Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h +0.701%

Price spread now: Kraken Futures against KuCoin−0.291%52s7-day average — · you buy dearer than you sell

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

Long on KuCoin 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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.291% cheaper against KuCoin than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin INITUSDTM	0.08395	0.0100	pay 0.0050% / 4h	1h 48m	$325K	$61K	25x
Short	Kraken Futures PF_INITUSD	0.08371	−0.0001	pay 0.0000% / 1h	48m 29s	$5K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now −0.291%Rate

Funding earned: −$21.28
Price spread: −0.291% → 0.000%: −$29.08
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$72.37
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 69 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 KuCoin live order book, 69 min ago	36.70 bp	1002.7 bp −$1,003	doesn't fit	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
Kraken Futures PF_INITUSDshort	−0.0001%	1h	0.08371	−0.291%	$5K	$24K	10x
BloFin INIT-USDT	+0.0094%	4h	0.08381	−0.167%	$153K	$81K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08388	−0.089%	$312K	$177K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08394	−0.015%	$28K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08390	−0.060%	$3.4M	$3.7M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08389	−0.071%	$1.4M	$1.5M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08405	+0.119%	$142K	$696K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08388	−0.083%	$82K	$36K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08393	−0.024%	$447K	$180K	20x	as long as short
KuCoin INITUSDTMlong	+0.0100%	4h	0.08395	long leg	$325K	$61K	25x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget INITUSDT	+0.0100%	4h	0.08388	−0.083%	$431K	$292K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08389	−0.071%	—	$6.6M	—	as long as short
Variational Omni INIT	+0.0100%	4h	0.08362	−0.392%	$26K	$12K	—	as long as short