Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1924%/8h= −210.7% APRpaid last 24h −0.507%

Price spread now: Kraken Futures against Orderly+0.099%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kraken Futures

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 pays, funding is against you. Kraken Futures is 0.099% dearer against Orderly than usual: you sell high and buy low (spread +0.099% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$58 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04302	0.0089	pay 0.0045% / 4h	13m 56s	$107K	$601K	10x
Short	Kraken Futures PF_SUSD	0.04306	−0.1835	pay 0.0229% / 1h	13m 56s	$37K	$20K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$404.1
Price spread: +0.099% → 0.000%: $9.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$410.24
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Orderly and 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	−1.2040%	1h	0.04130	−3.998%	$26K	$2K	5x	as long as short
Kraken Futures PF_SUSDshort	−0.1835%	1h	0.04306	+0.099%	$37K	$20K	10x
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04279	−0.535%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04281	−0.493%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04281	−0.496%	$4	—	15x	as long as short
Variational Omni S	−0.0006%	4h	0.04257	−1.050%	$660K	$5K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04303	+0.025%	$663	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.695%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0089%	4h	0.04302	long leg	$107K	$601K	10x
Lighter S	+0.0096%	1h	0.04302	0.000%	$185K	$143K	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	0.04299	−0.081%	$1.1M	$623K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04302	0.000%	$46K	$147K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04301	−0.023%	$6.1M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04294	−0.186%	$6.1M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04298	−0.093%	$1.1M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04297	−0.116%	$347K	$202K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04299	−0.070%	$4.4M	$2.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04296	−0.139%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04304	+0.046%	$1.3M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04299	−0.070%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04200	−2.371%	$24K	$501K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04297	−0.105%	$239K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04298	−0.093%	$293K	$125K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0680%	1h	0.04307	+0.116%	$72K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1011%	1h	0.04300	−0.046%	$107K	$466K	5x	as long as short