Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h +0.709%

Price spread now: Kraken Futures against OKX−0.094%7-day average — · you buy dearer than you sell

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

Long on OKX Short on Kraken Futures

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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Kraken Futures is 0.094% cheaper against OKX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX INIT-USDT-SWAP	0.08355	0.0100	pay 0.0050% / 4h	17m 44s	$140K	$480K	10x
Short	Kraken Futures PF_INITUSD	0.08347	−0.0245	pay 0.0031% / 1h	17m 44s	$5K	$17K	10x

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 −0.094%Rate

Funding earned: −$72.55
Price spread: −0.094% → 0.000%: −$9.37
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$101.92
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 18 min ago; Kraken Futures: no order-book sample. 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 OKX live order book, 18 min ago	6.57 bp	52.1 bp −$52	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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
Kraken Futures PF_INITUSDshort	−0.0245%	1h	0.08347	−0.094%	$5K	$17K	10x
Hyperliquid INIT	+0.0100%	1h	0.08356	+0.006%	$311K	$140K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08352	−0.041%	$28K	$8K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08356	+0.015%	$3.4M	$2.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08334	−0.251%	$1.4M	$1.2M	25x	as long as short
OKX INIT-USDT-SWAPlong	+0.0100%	4h	0.08355	long leg	$140K	$480K	10x
Gate INIT_USDT	+0.0100%	8h	0.08340	−0.180%	$82K	$21K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08356	+0.012%	$443K	$171K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08342	−0.156%	$324K	$40K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08337	−0.215%	$434K	$231K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX INIT-USDT	+0.0100%	4h	0.08342	−0.156%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08326	−0.347%	$26K	$11K	—	as long as short
BloFin INIT-USDT	+0.0146%	4h	0.08349	−0.072%	$153K	$46K	25x	as long as short