Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.2570%/8h= −281.4% APRpaid last 24h −0.399%

Price spread now: Gate against Kraken Futures−0.638%7-day average −0.348% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,009as in the Funding arb table

Net, price: spread back to 7d avg − costs−$769as in the Price arb table

costs, in and out, $10k−$7407.396% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−2.696%−$270 on $10k

Price spread, last 4 days (all we have)+0.179%+$18 · spread now −0.638%, 7d avg −0.348%

Together, before fees−2.516%−$252 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$77 a day on $10k at the current rate, and Gate is 0.290% cheaper against Kraken Futures than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.348%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IMXUSD	0.1521	0.2670	pay 0.0334% / 1h	55m 57s	$115K	$8K	20x
Short	Gate IMX_USDT	0.1511	0.0100	get 0.0050% / 4h	2h 55m	$645K	$71K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.638%Rate

Funding earned: −$539.63
Price spread: −0.638% → −0.348%: −$29.01
Slippage, 4 orders: −$714.63
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,308.28
Costs to cover: 7.396%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; Gate: live order book, 35 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, 36 min ago	69.65 bp	435.6 bp −$436	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 35 min ago	6.71 bp	112.5 bp −$113	199.9 bp −$1,999	doesn't fit	doesn't fit

IMX on 15 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
Variational Omni IMX	−0.0095%	4h	0.1513	−0.526%	$95K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L −0.0002% / S +0.0004%	1h	0.1521	+0.020%	$6K	—	150x	as long as short
dYdX IMX-USD	0.0000%	1h	0.1519	−0.132%	$33K	$18K	5x	as long as short
Injective IMX/USDC PERP	+0.0033%	1h	0.1515	−0.375%	$559	$28K	5.5x	as long as short
Hyperliquid IMX	+0.0100%	1h	0.1519	−0.092%	$3.4M	$292K	5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1513	−0.531%	$3.6M	$5.8M	75x	as long as short
Bybit IMXUSDT	+0.0100%	4h	0.1510	−0.710%	$3.9M	$2.3M	75x	as long as short
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1512	−0.585%	$945K	$1.5M	20x	as long as short
Gate IMX_USDTshort	+0.0100%	4h	0.1511	−0.638%	$645K	$71K	50x
MEXC IMX_USDT	+0.0100%	4h	0.1514	−0.441%	$2.5M	$575K	125x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTM	+0.0100%	4h	0.1513	−0.506%	$356K	$184K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1514	−0.441%	$1.3M	$334K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1513	−0.506%	—	$2.8M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1514	−0.441%	$183K	$149K	75x	as long as short
Kraken Futures PF_IMXUSDlong	+0.2670%	1h	0.1521	long leg	$115K	$8K	20x