Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1840%/8h= −201.5% APRpaid last 24h −0.921%

Price spread now: OKX against Kraken Futures−0.201%45s7-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 OKX

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 −$55 a day on $10k at the current rate, and OKX is 0.201% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 45 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	0.0005041	0.1940	pay 0.0242% / 1h	41m 25s	$49K	$9K	10x
Short	OKX NOT-USDT-SWAP	0.0005031	0.0100	get 0.0050% / 4h	1h 41m	$639K	$708K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.201%Rate

Funding earned: −$386.36
Price spread: −0.201% → 0.000%: −$20.09
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$426.45
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 65 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 OKX live order book, 65 min ago	2.98 bp	39.6 bp −$40	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
Variational Omni NOT	−0.0049%	4h	0.0005015	−0.526%	$71K	$38K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.315%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0060%	4h	0.0005031	−0.201%	$109K	$18K	50x	as long as short
KuCoin NOTUSDTM	+0.0072%	4h	0.0005028	−0.260%	$478K	$136K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005040	−0.016%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005020	−0.419%	$338K	$69K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005032	−0.177%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005031	−0.201%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005025	−0.320%	$2.1M	$888K	25x	as long as short
OKX NOT-USDT-SWAPshort	+0.0100%	4h	0.0005031	−0.201%	$639K	$708K	20x

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005030	−0.221%	$139K	$57K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005030	−0.221%	$1.3M	$437K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005033	−0.161%	$673K	$502K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005029	−0.241%	—	$730K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005030	−0.228%	$4K	—	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.1940%	1h	0.0005041	long leg	$49K	$9K	10x