Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0629%/8h= −68.9% APRpaid last 24h −0.001%

Price spread now: Kraken Futures against BingX+0.106%7-day average +0.139% · you sell dearer than you buy

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$850.845% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now +0.106%, 7d avg +0.139%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.032% cheaper against BingX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.139%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.110% in total (about -5.8% 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	BingX XTZ-USDT	0.3413	0.0036	pay 0.0018% / 4h	1h 04m	—	$1.1M	—
Short	Kraken Futures PF_XTZUSD	0.3417	−0.0593	pay 0.0074% / 1h	4m 06s	$277K	$218K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.106%Rate

Funding earned: −$132.16
Price spread: +0.106% → +0.139%: −$3.23
Slippage, 4 orders: −$64.52
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$219.91
Costs to cover: 0.845%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Kraken Futures: live order book, 13 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 BingX live order book, 5 min ago	2.93 bp	21.5 bp −$22	76.3 bp −$763	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 13 min ago	5.85 bp	19.4 bp −$19	68.7 bp −$687	doesn't fit	doesn't fit

XTZ on 12 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
Kraken Futures PF_XTZUSDshort	−0.0593%	1h	0.3417	+0.106%	$277K	$218K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+2.080%	$62	$17K	5.5x	as long as short
BingX XTZ-USDTlong	+0.0036%	4h	0.3413	long leg	—	$1.1M	—
Binance XTZUSDT	+0.0100%	4h	0.3410	−0.096%	$4.8M	$10.2M	75x	as long as short
Bybit XTZUSDT	+0.0100%	4h	0.3408	−0.146%	$2.8M	$3.3M	75x	as long as short
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3411	−0.059%	$1.2M	$1.4M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3409	−0.117%	$633K	$217K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3410	−0.088%	$2.1M	$627K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3411	−0.059%	$674K	$317K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3410	−0.088%	$943K	$1.2M	75x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XTZ	+0.0100%	4h	0.3406	−0.204%	$122K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0156%	4h	0.3410	−0.088%	$281K	$97K	75x	as long as short