Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.011%

Price spread now: Orderly against Kraken Futures−0.041%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.041% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 6.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_EURUSD	1.1465	−0.0020	get 0.0003% / 1h	57m 15s	$3K	—	50x
Short	Orderly PERP_EURUSD_USDC	1.1460	0	get 0.0000% / 8h	57m 15s	$198K	$73K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 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 Kraken FuturesbpFee OrderlybpOrdersPrice spread, now −0.041%Rate

Funding earned: $4.27
Price spread: −0.041% → 0.000%: −$4.05
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.78
Costs to cover: 0.160%
Break-even: 32.9 days

Slippage unknown: Kraken Futures: no order-book sample; Orderly: no order-book sample. Net counts fees only.

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 no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Kraken Futures and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

EUR on 18 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
MEXC EUR_USDT	−0.0326%	4h	1.1467	+0.021%	$6.8M	$132K	100x	as long as short
Kraken Futures PF_EURUSDlong	−0.0020%	1h	1.1465	long leg	$3K	—	50x
Bybit EURUSDUSDT	0.0000%	8h	1.1483	+0.161%	$580K	$311K	100x	as long as short
Gate EURUSD_USDT	0.0000%	8h	1.1476	+0.099%	$144K	$5K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1472	+0.064%	$263K	$25K	100x	as long as short
Orderly PERP_EURUSD_USDCshort	0.0000%	8h	1.1460	−0.041%	$198K	$73K	50x
SunX EURUSD-USDT	0.0000%	1h	1.1472	+0.064%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1471	+0.055%	$13K	$272K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1463	−0.016%	$6.8M	$1.2M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	+0.015%	$9K	$78K	101x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado EURUSD-PERP	+0.0036%	1h	1.1466	+0.015%	$467K	$154K	40x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1495	+0.262%	—	$241K	100x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1467	+0.021%	$191K	$60K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1476	+0.101%	$12K	—	10x	as long as short
Hotstuff EURUSD-PERP	+0.0192%	1h	1.1474	+0.082%	$33K	—	50x	as long as short
tradeXYZ xyz:EUR	+0.0254%	1h	1.1472	+0.064%	$23.2M	$1.6M	50x	as long as short
Hibachi EUR/USDT-P	+0.0264%	1h	1.1465	+0.002%	$163K	$8.3M	30x	as long as short
Lighter EURUSD	+0.0344%	1h	1.1479	+0.129%	$2.2M	$383K	50x	as long as short