Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1911%/8h= −209.3% APRpaid last 24h −0.578%

Price spread now: Kraken Futures against BingX−0.291%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Kraken Futures

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 −$57 a day on $10k at the current rate, and Kraken Futures is 0.291% cheaper against BingX than usual: you would sell low and buy high (−$29 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	BingX S-USDT	0.04376	0.0100	pay 0.0050% / 4h	8m 16s	—	$6.9M	—
Short	Kraken Futures PF_SUSD	0.04363	−0.1811	pay 0.0226% / 1h	8m 16s	$38K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now −0.291%Rate

Funding earned: −$401.3
Price spread: −0.291% → 0.000%: −$29.06
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$450.36
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 9 min ago; Kraken Futures: no order-book sample. 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 BingX live order book, 9 min ago	4.71 bp	23.5 bp −$24	80.1 bp −$801	353.8 bp −$35.4K	682.4 bp −$341.2K
Sell Kraken Futures no order-book sample	—	—	—	—	—

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.

S on 25 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
01 Exchange SUSD	−1.0552%	1h	0.04460	+1.920%	$28K	$2K	5x	as long as short
Kraken Futures PF_SUSDshort	−0.1811%	1h	0.04363	−0.291%	$38K	$20K	10x
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04279	−2.217%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04360	−0.356%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04372	−0.092%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04362	−0.316%	$672	—	150x	as long as short
Variational Omni S	+0.0009%	4h	0.04356	−0.447%	$674K	$7K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−6.307%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0090%	4h	0.04362	−0.320%	$108K	$604K	10x	as long as short
Lighter S	+0.0096%	1h	0.04368	−0.183%	$188K	$143K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04376	+0.007%	$1.1M	$635K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04366	−0.234%	$47K	$150K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04367	−0.206%	$6.3M	$15.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04364	−0.274%	$6.3M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04369	−0.160%	$1.2M	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04375	−0.023%	$353K	$204K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04372	−0.091%	$4.5M	$2.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04362	−0.320%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04374	−0.046%	$1.3M	$2.5M	50x	as long as short
BingX S-USDTlong	+0.0100%	4h	0.04376	long leg	—	$6.9M	—
ApeX Omni SUSDT	+0.0100%	1h	0.04360	−0.366%	$25K	$504K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04357	−0.423%	$241K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04353	−0.526%	$292K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0666%	1h	0.04371	−0.114%	$73K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0977%	1h	0.04380	+0.091%	$106K	$467K	5x	as long as short