Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0345%/8h= −37.8% APRpaid last 24h −0.939%

Price spread now: Gate against Kraken Futures−0.264%51s7-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 Gate

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 −$10 a day on $10k at the current rate, and Gate is 0.264% cheaper against Kraken Futures than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 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_NOTUSD	0.0005033	0.0445	pay 0.0056% / 1h	15m 26s	$49K	$5K	10x
Short	Gate NOT_USDT	0.0005020	0.0100	get 0.0050% / 4h	15m 26s	$139K	$55K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.264%Rate

Funding earned: −$72.45
Price spread: −0.264% → 0.000%: −$26.35
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$123.8
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: live order book, 15 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 Gate live order book, 15 min ago	9.96 bp	52.1 bp −$52	doesn't fit	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
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.164%	$1K	$13K	5.5x	as long as short
Variational Omni NOT	+0.0061%	4h	0.0005018	−0.309%	$71K	$38K	—	as long as short
BloFin NOT-USDT	+0.0089%	4h	0.0005020	−0.264%	$109K	$18K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005035	+0.034%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005020	−0.264%	$339K	$65K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005028	−0.115%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005026	−0.144%	$2.1M	$2.9M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005020	−0.264%	$2.1M	$824K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005027	−0.124%	$643K	$654K	20x	as long as short
Gate NOT_USDTshort	+0.0100%	4h	0.0005020	−0.264%	$139K	$55K	50x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005026	−0.144%	$1.3M	$466K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005019	−0.283%	$492K	$134K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005020	−0.264%	$674K	$471K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005024	−0.184%	—	$8.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005024	−0.183%	$4K	—	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.0445%	1h	0.0005033	long leg	$49K	$5K	10x