Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0286%/8h= −31.3% APRpaid last 24h −0.666%

Price spread now: BingX against Kraken Futures−0.128%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on BingX

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 against this trade now: funding costs −$9 a day on $10k at the current rate, and BingX is 0.128% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08151	0.0386	pay 0.0048% / 1h	29m 24s	$6K	$17K	10x
Short	BingX INIT-USDT	0.08141	0.0100	get 0.0050% / 4h	1h 29m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$60.04
Price spread: −0.128% → 0.000%: −$12.8
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$92.84
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BingX: live order book, 8 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 BingX live order book, 8 min ago	6.75 bp	30.2 bp −$30	80.4 bp −$804	511.8 bp −$51.2K	829.5 bp −$414.7K

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	0.08137	−0.176%	$295K	$233K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08143	−0.102%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08143	−0.101%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08130	−0.263%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08147	−0.054%	$132K	$630K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08140	−0.140%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08143	−0.103%	$442K	$216K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08144	−0.091%	$324K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08141	−0.128%	$425K	$310K	25x	as long as short
BingX INIT-USDTshort	+0.0100%	4h	0.08141	−0.128%	—	$6.6M	—

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INIT	+0.0100%	4h	0.08130	−0.257%	$26K	$23K	—	as long as short
BloFin INIT-USDT	+0.0136%	4h	0.08151	−0.005%	$152K	$109K	25x	as long as short
Kraken Futures PF_INITUSDlong	+0.0386%	1h	0.08151	long leg	$6K	$17K	10x