Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h −0.708%

Price spread now: Binance against Kraken Futures+0.121%7-day average — · you sell dearer than you buy

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

Long on Kraken Futures Short on Binance

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 +$7 a day on $10k at the current rate, and Binance is 0.121% dearer against Kraken Futures than usual: you sell high and buy low: +$12 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	Kraken Futures PF_INITUSD	0.08384	−0.0127	get 0.0016% / 1h	51m 40s	$5K	$13K	10x
Short	Binance INITUSDT	0.08394	0.0100	get 0.0050% / 4h	3h 51m	$3.5M	$2.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.121%Rate

Funding earned: $47.65
Price spread: +0.121% → 0.000%: $12.06
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $39.7
Costs to cover: 0.200%
Break-even: 1.2 days

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 14 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 no order-book sample	—	—	—	—	—
Sell Binance live order book, 14 min ago	4.77 bp	41.5 bp −$41	128.5 bp −$1,285	doesn't fit	doesn't fit

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
Kraken Futures PF_INITUSDlong	−0.0127%	1h	0.08384	long leg	$5K	$13K	10x
BloFin INIT-USDT	+0.0050%	4h	0.08396	+0.143%	$153K	$40K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08392	+0.093%	$312K	$137K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08383	−0.007%	$28K	$7K	5x	as long as short
Binance INITUSDTshort	+0.0100%	4h	0.08394	+0.121%	$3.5M	$2.5M	25x
Bybit INITUSDT	+0.0100%	4h	0.08383	−0.012%	$1.4M	$1.1M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08392	+0.096%	$141K	$432K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08377	−0.083%	$82K	$15K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08393	+0.107%	$445K	$139K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08404	+0.239%	$327K	$37K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget INITUSDT	+0.0100%	4h	0.08387	+0.036%	$436K	$200K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08389	+0.060%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08396	+0.139%	$27K	$10K	—	as long as short