Funding arb · Price arb /

KAS

all KAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0962%/8h= −105.4% APRpaid last 24h −0.093%

Price spread now: Bybit against Kraken Futures−0.129%7-day average −0.227% · you buy dearer than you sell

Net, funding: paid 7d − costs−$263as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$1061.062% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.565%−$157 on $10k

Price spread, last 4 days (all we have)−0.393%−$39 · spread now −0.129%, 7d avg −0.227%

Together, before fees−1.958%−$196 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.099% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.129% now, against its 7-day average of −0.227%): +$10 on $10k if it goes back. Holding the pair costs −$29 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_KASUSD	0.04270	0.1062	pay 0.0133% / 1h	13m 47s	$304K	$495K	20x
Short	Bybit KASUSDT	0.04264	0.0100	get 0.0050% / 4h	13m 47s	$10.8M	$7.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$202.07
Price spread: −0.129% → −0.227%: $9.85
Slippage, 4 orders: −$85.22
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$298.44
Costs to cover: 1.062%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 24 min ago; Bybit: live order book, 4 min ago.

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 live order book, 24 min ago	7.00 bp	34.7 bp −$35	300.4 bp −$3,004	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.34 bp	16.0 bp −$16	59.4 bp −$594	doesn't fit	doesn't fit

KAS on 15 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
gTrade (Gains Network) KAS/USD	L +0.0010% / S −0.0008%	1h	0.04265	−0.101%	$14K	—	150x	as long as short
Injective KAS/USDC PERP	+0.0033%	1h	0.04361	+2.143%	$45	$154K	5.5x	as long as short
Aster KASUSDT	+0.0100%	4h	0.04272	+0.057%	$251K	$128K	20x	as long as short
Binance KASUSDT	+0.0100%	4h	0.04272	+0.051%	$4.0M	$12.6M	75x	as long as short
Bybit KASUSDTshort	+0.0100%	4h	0.04264	−0.129%	$10.8M	$7.7M	50x
Gate KAS_USDT	+0.0100%	8h	0.04266	−0.082%	$2.1M	$1.8M	75x	as long as short
MEXC KAS_USDT	+0.0100%	4h	0.04272	+0.059%	$29.3M	$5.3M	200x	as long as short
KuCoin KASUSDTM	+0.0100%	4h	0.04272	+0.056%	$4.4M	$7.1M	50x	as long as short
Bitget KASUSDT	+0.0100%	4h	0.04267	−0.059%	$11.7M	$3.1M	50x	as long as short
BingX KAS-USDT	+0.0100%	4h	0.04266	−0.082%	—	$53.7M	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni KAS	+0.0100%	4h	0.04263	−0.144%	$23K	$24K	—	as long as short
GMX KAS/USD [WBTC.b-USDC]	L +0.0282% / S −0.1996%	1h	0.04259	−0.246%	$11K	—	100x	as long as short
BloFin KAS-USDT	+0.0340%	4h	0.04266	−0.082%	$359K	$292K	75x	as long as short
Hyperliquid KAS	+0.0579%	1h	0.04274	+0.117%	$2.7M	$1.0M	3x	as long as short
Kraken Futures PF_KASUSDlong	+0.1062%	1h	0.04270	long leg	$304K	$495K	20x