Funding arb · Price arb /

TRB

all TRB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1167%/8h= −127.8% APRpaid last 24h −0.274%

Price spread now: Bybit against Kraken Futures−0.047%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4,456as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4,452as in the Price arb table

costs, in and out, $10k−$4,44444.437% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)+0.473%+$47 · spread now −0.047%, 7d avg +0.037%

Together, before fees+0.353%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Bybit is 0.084% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.2% 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	Kraken Futures PF_TRBUSD	19.485	0.1267	pay 0.0158% / 1h	30m 13s	$104K	$99K	10x
Short	Bybit TRBUSDT	19.476	0.0100	get 0.0050% / 4h	1h 30m	$6.4M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$245.03
Price spread: −0.047% → +0.037%: −$8.4
Slippage, 4 orders: −$4,422.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$4,697.1
Costs to cover: 44.437%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 32 min ago; Bybit: live order book, 3 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 Kraken Futures live order book, 32 min ago	30.78 bp	4343.8 bp −$4,344	18726.6 bp −$187.3K	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.57 bp	23.8 bp −$24	104.5 bp −$1,045	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
BloFin TRB-USDT	+0.0090%	4h	19.437	−0.247%	$372K	$164K	50x	as long as short
Hyperliquid TRB	+0.0100%	1h	19.484	−0.006%	$495K	$251K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.450	−0.183%	$10K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.445	−0.208%	$5.2M	$10.6M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.476	−0.047%	$6.4M	$2.1M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.500	+0.076%	$4.5M	$5.0M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.446	−0.201%	$15.4M	$1.0M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.454	−0.160%	$1.2M	$306K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.497	+0.061%	$1.3M	$1.5M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.482	−0.016%	—	$16.2M	—	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	+0.0283%	4h	19.464	−0.109%	$15K	$4K	—	as long as short
Gate TRB_USDT	+0.0716%	4h	19.490	+0.025%	$613K	$1.8M	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1267%	1h	19.485	long leg	$104K	$99K	10x