Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.098%

Price spread now: Binance against Kraken Futures−0.113%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$830.831% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now −0.113%, 7d avg −0.080%

Together, before fees−0.040%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1263	0.0384	pay 0.0048% / 1h	28m 07s	$797K	$754K	20x
Short	Binance OPUSDT	0.1261	0.0100	get 0.0100% / 8h	7h 28m	$20.4M	$62.0M	75x

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 −0.113%Rate

Funding earned: −$59.71
Price spread: −0.113% → −0.080%: −$3.26
Slippage, 4 orders: −$63.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$146.03
Costs to cover: 0.831%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 45 min ago; Binance: live order book, 14 min ago.

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 live order book, 45 min ago	14.13 bp	31.8 bp −$32	172.3 bp −$1,723	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.40 bp	11.4 bp −$11	20.2 bp −$202	89.4 bp −$8,940	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1656%	1h	0.1253	−0.773%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	−0.150%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1257	−0.456%	$20K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1262	−0.092%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1262	−0.060%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1261	−0.159%	—	—	150x	as long as short
Bybit OPUSDT	+0.0042%	8h	0.1261	−0.171%	$18.3M	$25.9M	75x	as long as short
Variational Omni OP	+0.0048%	8h	0.1260	−0.222%	$230K	$47K	—	as long as short
Orderly PERP_OP_USDC	+0.0056%	8h	0.1261	−0.140%	$6K	$48K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1262	−0.068%	$283K	$949K	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1262	−0.044%	$3.9M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1261	−0.128%	$211K	$236K	10x	as long as short
Binance OPUSDTshort	+0.0100%	8h	0.1261	−0.113%	$20.4M	$62.0M	75x
OKX OP-USDT-SWAP	+0.0100%	8h	0.1260	−0.219%	$6.1M	$29.9M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	−0.052%	$1.9M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	−0.124%	$20.0M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1261	−0.140%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	−0.060%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	−0.060%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.163%	$121K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.186%	$4K	$392K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	−0.193%	$320K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	−0.060%	$43K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1262	−0.084%	$177	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1262	−0.068%	$174K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1261	−0.141%	$106K	$430K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1262	−0.075%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1259	−0.282%	$1.0M	$274K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0384%	1h	0.1263	long leg	$797K	$754K	20x
Reya OPRUSDPERP	+0.0438%	1h	0.1260	−0.233%	$701	—	20x	as long as short