	Kraken Futures PF_FILUSD	0.9800	0.0290	get 0.0036% / 1h	48m 26s	$1.3M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.059%Rate

Funding earned: $39.83
Price spread: +0.059% → +0.035%: $2.42
Slippage, 4 orders: −$32.97
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$15.72
Costs to cover: 0.580%
Break-even: 9.8 days

Slippage from Gate: live order book, 3 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 Gate live order book, 3 min ago	0.51 bp	13.4 bp −$13	23.5 bp −$235	54.4 bp −$5,442	88.7 bp −$44.4K
Sell Kraken Futures live order book, 3 min ago	3.57 bp	15.7 bp −$16	29.4 bp −$294	doesn't fit	doesn't fit

FIL on 29 exchanges

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	−0.0200%	1h	0.9798	+0.041%	$350K	$2.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9822	+0.282%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9789	−0.054%	$57K	$923	10x	as long as short
Deribit FIL_USDC-PERPETUAL	0.0000%	1h	0.9799	+0.051%	$168K	$7K	25x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	+0.623%	$2K	$240K	12x	as long as short
Bybit FILUSDT	+0.0084%	8h	0.9788	−0.061%	$15.2M	$18.1M	25x	as long as short
Lighter FIL	+0.0096%	1h	0.9788	−0.060%	$143K	$249K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9796	+0.022%	$7.8M	$3.2M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9794	+0.003%	$499K	$300K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9790	−0.041%	$56.6M	$157.0M	75x	as long as short

Show all 29 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0100%	8h	0.9789	−0.051%	$17.1M	$92.5M	50x	as long as short
Gate FIL_USDTlong	+0.0100%	8h	0.9794	long leg	$8.1M	$14.2M	50x
MEXC FIL_USDC	+0.0100%	8h	0.9786	−0.082%	$225K	$90K	50x	as long as short
KuCoin FILUSDTM	+0.0100%	8h	0.9790	−0.041%	$7.1M	$7.5M	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9786	−0.082%	$11.3M	$17.3M	75x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9790	−0.041%	—	$11.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9798	+0.041%	$442K	$268K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9800	+0.066%	$44K	$296K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9820	+0.268%	$292K	$1.8M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9810	+0.163%	$23K	$180K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9803	+0.096%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9790	−0.041%	$3K	$994K	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9795	+0.010%	$472	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9806	+0.123%	$623K	$4.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9790	−0.041%	$1.3M	$2.4M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9789	−0.054%	$690K	$4.2M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9792	−0.020%	$2.7M	$610K	75x	as long as short
Kraken Futures PF_FILUSDshort	+0.0290%	1h	0.9800	+0.059%	$1.3M	$2.1M	50x
GMX FIL/USD [WBTC.b-USDC]	L +0.0594% / S −0.0280%	1h	0.9803	+0.090%	$262K	—	100x	as long as short