Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.073%

Price spread now: Kraken Futures against HTX+0.035%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1091.095% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.062%−$6 · spread now +0.035%, 7d avg +0.064%

Together, before fees−0.066%−$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.028% cheaper against HTX than usual: you would sell low and buy high (spread +0.035% now, against its 7-day average of +0.064%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$9 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.004% in total (about -0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX OP-USDT	0.1263	0.0100	pay 0.0100% / 8h	7h 26m	$174K	$234K	50x
Short	Kraken Futures PF_OPUSD	0.1263	0.0384	get 0.0048% / 1h	26m 37s	$797K	$754K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now +0.035%Rate

Funding earned: $59.68
Price spread: +0.035% → +0.064%: −$2.85
Slippage, 4 orders: −$87.45
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$52.63
Costs to cover: 1.095%
Break-even: 13.2 days

Slippage from HTX: live order book, 45 min ago; Kraken Futures: live order book, 47 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 HTX live order book, 45 min ago	7.85 bp	16.8 bp −$17	2713.4 bp −$27.1K	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 47 min ago	14.13 bp	29.7 bp −$30	69.8 bp −$698	doesn't fit	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1656%	1h	0.1255	−0.618%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1262	−0.062%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.459%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	+0.158%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.063%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	−0.063%	—	—	150x	as long as short
Variational Omni OP	+0.0048%	8h	0.1260	−0.225%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1262	−0.063%	$6K	$48K	10x	as long as short
Bybit OPUSDT	+0.0095%	8h	0.1267	+0.325%	$18.4M	$25.9M	75x	as long as short
Lighter OP	+0.0096%	1h	0.1265	+0.174%	$284K	$949K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1264	+0.127%	$4.0M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1264	+0.064%	$211K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1267	+0.367%	$20.5M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1267	+0.325%	$6.2M	$30.0M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1266	+0.261%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1266	+0.222%	$20.1M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	+0.253%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1268	+0.412%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1267	+0.333%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1262	−0.063%	$121K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1259	−0.339%	$4K	$393K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	−0.196%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1259	−0.301%	$43K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.048%	$172	$6K	5x	as long as short
HTX OP-USDTlong	+0.0100%	8h	0.1263	long leg	$174K	$234K	50x
Extended OP-USD	+0.0104%	1h	0.1266	+0.267%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1263	−0.024%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1262	−0.103%	$1.0M	$275K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0384%	1h	0.1263	+0.035%	$797K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1262	−0.089%	$702	—	20x	as long as short