Funding arb · Price arb /

INIT

all INIT markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0446%/8h= −48.9% APRpaid last 24h −0.745%

Price spread now: BloFin against Kraken Futures+0.205%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 BloFin

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

The price spread pays, funding is against you. BloFin is 0.205% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.205% now, against zero (this spread has no 7-day history yet)): +$21 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08176	0.0498	pay 0.0062% / 1h	24m 39s	$5K	$17K	10x
Short	BloFin INIT-USDT	0.08193	0.0052	get 0.0026% / 4h	24m 39s	$154K	$110K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.205%Rate

Funding earned: −$93.74
Price spread: +0.205% → 0.000%: $20.54
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$95.2
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; BloFin: live order book, 37 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 BloFin live order book, 37 min ago	3.66 bp	21.5 bp −$22	52.6 bp −$526	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
BloFin INIT-USDTshort	+0.0052%	4h	0.08193	+0.205%	$154K	$110K	25x
Hyperliquid INIT	+0.0100%	1h	0.08177	+0.004%	$297K	$232K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08182	+0.070%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08175	−0.017%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08164	−0.149%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08174	−0.027%	$133K	$632K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08165	−0.137%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08180	+0.046%	$445K	$219K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08185	+0.108%	$326K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08169	−0.088%	$427K	$310K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX INIT-USDT	+0.0100%	4h	0.08171	−0.064%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08175	−0.020%	$26K	$23K	—	as long as short
Kraken Futures PF_INITUSDlong	+0.0498%	1h	0.08176	long leg	$5K	$17K	10x