Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.824%

Price spread now: Kraken Futures against Binance−0.587%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Kraken Futures

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. Kraken Futures is 0.587% cheaper against Binance than usual: you would sell low and buy high (spread −0.587% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$59 on $10k: about 14 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance INITUSDT	0.08316	0.0100	pay 0.0050% / 4h	1h 31m	$3.4M	$3.7M	25x
Short	Kraken Futures PF_INITUSD	0.08267	0.0240	get 0.0030% / 1h	31m 32s	$3K	$19K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.587%Rate

Funding earned: $29.42
Price spread: −0.587% → 0.000%: −$58.66
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$49.24
Costs to cover: 0.200%
Break-even: 18.7 days

Slippage unknown: Binance: live order book, 5 min ago; Kraken Futures: 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 Binance live order book, 5 min ago	1.20 bp	30.5 bp −$30	116.3 bp −$1,163	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: 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.

INIT 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
Hyperliquid INIT	+0.0100%	1h	0.08310	−0.075%	$302K	$229K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08313	−0.042%	$27K	$39K	5x	as long as short
Binance INITUSDTlong	+0.0100%	4h	0.08316	long leg	$3.4M	$3.7M	25x
Bybit INITUSDT	+0.0100%	4h	0.08315	−0.015%	$1.4M	$1.5M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08336	+0.238%	$138K	$669K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08308	−0.099%	$84K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08312	−0.051%	$451K	$210K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08312	−0.051%	$330K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08323	+0.082%	$432K	$312K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08319	+0.033%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08280	−0.437%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0153%	4h	0.08318	+0.021%	$152K	$112K	25x	as long as short
Kraken Futures PF_INITUSDshort	+0.0240%	1h	0.08267	−0.587%	$3K	$19K	10x