Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.012%

Price spread now: Kraken Futures against OKX+0.195%55s7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$490.492% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.195%, 7d avg +0.074%

Together, before fees−0.140%−$14 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 0.121% dearer against OKX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.074%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.039% in total (about -2.0% 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	OKX FIL-USDT-SWAP	0.9797	0.0100	pay 0.0100% / 8h	5h 45m	$17.1M	$91.9M	50x
Short	Kraken Futures PF_FILUSD	0.9816	0.0289	get 0.0036% / 1h	45m 23s	$1.3M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.195%Rate

Funding earned: $39.73
Price spread: +0.195% → +0.074%: $12.06
Slippage, 4 orders: −$29.21
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $2.58
Costs to cover: 0.492%
Break-even: 6.5 days

Slippage from OKX: live order book, 2 min ago; Kraken Futures: live order book, 1 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 OKX live order book, 2 min ago	0.51 bp	8.0 bp −$8	13.7 bp −$137	98.9 bp −$9,895	doesn't fit
Sell Kraken Futures live order book, 1 min ago	3.06 bp	16.8 bp −$17	30.7 bp −$307	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	0.9815	+0.184%	$333K	$2.1M	50x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9803	+0.061%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9797	+0.003%	$57K	$923	10x	as long as short
Deribit FIL_USDC-PERPETUAL	0.0000%	1h	0.9819	+0.225%	$168K	$7K	25x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9855	+0.592%	$2K	$240K	12x	as long as short
Bybit FILUSDT	+0.0086%	8h	0.9797	0.000%	$15.2M	$18.0M	25x	as long as short
Lighter FIL	+0.0096%	1h	0.9797	−0.005%	$143K	$249K	5x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9805	+0.079%	$7.8M	$3.2M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9803	+0.063%	$500K	$300K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9800	+0.031%	$56.7M	$156.4M	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-SWAPlong	+0.0100%	8h	0.9797	long leg	$17.1M	$91.9M	50x
Gate FIL_USDT	+0.0100%	8h	0.9798	+0.010%	$8.1M	$14.2M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9798	+0.010%	$225K	$90K	50x	as long as short
KuCoin FILUSDTM	+0.0100%	8h	0.9801	+0.041%	$7.1M	$7.5M	50x	as long as short
Bitget FILUSDT	+0.0100%	8h	0.9799	+0.020%	$11.4M	$17.3M	75x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9799	+0.020%	—	$6.5M	—	as long as short
Variational Omni FIL	+0.0100%	8h	0.9809	+0.122%	$442K	$268K	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9799	+0.018%	$44K	$296K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9799	+0.022%	$285K	$1.8M	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9810	+0.133%	$23K	$180K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9811	+0.142%	$4K	$798	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9810	+0.133%	$3K	$990K	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9814	+0.174%	$473	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9820	+0.235%	$625K	$4.8M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9810	+0.133%	$1.3M	$2.4M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9800	+0.030%	$690K	$4.2M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9788	−0.092%	$2.7M	$609K	75x	as long as short
Kraken Futures PF_FILUSDshort	+0.0289%	1h	0.9816	+0.195%	$1.3M	$2.1M	50x
GMX FIL/USD [WBTC.b-USDC]	L +0.0594% / S −0.0280%	1h	0.9800	+0.026%	$262K	—	100x	as long as short