Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0741%/8h= −81.1% APRpaid last 24h +4.176%

Price spread now: Kraken Futures against Bybit+0.231%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

The price spread pays, funding is against you. Kraken Futures is 0.231% dearer against Bybit than usual: you sell high and buy low (spread +0.231% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1508	0.0100	pay 0.0050% / 4h	1h 46m	$1.1M	$867K	25x
Short	Kraken Futures PF_IOUSD	0.1512	−0.0641	pay 0.0080% / 1h	46m 44s	$39K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.231%Rate

Funding earned: −$155.53
Price spread: +0.231% → 0.000%: $23.14
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$153.4
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	6.63 bp	104.6 bp −$105	478.8 bp −$4,788	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.

IO on 14 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_IOUSDshort	−0.0641%	1h	0.1512	+0.231%	$39K	$21K	10x
Hyperliquid IO	+0.0100%	1h	0.1511	+0.172%	$1.0M	$389K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1511	+0.170%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1511	+0.203%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1508	long leg	$1.1M	$867K	25x
Gate IO_USDT	+0.0100%	4h	0.1510	+0.099%	$231K	$526K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1510	+0.119%	$1.2M	$227K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1510	+0.119%	$401K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1511	+0.186%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1511	+0.186%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1509	+0.045%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1511	+0.209%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0118%	4h	0.1509	+0.053%	$193K	$30K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1509	+0.053%	$2K	$102	5.5x	as long as short