Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.6196%/8h= −678.5% APRpaid last 24h −5.028%

Price spread now: BingX against Kraken Futures−0.276%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 BingX

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 −$186 a day on $10k at the current rate, and BingX is 0.276% cheaper against Kraken Futures than usual: you would sell low and buy high (−$28 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	Kraken Futures PF_IOUSD	0.1489	0.6296	pay 0.0787% / 1h	5m 58s	$51K	$19K	10x
Short	BingX IO-USDT	0.1485	0.0100	get 0.0050% / 4h	1h 05m	—	$1.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.276%Rate

Funding earned: −$1,301.15
Price spread: −0.276% → 0.000%: −$27.57
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$1,348.72
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BingX: live order book, 3 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 BingX live order book, 3 min ago	6.74 bp	29.5 bp −$29	77.2 bp −$772	472.1 bp −$47.2K	603.0 bp −$301.5K

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 exchanges

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
BloFin IO-USDT	+0.0081%	4h	0.1485	−0.276%	$189K	$29K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1485	−0.276%	$994K	$276K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1486	−0.236%	$23K	$42K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1485	−0.261%	$2.9M	$4.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1483	−0.410%	$1.1M	$531K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1485	−0.296%	$213K	$412K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1483	−0.410%	$1.2M	$213K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1483	−0.410%	$336K	$190K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1486	−0.209%	$1.3M	$831K	50x	as long as short
BingX IO-USDTshort	+0.0100%	4h	0.1485	−0.276%	—	$1.3M	—

Show all 14 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1480	−0.637%	$28K	$20K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1485	−0.293%	$728	$205K	5x	as long as short
Injective IO/USDC PERP	+0.0452%	1h	0.1494	+0.329%	$2K	$189	5.5x	as long as short
Kraken Futures PF_IOUSDlong	+0.6296%	1h	0.1489	long leg	$51K	$19K	10x