Funding arb · Price arb /

IO

all IO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−2.7474%/8h= −3008.4% APRpaid last 24h −3.088%

Price spread now: Gate against Kraken Futures−0.203%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 Gate

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 Gate is 0.203% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 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	2.7574	pay 0.3447% / 1h	31m 25s	$38K	$9K	10x
Short	Gate IO_USDT	0.1481	0.0100	get 0.0050% / 4h	2h 31m	$234K	$450K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.203%Rate

Funding earned: −$5,769.6
Price spread: −0.203% → 0.000%: −$20.25
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$5,814.85
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Gate: live order book, 14 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 Gate live order book, 14 min ago	5.35 bp	209.0 bp −$209	doesn't fit	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	−0.088%	$988K	$363K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1482	−0.130%	$23K	$47K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1481	−0.196%	$2.9M	$6.5M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1481	−0.196%	$1.1M	$902K	25x	as long as short
Gate IO_USDTshort	+0.0100%	4h	0.1481	−0.203%	$234K	$450K	50x
MEXC IO_USDT	+0.0100%	4h	0.1480	−0.263%	$1.2M	$236K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1481	−0.196%	$347K	$624K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1483	−0.061%	$1.4M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1481	−0.196%	—	$1.3M	—	as long as short
Variational Omni IO	+0.0100%	4h	0.1486	+0.159%	$30K	$16K	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin IO-USDT	+0.0103%	4h	0.1485	+0.074%	$192K	$38K	50x	as long as short
Extended IO-USD	+0.0104%	1h	0.1481	−0.222%	$3K	$215K	5x	as long as short
Injective IO/USDC PERP	+0.0619%	1h	0.1484	+0.006%	$2K	$200	5.5x	as long as short
Kraken Futures PF_IOUSDlong	+2.7574%	1h	0.1484	long leg	$38K	$9K	10x