Funding arb · Price arb /

ATH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.3610%/8h= +395.3% APRpaid last 24h −1.326%

Price spread now: Bybit against Kraken Futures+0.033%7-day average −0.281% · you sell dearer than you buy

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

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.335%−$33 on $10k

Price spread, last 3 days (all we have)−0.141%−$14 · spread now +0.033%, 7d avg −0.281%

Together, before fees−0.476%−$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$108 a day on $10k at the current rate, and Bybit is 0.314% dearer against Kraken Futures than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of −0.281%. Mind the row above: over the last 7 days funding on this pair cost −0.335%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.335% in total (about -17.5% 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_ATHUSD	0.005580	−0.3510	get 0.0439% / 1h	4m 04s	$20K	$107K	10x
Short	Bybit ATHUSDT	0.005582	0.0100	get 0.0050% / 4h	2h 04m	$4.5M	$2.3M	25x

Funding 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

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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 BybitbpOrdersPrice spread, now +0.033%Rate

Funding earned: $758.18
Price spread: +0.033% → −0.281%: $31.38
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $768.55
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 18 min ago; Bybit: live order book, 4 min ago. 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 live order book, 18 min ago	20.48 bp	85.6 bp −$86	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	3.58 bp	43.4 bp −$43	142.2 bp −$1,422	doesn't fit	doesn't fit

ATH on 13 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_ATHUSDlong	−0.3510%	1h	0.005580	long leg	$20K	$107K	10x
Variational Omni ATH	−0.0054%	4h	0.005575	−0.088%	$188K	$93K	—	as long as short
dYdX ATH-USD	−0.0012%	1h	0.005601	+0.369%	$11K	$16	5x	as long as short
BloFin ATH-USDT	+0.0100%	4h	0.005587	+0.123%	$174K	$62K	75x	as long as short
Aster ATHUSDT	+0.0100%	4h	0.005592	+0.211%	$7K	$35K	5x	as long as short
Binance ATHUSDT	+0.0100%	4h	0.005595	+0.267%	$3.4M	$3.9M	50x	as long as short
Bybit ATHUSDTshort	+0.0100%	4h	0.005582	+0.033%	$4.5M	$2.3M	25x
OKX ATH-USDT-SWAP	+0.0100%	4h	0.005587	+0.123%	$714K	$1.3M	20x	as long as short
Gate ATH_USDT	+0.0100%	4h	0.005591	+0.194%	$800K	$532K	30x	as long as short
MEXC ATH_USDT	+0.0100%	4h	0.005596	+0.284%	$8.9M	$667K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ATHUSDTM	+0.0100%	4h	0.005586	+0.105%	$560K	$84K	30x	as long as short
Bitget ATHUSDT	+0.0100%	4h	0.005596	+0.284%	$1.6M	$803K	25x	as long as short
BingX ATH-USDT	+0.0100%	4h	0.005585	+0.087%	—	$21.7M	—	as long as short