Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0363%/8h= +39.8% APRpaid last 24h +0.079%

Price spread now: Kraken Futures against KuCoin+0.125%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1191.187% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now +0.125%, 7d avg +0.098%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Kraken Futures is 0.027% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.098%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.008% in total (about 0.4% 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	KuCoin OPUSDTM	0.1257	0.0100	pay 0.0100% / 8h	6h 36m	$2.9M	$7.0M	75x
Short	Kraken Futures PF_OPUSD	0.1259	0.0463	get 0.0058% / 1h	36m 08s	$795K	$605K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.125%Rate

Funding earned: $76.33
Price spread: +0.125% → +0.098%: $2.73
Slippage, 4 orders: −$96.74
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$39.68
Costs to cover: 1.187%
Break-even: 10.6 days

Slippage from KuCoin: live order book, 7 min ago; Kraken Futures: live order book, 32 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 KuCoin live order book, 7 min ago	4.00 bp	36.1 bp −$36	87.7 bp −$877	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 32 min ago	6.66 bp	26.1 bp −$26	77.9 bp −$779	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	−0.1535%	1h	0.1250	−0.557%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1259	+0.123%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.750%	$25K	$76K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1256	−0.111%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1258	+0.080%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1259	+0.133%	—	—	150x	as long as short
Variational Omni OP	+0.0052%	8h	0.1257	+0.036%	$223K	$51K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1258	+0.080%	$6K	$48K	10x	as long as short
OKX OP-USDT-SWAP	+0.0091%	8h	0.1257	0.000%	$6.0M	$30.0M	50x	as long as short
Lighter OP	+0.0096%	1h	0.1259	+0.151%	$280K	$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	0.1259	+0.127%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1258	+0.088%	$210K	$229K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1258	+0.063%	$20.2M	$62.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1257	−0.016%	$18.3M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1258	+0.088%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1258	+0.088%	$20.5M	$7.4M	300x	as long as short
KuCoin OPUSDTMlong	+0.0100%	8h	0.1257	long leg	$2.9M	$7.0M	75x
Bitget OPUSDT	+0.0100%	8h	0.1258	+0.080%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1258	+0.080%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	+0.032%	$124K	$206K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1251	−0.507%	$4K	$390K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1253	−0.318%	$309K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1251	−0.477%	$43K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1258	+0.056%	$172	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1256	−0.048%	$173K	$233K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1258	+0.082%	$103K	$393K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	+0.077%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1261	+0.326%	$1.0M	$276K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1257	+0.032%	$699	—	20x	as long as short
Kraken Futures PF_OPUSDshort	+0.0463%	1h	0.1259	+0.125%	$795K	$605K	20x