Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.6049%/8h= −662.4% APRpaid last 24h −0.712%

Price spread now: Binance against Kraken Futures−0.784%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

Both sides work against this trade now: funding costs −$181 a day on $10k at the current rate, and Binance is 0.784% cheaper against Kraken Futures than usual: you would sell low and buy high (−$78 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_NOTUSD	0.0005083	0.6149	pay 0.0769% / 1h	48m 40s	$49K	$9K	10x
Short	Binance NOTUSDT	0.0005043	0.0100	get 0.0050% / 4h	1h 48m	$2.1M	$3.0M	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 −0.784%Rate

Funding earned: −$1,270.36
Price spread: −0.784% → 0.000%: −$78.41
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$1,368.76
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 2 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, 2 min ago	0.99 bp	17.4 bp −$17	87.5 bp −$875	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.

NOT on 16 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
Variational Omni NOT	−0.0142%	4h	0.0005038	−0.891%	$71K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.109%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0095%	4h	0.0005044	−0.764%	$111K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005053	−0.591%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005050	−0.646%	$369K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005041	−0.831%	$14K	$9K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005043	−0.784%	$2.1M	$3.0M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005037	−0.902%	$2.1M	$805K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005038	−0.882%	$610K	$576K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005040	−0.843%	$140K	$78K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005042	−0.804%	$1.3M	$456K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005042	−0.804%	$493K	$118K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005047	−0.705%	$663K	$382K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005038	−0.882%	—	$723K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005042	−0.798%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.6149%	1h	0.0005083	long leg	$49K	$9K	10x