Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.697%

Price spread now: Kraken Futures against Bybit+0.104%7-day average — · you sell dearer than you buy

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

Long on Bybit 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

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Kraken Futures is 0.104% dearer against Bybit than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit INITUSDT	0.08370	0.0100	pay 0.0050% / 4h	2h 12m	$1.5M	$1.7M	25x
Short	Kraken Futures PF_INITUSD	0.08379	0.0112	get 0.0014% / 1h	12m 50s	$5K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.104%Rate

Funding earned: $2.48
Price spread: +0.104% → 0.000%: $10.36
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$8.17
Costs to cover: 0.210%
Break-even: 30.1 days

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	4.78 bp	46.4 bp −$46	103.4 bp −$1,034	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	0.08373	+0.031%	$312K	$224K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08359	−0.130%	$28K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08377	+0.084%	$3.4M	$4.0M	25x	as long as short
Bybit INITUSDTlong	+0.0100%	4h	0.08370	long leg	$1.5M	$1.7M	25x
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08389	+0.227%	$142K	$752K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08359	−0.131%	$82K	$46K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08382	+0.143%	$446K	$210K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08376	+0.072%	$324K	$64K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08370	0.000%	$430K	$347K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08375	+0.060%	—	$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	0.08361	−0.112%	$26K	$14K	—	as long as short
Kraken Futures PF_INITUSDshort	+0.0112%	1h	0.08379	+0.104%	$5K	$24K	10x
BloFin INIT-USDT	+0.0154%	4h	0.08385	+0.179%	$151K	$110K	25x	as long as short