Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1601%/8h= −175.4% APRpaid last 24h −0.888%

Price spread now: Bybit against Kraken Futures−0.074%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 −$48 a day on $10k at the current rate, and Bybit is 0.074% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 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_NOTUSD	0.0005076	0.1701	pay 0.0213% / 1h	19m 01s	$50K	$8K	10x
Short	Bybit NOTUSDT	0.0005072	0.0100	get 0.0050% / 4h	19m 01s	$2.1M	$854K	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 −0.074%Rate

Funding earned: −$336.29
Price spread: −0.074% → 0.000%: −$7.36
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: −$364.64
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 3 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, 3 min ago	3.95 bp	33.0 bp −$33	112.1 bp −$1,121	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.

NOT on 16 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
Variational Omni NOT	−0.0321%	4h	0.0005068	−0.151%	$72K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0214%	4h	0.0005068	−0.152%	$471K	$129K	50x	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.974%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005087	+0.218%	$11K	$4K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005080	+0.084%	$360K	$56K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005078	+0.047%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005077	+0.017%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDTshort	+0.0100%	4h	0.0005072	−0.074%	$2.1M	$854K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005074	−0.034%	$643K	$669K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005070	−0.113%	$141K	$70K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005076	+0.005%	$1.3M	$434K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005080	+0.084%	$673K	$415K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005078	+0.045%	—	$8.8M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005075	−0.005%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0149%	4h	0.0005075	−0.014%	$111K	$16K	50x	as long as short
Kraken Futures PF_NOTUSDlong	+0.1701%	1h	0.0005076	long leg	$50K	$8K	10x