Funding you earn now, next payment 07:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.227%
Price spread now: Bybit against Kraken Futures+0.068%7-day average +0.128% · you sell dearer than you buy
Net, funding: paid 7d − costs−$189as in the Funding arb table
Net, price: spread back to 7d avg − costs−$170as in the Price arb table
costs, in and out, $10k−$1641.638% of the position
Funding, last 7 days−0.256%−$26 on $10k
+Price spread, last 4 days (all we have)+0.205%+$21 · spread now +0.068%, 7d avg +0.128%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.060% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.128%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_USUALUSD | 0.01386 | 0.0140 | pay 0.0018% / 1h | 47m 44s | $110K | $19K | 10x |
| Short | Bybit USUALUSDT | 0.01387 | 0.0100 | get 0.0050% / 4h | 1h 47m | $1.0M | $785K | 25x |
Kraken Futures PF_USUALUSD
Bybit USUALUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$8.45
- Price spread: +0.068% → +0.128%
- −$6.04
- Slippage, 4 orders
- −$142.76
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$178.25
- Costs to cover
- 1.638%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 59 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, 59 min ago | 38.80 bp | 43.8 bp −$44 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 4.31 bp | 36.7 bp −$37 | 276.7 bp −$2,767 | doesn't fit | doesn't fit |
USUAL on 11 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 USUAL/USDC PERP | −0.5000% | 1h | 0.01384 | −0.163% | $6K | $3K | 5.5x | as long as short |
| Hyperliquid USUAL | +0.0100% | 1h | 0.01387 | +0.053% | $394K | $187K | 3x | as long as short |
| Binance USUALUSDT | +0.0100% | 4h | 0.01386 | −0.017% | $2.2M | $3.2M | 50x | as long as short |
| Bybit USUALUSDTshort | +0.0100% | 4h | 0.01387 | +0.068% | $1.0M | $785K | 25x | |
| Gate USUAL_USDT | +0.0100% | 8h | 0.01388 | +0.126% | $939K | $107K | 50x | as long as short |
| MEXC USUAL_USDT | +0.0100% | 4h | 0.01386 | −0.004% | $6.1M | $261K | 100x | as long as short |
| KuCoin USUALUSDTM | +0.0100% | 4h | 0.01387 | +0.053% | $266K | $65K | 20x | as long as short |
| Bitget USUALUSDT | +0.0100% | 4h | 0.01388 | +0.126% | $803K | $405K | 50x | as long as short |
| BingX USUAL-USDT | +0.0100% | 4h | 0.01388 | +0.126% | — | $1.2M | — | as long as short |
| Variational Omni USUAL | +0.0100% | 4h | 0.01392 | +0.426% | $10K | $1K | — | as long as short |
Injective USUAL/USDC PERP
Hyperliquid USUAL
Binance USUALUSDT
Gate USUAL_USDT
MEXC USUAL_USDT
KuCoin USUALUSDTM
Bitget USUALUSDT
BingX USUAL-USDT
Variational Omni USUALShow all 11 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kraken Futures PF_USUALUSDlong | +0.0140% | 1h | 0.01386 | long leg | $110K | $19K | 10x |