Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+1.6670%/8h= +1825.4% APRpaid last 24h +3.378%

Price spread now: Kraken Futures against Bybit−0.225%7-day average — · you buy dearer than you sell

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

Funding pays, the price is against you. Kraken Futures is 0.225% cheaper against Bybit than usual: you would sell low and buy high (spread −0.225% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 1 hour of funding at the current rate (+$500 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit IOUSDT	0.1501	0.0100	pay 0.0050% / 4h	3h 21m	$1.1M	$898K	25x
Short	Kraken Futures PF_IOUSD	0.1498	1.6770	get 0.2096% / 1h	21m 04s	$39K	$10K	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 −0.225%Rate

Funding earned: $3,500.74
Price spread: −0.225% → 0.000%: −$22.48
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: $3,457.26
Costs to cover: 0.210%
Break-even: 0.1 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	3.34 bp	82.3 bp −$82	623.6 bp −$6,236	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.

IO on 14 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 IO-USDT	+0.0049%	4h	0.1504	+0.200%	$193K	$39K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1502	+0.073%	$1.0M	$366K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1502	+0.048%	$23K	$48K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1501	+0.021%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTlong	+0.0100%	4h	0.1501	long leg	$1.1M	$898K	25x
Gate IO_USDT	+0.0100%	4h	0.1501	+0.027%	$229K	$556K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1501	0.000%	$1.2M	$230K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1500	−0.067%	$355K	$629K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1502	+0.067%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1500	−0.067%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IO	+0.0100%	4h	0.1500	−0.051%	$32K	$14K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1501	−0.008%	$1K	$138K	5x	as long as short
Injective IO/USDC PERP	+0.0193%	1h	0.1508	+0.466%	$2K	$200	5.5x	as long as short
Kraken Futures PF_IOUSDshort	+1.6770%	1h	0.1498	−0.225%	$39K	$10K	10x