Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−1.2511%/8h= −1369.9% APRpaid last 24h −4.182%

Price spread now: Bybit against Kraken Futures−0.300%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 Bybit

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 −$375 a day on $10k at the current rate, and Bybit is 0.300% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 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	0.1512	1.2611	pay 0.1576% / 1h	21m 49s	$39K	$19K	10x
Short	Bybit IOUSDT	0.1508	0.0100	get 0.0050% / 4h	21m 49s	$1.1M	$885K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.300%Rate

Funding earned: −$2,627.29
Price spread: −0.300% → 0.000%: −$30
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2,678.29
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	3.33 bp	67.7 bp −$68	336.8 bp −$3,368	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
Injective IO/USDC PERP	−0.0159%	1h	0.1515	+0.176%	$2K	$104	5.5x	as long as short
BloFin IO-USDT	+0.0067%	4h	0.1505	−0.485%	$193K	$31K	50x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1510	−0.148%	$1.0M	$388K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1510	−0.154%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1511	−0.114%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1508	−0.300%	$1.1M	$885K	25x
Gate IO_USDT	+0.0100%	4h	0.1508	−0.300%	$243K	$551K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1508	−0.287%	$1.1M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1508	−0.287%	$377K	$669K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1511	−0.088%	$1.3M	$1.2M	50x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX IO-USDT	+0.0100%	4h	0.1509	−0.221%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1505	−0.497%	$30K	$5K	—	as long as short
Extended IO-USD	+0.0104%	1h	0.1511	−0.113%	$5K	$171K	5x	as long as short
Kraken Futures PF_IOUSDlong	+1.2611%	1h	0.1512	long leg	$39K	$19K	10x