Funding you earn now, next payment 07:00 UTC−0.1446%/8h= −158.3% APRpaid last 24h −0.163%
Price spread now: Bybit against Kraken Futures−0.193%7-day average −0.222% · you buy dearer than you sell
Net, funding: paid 7d − costs−$209as in the Funding arb table
Net, price: spread back to 7d avg − costs−$184as in the Price arb table
costs, in and out, $10k−$1871.872% of the position
Funding, last 7 days−0.216%−$22 on $10k
+Price spread, last 4 days (all we have)+0.310%+$31 · spread now −0.193%, 7d avg −0.222%
=The price spread pays, funding is against you. Bybit is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.193% now, against its 7-day average of −0.222%): +$3 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.216% in total) that is about 23 hours.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.216% in total (about -11.2% 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_WUSD | 0.01191 | 0.1546 | pay 0.0193% / 1h | 50m 40s | $148K | $188K | 20x |
| Short | Bybit WUSDT | 0.01188 | 0.0100 | get 0.0050% / 4h | 1h 50m | $4.2M | $1.6M | 50x |
Kraken Futures PF_WUSD
Bybit WUSDTFunding 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
- −$303.63
- Price spread: −0.193% → −0.222%
- $2.91
- Slippage, 4 orders
- −$166.23
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$487.96
- Costs to cover
- 1.872%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 57 min ago; Bybit: live order book, 2 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, 57 min ago | 14.07 bp | 78.0 bp −$78 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 2 min ago | 3.37 bp | 32.2 bp −$32 | 128.1 bp −$1,281 | doesn't fit | doesn't fit |
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | 0.0000% | 1h | 0.01189 | −0.159% | $14K | $3K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.546% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01190 | −0.050% | $2.0M | $287K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01190 | −0.053% | $3.0M | $5.4M | 50x | as long as short |
| Bybit WUSDTshort | +0.0100% | 4h | 0.01188 | −0.193% | $4.2M | $1.6M | 50x | |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01190 | −0.050% | $1.3M | $1.6M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01186 | −0.411% | $431K | $230K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01190 | −0.058% | $12.5M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01189 | −0.134% | $398K | $196K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01191 | +0.034% | $1.3M | $585K | 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 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01190 | −0.067% | — | $6.7M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01186 | −0.428% | $72K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01190 | −0.030% | $126K | $382K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01190 | −0.079% | $60K | $146K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0304% | 1h | 0.01196 | +0.462% | $14K | $14K | 50x | as long as short |
| Backpack W_USDC_PERP | +0.1207% | 1h | 0.01190 | −0.016% | $44K | $39K | 15x | as long as short |
| Kraken Futures PF_WUSDlong | +0.1546% | 1h | 0.01191 | long leg | $148K | $188K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP