Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−2.7468%/8h= −3007.7% APRpaid last 24h −3.088%

Price spread now: Binance against Kraken Futures−0.084%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 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 against this trade now: funding costs −$824 a day on $10k at the current rate, and Binance is 0.084% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 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_IOUSD	0.1484	2.7568	pay 0.3446% / 1h	30m 16s	$38K	$9K	10x
Short	Binance IOUSDT	0.1483	0.0100	get 0.0050% / 4h	2h 30m	$2.9M	$6.5M	50x

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 −0.084%Rate

Funding earned: −$5,768.27
Price spread: −0.084% → 0.000%: −$8.4
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$5,796.67
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Binance: 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 Binance live order book, 8 min ago	3.37 bp	31.6 bp −$32	123.2 bp −$1,232	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.

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
Hyperliquid IO	+0.0100%	1h	0.1483	−0.057%	$986K	$365K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1482	−0.150%	$23K	$47K	5x	as long as short
Binance IOUSDTshort	+0.0100%	4h	0.1483	−0.084%	$2.9M	$6.5M	50x
Bybit IOUSDT	+0.0100%	4h	0.1480	−0.286%	$1.1M	$902K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1480	−0.266%	$234K	$450K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1480	−0.286%	$1.2M	$236K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1481	−0.219%	$347K	$624K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1484	−0.017%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1481	−0.219%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1479	−0.369%	$30K	$16K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IO-USD	+0.0104%	1h	0.1482	−0.130%	$3K	$215K	5x	as long as short
BloFin IO-USDT	+0.0145%	4h	0.1486	+0.118%	$192K	$38K	50x	as long as short
Injective IO/USDC PERP	+0.0619%	1h	0.1484	−0.017%	$2K	$200	5.5x	as long as short
Kraken Futures PF_IOUSDlong	+2.7568%	1h	0.1484	long leg	$38K	$9K	10x