Funding you earn now, next payment 23:00 UTC−0.0473%/8h= −51.8% APRpaid last 24h −0.015%
Price spread now: OKX against Kraken Futures−0.312%7-day average −0.173% · you buy dearer than you sell
Net, funding: paid 7d − costs−$316as in the Funding arb table
Net, price: spread back to 7d avg − costs−$312as in the Price arb table
costs, in and out, $10k−$2982.981% of the position
Funding, last 7 days−0.175%−$18 on $10k
+Price spread, last 3 days (all we have)+0.555%+$56 · spread now −0.312%, 7d avg −0.173%
=Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and OKX is 0.139% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.173%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.175% in total (about -9.1% 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 | 0.01180 | 0.0397 | pay 0.0050% / 1h | 23m 48s | $146K | $184K | 20x |
| Short | OKX W-USDT-SWAP | 0.01176 | −0.0076 | pay 0.0038% / 4h | 1h 23m | $1.3M | $2.1M | 20x |
Kraken Futures PF_WUSD
OKX W-USDT-SWAPFunding history
latest
Range statsloading…
Price spread between the two exchanges
OKX 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
- −$99.29
- Price spread: −0.312% → −0.173%
- −$13.91
- Slippage, 4 orders
- −$278.14
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee OKX: 5 bp × 2 orders
- −$10
- Net
- −$411.34
- Costs to cover
- 2.981%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 59 min ago; OKX: 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 | 31.42 bp | 191.0 bp −$191 | doesn't fit | doesn't fit | doesn't fit |
| Sell OKX live order book, 3 min ago | 3.40 bp | 27.3 bp −$27 | doesn't fit | 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 | −0.0684% | 1h | 0.01177 | −0.202% | $17K | $1K | 10x | as long as short |
| OKX W-USDT-SWAPshort | −0.0076% | 4h | 0.01176 | −0.312% | $1.3M | $2.1M | 20x | |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.494% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01177 | −0.219% | $2.0M | $426K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01177 | −0.236% | $2.9M | $7.0M | 50x | as long as short |
| Bybit WUSDT | +0.0100% | 4h | 0.01175 | −0.355% | $4.1M | $2.0M | 50x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01175 | −0.355% | $443K | $293K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01177 | −0.244% | $12.8M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01178 | −0.134% | $478K | $246K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01178 | −0.134% | $1.3M | $579K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
Bybit WUSDT
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 | 0.01176 | −0.312% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01175 | −0.409% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01176 | −0.269% | $129K | $385K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01177 | −0.256% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0240% | 1h | 0.01179 | −0.049% | $14K | $17K | 50x | as long as short |
| Backpack W_USDC_PERP | +0.0319% | 1h | 0.01179 | −0.083% | $44K | $47K | 15x | as long as short |
| Kraken Futures PF_WUSDlong | +0.0397% | 1h | 0.01180 | long leg | $146K | $184K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP