Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1559%/8h= +170.7% APRpaid last 24h +0.474%

Price spread now: Bybit against Kraken Futures−0.035%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

Funding pays, the price is against you. Bybit is 0.035% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2 hours of funding at the current rate (+$47 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.03911	−0.1459	get 0.0182% / 1h	4m 04s	$33K	$30K	10x
Short	Bybit SUSDT	0.03910	0.0100	get 0.0050% / 4h	2h 04m	$5.6M	$6.3M	50x

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 −0.035%Rate

Funding earned: $327.4
Price spread: −0.035% → 0.000%: −$3.51
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: $302.89
Costs to cover: 0.210%
Break-even: 0.5 days

Slippage unknown: Kraken Futures: no order-book sample; Bybit: live order book, 4 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, 4 min ago	2.56 bp	37.7 bp −$38	90.3 bp −$903	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 24 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
Kraken Futures PF_SUSDlong	−0.1459%	1h	0.03911	long leg	$33K	$30K	10x
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.183%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0823%	4h	0.03900	−0.283%	$607K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0192% / S +0.0186%	1h	0.03916	+0.121%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03908	−0.084%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03919	+0.195%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0003%	4h	0.03913	+0.042%	$100K	$346K	10x	as long as short
Aster SUSDT	+0.0021%	4h	0.03912	+0.004%	$43K	$212K	10x	as long as short
01 Exchange SUSD	+0.0032%	1h	0.03910	−0.035%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.822%	$2K	$37K	12x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.03916	+0.118%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03914	+0.070%	$983K	$877K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03914	+0.076%	$5.3M	$23.2M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03910	−0.035%	$5.6M	$6.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03913	+0.042%	$976K	$7.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03905	−0.163%	$319K	$293K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03912	+0.016%	$3.4M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03910	−0.035%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03913	+0.042%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03912	+0.016%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.035%	$23K	$470K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03910	−0.027%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03904	−0.189%	$267K	$146K	75x	as long as short
Backpack S_USDC_PERP	+0.0539%	1h	0.03920	+0.221%	$114K	$298K	5x	as long as short