Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0250%/8h= −27.4% APRpaid last 24h −0.079%

Price spread now: KuCoin against Kraken Futures−0.189%52s7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1001.004% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now −0.189%, 7d avg −0.099%

Together, before fees−0.035%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and KuCoin is 0.090% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.099%). Swap the legs. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	0.1258	0.0350	pay 0.0044% / 1h	37m 29s	$785K	$572K	20x
Short	KuCoin OPUSDTM	0.1256	0.0100	get 0.0100% / 8h	4h 37m	$2.9M	$6.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.189%Rate

Funding earned: −$52.5
Price spread: −0.189% → −0.099%: −$8.99
Slippage, 4 orders: −$78.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$161.89
Costs to cover: 1.004%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; KuCoin: live order book, just now.

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, 21 min ago	7.93 bp	24.0 bp −$24	180.1 bp −$1,801	doesn't fit	doesn't fit
Sell KuCoin live order book, just now	3.98 bp	23.7 bp −$24	73.0 bp −$730	doesn't fit	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	−0.1607%	1h	0.1253	−0.427%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1258	−0.053%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1258	−0.056%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1258	−0.030%	$41K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1258	−0.023%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0036%	8h	0.1256	−0.165%	$6.1M	$28.7M	50x	as long as short
Variational Omni OP	+0.0048%	8h	0.1258	−0.044%	$222K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1257	−0.109%	$6K	$45K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1258	−0.022%	$278K	$939K	15x	as long as short
Hyperliquid OP	+0.0100%	1h	0.1258	−0.053%	$3.7M	$2.8M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1258	−0.034%	$210K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1257	−0.100%	$20.3M	$60.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1256	−0.197%	$18.4M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1258	−0.046%	$1.9M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1257	−0.101%	$21.1M	$7.1M	300x	as long as short
KuCoin OPUSDTMshort	+0.0100%	8h	0.1256	−0.189%	$2.9M	$6.6M	75x
Bitget OPUSDT	+0.0100%	8h	0.1257	−0.109%	$5.8M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1258	−0.030%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1257	−0.109%	$122K	$197K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.107%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1260	+0.102%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1258	−0.030%	$43K	$710K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1257	−0.085%	$198	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1258	−0.061%	$173K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1257	−0.144%	$101K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1257	−0.104%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0168%	1h	0.1262	+0.288%	$24K	$70K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1256	−0.165%	$1.0M	$277K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0350%	1h	0.1258	long leg	$785K	$572K	20x
Reya OPRUSDPERP	+0.0441%	1h	0.1257	−0.130%	$699	—	20x	as long as short