Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1965%/8h= −215.1% APRpaid last 24h −0.361%

Price spread now: Gate against Kraken Futures−0.592%7-day average −0.347% · you buy dearer than you sell

Net, funding: paid 7d − costs−$653as in the Funding arb table

Net, price: spread back to 7d avg − costs−$419as in the Price arb table

costs, in and out, $10k−$3953.946% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−2.585%−$259 on $10k

Price spread, last 4 days (all we have)+0.281%+$28 · spread now −0.592%, 7d avg −0.347%

Together, before fees−2.304%−$230 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$59 a day on $10k at the current rate, and Gate is 0.245% cheaper against Kraken Futures than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.347%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IMXUSD	0.1482	0.2065	pay 0.0258% / 1h	30m 11s	$112K	$10K	20x
Short	Gate IMX_USDT	0.1473	0.0100	get 0.0050% / 4h	2h 30m	$630K	$76K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.592%Rate

Funding earned: −$412.6
Price spread: −0.592% → −0.347%: −$24.5
Slippage, 4 orders: −$369.56
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$831.66
Costs to cover: 3.946%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 17 min ago; Gate: live order book, 16 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 Kraken Futures live order book, 17 min ago	54.28 bp	110.1 bp −$110	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 16 min ago	3.37 bp	100.4 bp −$100	171.0 bp −$1,710	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0144%	4h	0.1474	−0.540%	$92K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1477	−0.313%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0024%	1h	0.1476	−0.405%	$26K	$4K	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	+2.242%	$559	$28K	5.5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1476	−0.378%	$3.5M	$5.9M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1474	−0.525%	$3.8M	$2.2M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1476	−0.390%	$924K	$1.6M	20x	as long as short
Gate IMX_USDTshort	+0.0100%	4h	0.1473	−0.592%	$630K	$76K	50x
MEXC IMX_USDT	+0.0100%	4h	0.1478	−0.255%	$2.3M	$608K	125x	as long as short
KuCoin IMXUSDTM	+0.0100%	4h	0.1476	−0.390%	$372K	$165K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget IMXUSDT	+0.0100%	4h	0.1477	−0.322%	$1.3M	$410K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1476	−0.390%	—	$2.9M	—	as long as short
Hyperliquid IMX	+0.0113%	1h	0.1480	−0.120%	$3.4M	$323K	5x	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1475	−0.457%	$183K	$125K	75x	as long as short
Kraken Futures PF_IMXUSDlong	+0.2065%	1h	0.1482	long leg	$112K	$10K	20x