Funding you earn now, next payment 11:00 UTC+0.0775%/8h= +84.9% APRpaid last 24h +0.253%
Price spread now: Kraken Futures against Bybit+0.598%7-day average +0.228% · you sell dearer than you buy
Net, funding: paid 7d − costs−$345as in the Funding arb table
Net, price: spread back to 7d avg − costs−$333as in the Price arb table
costs, in and out, $10k−$3703.700% of the position
Funding, last 7 days+0.249%+$25 on $10k
+Price spread, last 4 days (all we have)−0.801%−$80 · spread now +0.598%, 7d avg +0.228%
=Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Kraken Futures is 0.370% dearer against Bybit than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.228%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.249% in total (about 13.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit WUSDT | 0.01183 | 0.0100 | pay 0.0050% / 4h | 1h 48m | $4.1M | $1.5M | 50x |
| Short | Kraken Futures PF_WUSD | 0.01190 | 0.0875 | get 0.0109% / 1h | 48m 34s | $148K | $48K | 20x |
Bybit WUSDT
Kraken Futures PF_WUSDFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $162.8
- Price spread: +0.598% → +0.228%
- $37.02
- Slippage, 4 orders
- −$349.01
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$170.19
- Costs to cover
- 3.700%
- Break-even
- 14.3 days
Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 61 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 | 6.33 bp | 28.4 bp −$28 | 130.7 bp −$1,307 | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 61 min ago | 17.39 bp | 53.0 bp −$53 | doesn't fit | doesn't fit | doesn't fit |
W on 17 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0844% | 1h | 0.01187 | +0.397% | $14K | $4K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.232% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01186 | +0.288% | $2.0M | $256K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01185 | +0.194% | $3.0M | $4.6M | 50x | as long as short |
| Bybit WUSDTlong | +0.0100% | 4h | 0.01183 | long leg | $4.1M | $1.5M | 50x | |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01185 | +0.203% | $1.3M | $1.3M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01185 | +0.220% | $433K | $167K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01186 | +0.262% | $12.3M | $1.2M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01185 | +0.203% | $387K | $179K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01186 | +0.288% | $1.3M | $529K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01185 | +0.194% | — | $6.6M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01185 | +0.190% | $69K | $20K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01186 | +0.287% | $127K | $375K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01185 | +0.227% | $61K | $392K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0640% | 1h | 0.01190 | +0.651% | $13K | $11K | 50x | as long as short |
| Kraken Futures PF_WUSDshort | +0.0875% | 1h | 0.01190 | +0.598% | $148K | $48K | 20x | |
| Backpack W_USDC_PERP | +0.0930% | 1h | 0.01188 | +0.448% | $45K | $46K | 15x | as long as short |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP