Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1458%/8h= +159.7% APRpaid last 24h +0.370%

Price spread now: Kraken Futures against Bybit+0.099%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4,554as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,565as in the Price arb table

costs, in and out, $10k−$4,57945.788% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.245%+$25 on $10k

Price spread, last 4 days (all we have)−0.180%−$18 · spread now +0.099%, 7d avg −0.039%

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

Both sides work for this trade now. Funding pays +$44 a day on $10k at the current rate, and Kraken Futures is 0.138% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.245% in total (about 12.8% 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	Bybit TRBUSDT	19.215	0.0100	pay 0.0050% / 4h	1h 16m	$6.3M	$2.2M	50x
Short	Kraken Futures PF_TRBUSD	19.234	0.1558	get 0.0195% / 1h	16m 23s	$103K	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.099%Rate

Funding earned: $306.23
Price spread: +0.099% → −0.039%: $13.76
Slippage, 4 orders: −$4,557.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$4,258.83
Costs to cover: 45.788%
Break-even: 104.4 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 26 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 Bybit live order book, 2 min ago	1.82 bp	30.5 bp −$31	122.0 bp −$1,220	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 26 min ago	10.42 bp	41.3 bp −$41	doesn't fit	doesn't fit	doesn't fit

TRB on 13 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
Hyperliquid TRB	+0.0100%	1h	19.190	−0.130%	$477K	$275K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.192	−0.120%	$7K	$25K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.183	−0.167%	$5.0M	$11.9M	50x	as long as short
Bybit TRBUSDTlong	+0.0100%	4h	19.215	long leg	$6.3M	$2.2M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.190	−0.130%	$4.4M	$5.4M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.210	−0.026%	$564K	$2.2M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.180	−0.182%	$15.5M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.208	−0.036%	$1.2M	$334K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.206	−0.047%	$1.3M	$1.6M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.187	−0.146%	—	$5.1M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0111%	4h	19.271	+0.292%	$17K	$6K	—	as long as short
BloFin TRB-USDT	+0.0119%	4h	19.196	−0.099%	$353K	$167K	50x	as long as short
Kraken Futures PF_TRBUSDshort	+0.1558%	1h	19.234	+0.099%	$103K	$51K	10x