Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−1.2463%/8h= −1364.7% APRpaid last 24h −4.181%

Price spread now: BloFin against Kraken Futures−0.178%57s7-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 BloFin

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 −$374 a day on $10k at the current rate, and BloFin is 0.178% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IOUSD	0.1517	1.2575	pay 0.1572% / 1h	42m 01s	$39K	$19K	10x
Short	BloFin IO-USDT	0.1514	0.0112	get 0.0056% / 4h	42m 01s	$194K	$31K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$2,617.18
Price spread: −0.178% → 0.000%: −$17.78
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$2,656.97
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BloFin: live order book, 28 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 BloFin live order book, 28 min ago	3.31 bp	29.5 bp −$29	68.8 bp −$688	493.4 bp −$49.3K	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
Injective IO/USDC PERP	−0.0159%	1h	0.1521	+0.284%	$2K	$103	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1516	−0.053%	$1.0M	$387K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1518	+0.064%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1516	−0.037%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1514	−0.211%	$1.1M	$876K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1516	−0.033%	$245K	$548K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1514	−0.178%	$1.1M	$225K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1515	−0.112%	$385K	$663K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1516	−0.046%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1515	−0.112%	—	$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	0.1514	−0.190%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1516	−0.065%	$5K	$171K	5x	as long as short
BloFin IO-USDTshort	+0.0112%	4h	0.1514	−0.178%	$194K	$31K	50x
Kraken Futures PF_IOUSDlong	+1.2575%	1h	0.1517	long leg	$39K	$19K	10x