Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.1929%/8h= +211.2% APRpaid last 24h +0.563%

Price spread now: Binance against Kraken Futures−0.012%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 Binance

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$58 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.03976	−0.1829	get 0.0229% / 1h	28m 25s	$34K	$16K	10x
Short	Binance SUSDT	0.03976	0.0100	get 0.0050% / 4h	2h 28m	$5.6M	$13.8M	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 −0.012%Rate

Funding earned: $405.07
Price spread: −0.012% → 0.000%: −$1.19
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $383.88
Costs to cover: 0.200%
Break-even: 0.4 days

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 12 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 Binance live order book, 12 min ago	1.27 bp	25.5 bp −$26	82.8 bp −$828	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.

S on 25 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
01 Exchange SUSD	−0.9016%	1h	0.03840	−3.429%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSDlong	−0.1829%	1h	0.03976	long leg	$34K	$16K	10x
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−0.386%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03978	+0.052%	$1K	—	100x	as long as short
Variational Omni S	−0.0140%	4h	0.03978	+0.052%	$617K	$28K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03974	−0.061%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03980	+0.093%	$613	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.110%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03981	+0.117%	$99K	$534K	10x	as long as short
Lighter S	+0.0096%	1h	0.03980	+0.092%	$169K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03976	−0.008%	$1.0M	$594K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03981	+0.116%	$46K	$142K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03976	−0.012%	$5.6M	$13.8M	75x
Bybit SUSDT	+0.0100%	4h	0.03972	−0.109%	$5.7M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03973	−0.084%	$998K	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03974	−0.059%	$323K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03976	−0.008%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03977	+0.017%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03977	+0.017%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03976	−0.008%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	+0.092%	$24K	$484K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03972	−0.112%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03979	+0.067%	$270K	$107K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.1007%	1h	0.03984	+0.193%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2162%	1h	0.03990	+0.344%	$116K	$426K	5x	as long as short