Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0738%/8h= +80.8% APRpaid last 24h −4.176%

Price spread now: Binance against Kraken Futures−0.073%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Binance

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

Funding pays, the price is against you. Binance is 0.073% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 8 hours of funding at the current rate (+$22 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IOUSD	0.1519	−0.0638	get 0.0080% / 1h	3m 56s	$39K	$21K	10x
Short	Binance IOUSDT	0.1518	0.0100	get 0.0050% / 4h	1h 03m	$3.0M	$6.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.073%Rate

Funding earned: $154.92
Price spread: −0.073% → 0.000%: −$7.32
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $127.6
Costs to cover: 0.200%
Break-even: 1.2 days

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 5 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 Binance live order book, 5 min ago	3.31 bp	18.3 bp −$18	99.2 bp −$992	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.

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_IOUSDlong	−0.0638%	1h	0.1519	long leg	$39K	$21K	10x
Hyperliquid IO	+0.0100%	1h	0.1517	−0.106%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1517	−0.137%	$6K	$32K	5x	as long as short
Binance IOUSDTshort	+0.0100%	4h	0.1518	−0.073%	$3.0M	$6.5M	50x
Bybit IOUSDT	+0.0100%	4h	0.1514	−0.304%	$1.1M	$876K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1515	−0.212%	$245K	$553K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1515	−0.238%	$1.1M	$233K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1516	−0.172%	$400K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1518	−0.041%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1517	−0.106%	—	$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	0.1510	−0.548%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1516	−0.155%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0148%	4h	0.1515	−0.238%	$194K	$31K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1514	−0.304%	$2K	$106	5.5x	as long as short