Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1355%/8h= +148.4% APRpaid last 24h +0.508%

Price spread now: Bitget against Kraken Futures+0.120%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Bitget

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 for this trade now. Funding pays +$41 a day on $10k at the current rate, and Bitget is 0.120% dearer against Kraken Futures than usual: you sell high and buy low: +$12 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.04036	−0.1255	get 0.0157% / 1h	43m 42s	$34K	$23K	10x
Short	Bitget SUSDT	0.04041	0.0100	get 0.0050% / 4h	2h 43m	$1.2M	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.120%Rate

Funding earned: $284.61
Price spread: +0.120% → 0.000%: $12.04
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: $274.65
Costs to cover: 0.220%
Break-even: 0.2 days

Slippage unknown: Kraken Futures: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	7.47 bp	18.0 bp −$18	100.2 bp −$1,002	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.

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	−0.9000%	1h	0.03840	−4.860%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−2.233%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSDlong	−0.1255%	1h	0.04036	long leg	$34K	$23K	10x
Variational Omni S	−0.0553%	4h	0.04015	−0.514%	$624K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04037	+0.014%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04036	0.000%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04037	+0.022%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.582%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0040%	4h	0.04038	+0.046%	$102K	$326K	10x	as long as short
Lighter S	+0.0096%	1h	0.04044	+0.195%	$166K	$165K	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	0.04043	+0.170%	$1.0M	$611K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04042	+0.146%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04040	+0.095%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04033	−0.078%	$5.8M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04038	+0.046%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04036	−0.003%	$332K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04040	+0.096%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04039	+0.071%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.04041	+0.120%	$1.2M	$2.4M	50x
BingX S-USDT	+0.0100%	4h	0.04037	+0.021%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.400%	$26K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04037	+0.021%	$226K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	−0.301%	$272K	$122K	75x	as long as short
Backpack S_USDC_PERP	+0.0875%	1h	0.04040	+0.096%	$119K	$335K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0988%	1h	0.04043	+0.170%	$68K	$10K	10x	as long as short