Funding arb · Price arb /

THETA

all THETA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.112%

Price spread now: Kraken Futures against Bybit+0.278%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.278% dearer against Bybit than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit THETAUSDT	0.2234	0.0100	pay 0.0100% / 8h	3h 30m	$2.8M	$1.9M	75x
Short	Kraken Futures PF_THETAUSD	0.2240	0.0144	get 0.0018% / 1h	30m 56s	$82K	$58K	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

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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.278%Rate

Funding earned: $9.24
Price spread: +0.278% → 0.000%: $27.8
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $16.04
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 2 min ago; 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 Bybit live order book, 2 min ago	4.48 bp	22.3 bp −$22	151.9 bp −$1,519	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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.

THETA on 13 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
Variational Omni THETA	−0.0742%	8h	0.2226	−0.339%	$231K	$14K	—	as long as short
BingX THETA-USDT	+0.0023%	8h	0.2238	+0.197%	—	$2.4M	—	as long as short
Injective THETA/USDC PERP	+0.0033%	1h	0.2136	−4.370%	$208	$25K	5.5x	as long as short
OKX THETA-USDT-SWAP	+0.0035%	8h	0.2235	+0.063%	$641K	$1.3M	20x	as long as short
Aster THETAUSDT	+0.0100%	8h	0.2239	+0.244%	$8K	$5K	5x	as long as short
Binance THETAUSDT	+0.0100%	8h	0.2238	+0.194%	$3.2M	$4.7M	75x	as long as short
Bybit THETAUSDTlong	+0.0100%	8h	0.2234	long leg	$2.8M	$1.9M	75x
Gate THETA_USDT	+0.0100%	8h	0.2237	+0.152%	$374K	$140K	50x	as long as short
MEXC THETA_USDT	+0.0100%	8h	0.2239	+0.242%	$1.4M	$600K	100x	as long as short
KuCoin THETAUSDTM	+0.0100%	8h	0.2238	+0.197%	$926K	$98K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget THETAUSDT	+0.0100%	8h	0.2239	+0.242%	$1.4M	$680K	50x	as long as short
Kraken Futures PF_THETAUSDshort	+0.0144%	1h	0.2240	+0.278%	$82K	$58K	20x
BloFin THETA-USDT	+0.0220%	8h	0.2239	+0.242%	$162K	$192K	75x	as long as short