Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.824%

Price spread now: Bybit against Kraken Futures+0.532%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Bybit is 0.532% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.532% now, against zero (this spread has no 7-day history yet)): +$53 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 13 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08268	0.0240	pay 0.0030% / 1h	32m 33s	$3K	$19K	10x
Short	Bybit INITUSDT	0.08312	0.0100	get 0.0050% / 4h	1h 32m	$1.4M	$1.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.532%Rate

Funding earned: −$29.41
Price spread: +0.532% → 0.000%: $53.21
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $2.8
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 4 min ago. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	6.03 bp	47.5 bp −$47	154.7 bp −$1,547	doesn't fit	doesn't fit

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

INIT on 13 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
Hyperliquid INIT	+0.0100%	1h	0.08316	+0.582%	$303K	$229K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08314	+0.551%	$27K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08315	+0.568%	$3.4M	$3.7M	25x	as long as short
Bybit INITUSDTshort	+0.0100%	4h	0.08312	+0.532%	$1.4M	$1.5M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08325	+0.689%	$137K	$668K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08308	+0.484%	$84K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08319	+0.617%	$451K	$210K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08311	+0.520%	$330K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08314	+0.556%	$431K	$312K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08315	+0.568%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08280	+0.144%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0153%	4h	0.08318	+0.605%	$152K	$112K	25x	as long as short
Kraken Futures PF_INITUSDlong	+0.0240%	1h	0.08268	long leg	$3K	$19K	10x