Funding arb · Price arb /

SUSHI

all SUSHI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h +0.030%

Price spread now: Kraken Futures against Bybit+0.219%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1331.327% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)+0.166%+$17 · spread now +0.219%, 7d avg +0.105%

Together, before fees+0.172%+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.114% dearer against Bybit than usual: you sell high and buy low (spread +0.219% now, against its 7-day average of +0.105%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSHIUSDT	0.2550	0.0100	pay 0.0100% / 8h	40m 57s	$2.6M	$2.5M	75x
Short	Kraken Futures PF_SUSHIUSD	0.2556	−0.0012	pay 0.0001% / 1h	40m 57s	$767K	$67K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.219%Rate

Funding earned: −$23.47
Price spread: +0.219% → +0.105%: $11.4
Slippage, 4 orders: −$111.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$144.73
Costs to cover: 1.327%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 37 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 Bybit live order book, 1 min ago	3.92 bp	33.9 bp −$34	341.7 bp −$3,417	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	13.80 bp	30.2 bp −$30	doesn't fit	doesn't fit	doesn't fit

SUSHI on 15 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_SUSHIUSDshort	−0.0012%	1h	0.2556	+0.219%	$767K	$67K	20x
Injective SUSHI/USDC PERP	+0.0033%	1h	0.2545	−0.196%	$16	$18K	5.5x	as long as short
Bitget SUSHIUSDT	+0.0066%	8h	0.2553	+0.118%	$1.0M	$687K	50x	as long as short
Hyperliquid SUSHI	+0.0100%	1h	0.2554	+0.149%	$357K	$407K	3x	as long as short
Aster SUSHIUSDT	+0.0100%	8h	0.2555	+0.195%	$23K	$17K	5x	as long as short
Binance SUSHIUSDT	+0.0100%	8h	0.2551	+0.039%	$3.9M	$8.9M	75x	as long as short
Bybit SUSHIUSDTlong	+0.0100%	8h	0.2550	long leg	$2.6M	$2.5M	75x
OKX SUSHI-USDT-SWAP	+0.0100%	8h	0.2555	+0.196%	$1.7M	$3.1M	50x	as long as short
Gate SUSHI_USDT	+0.0100%	8h	0.2558	+0.314%	$565K	$296K	50x	as long as short
MEXC SUSHI_USDT	+0.0100%	8h	0.2551	+0.039%	$1.3M	$301K	75x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SUSHIUSDTM	+0.0100%	8h	0.2554	+0.157%	$1.2M	$228K	50x	as long as short
BingX SUSHI-USDT	+0.0100%	8h	0.2553	+0.118%	—	$2.5M	—	as long as short
Variational Omni SUSHI	+0.0100%	8h	0.2559	+0.340%	$41K	$14K	—	as long as short
HTX SUSHI-USDT	+0.0100%	8h	0.2557	+0.275%	$87K	$54K	75x	as long as short
BloFin SUSHI-USDT	+0.0107%	8h	0.2551	+0.039%	$217K	$65K	75x	as long as short