Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.1137%/8h= +124.5% APRpaid last 24h +0.150%

Price spread now: Kraken Futures against Bybit−0.006%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2,246as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,246as in the Price arb table

costs, in and out, $10k−$2,25022.496% 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+0.032%+$3 on $10k

Price spread, last 3 days (all we have)−0.073%−$7 · spread now −0.006%, 7d avg −0.039%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$34 a day on $10k at the current rate, and Kraken Futures is 0.032% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.039%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit TRBUSDT	19.158	0.0100	pay 0.0050% / 4h	1h 47m	$6.3M	$1.9M	50x
Short	Kraken Futures PF_TRBUSD	19.157	0.1237	get 0.0155% / 1h	47m 51s	$103K	$98K	10x

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 −0.006%Rate

Funding earned: $238.69
Price spread: −0.006% → −0.039%: $3.25
Slippage, 4 orders: −$2,228.63
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$2,007.69
Costs to cover: 22.496%
Break-even: 65.9 days

Slippage from Bybit: live order book, 5 min ago; Kraken Futures: live order book, 34 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, 5 min ago	3.92 bp	33.2 bp −$33	117.1 bp −$1,171	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 34 min ago	18.24 bp	39.6 bp −$40	doesn't fit	doesn't fit	doesn't fit

TRB 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
BloFin TRB-USDT	+0.0048%	4h	19.148	−0.052%	$359K	$175K	50x	as long as short
Hyperliquid TRB	+0.0100%	1h	19.128	−0.157%	$487K	$226K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.128	−0.154%	$9K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.129	−0.154%	$5.0M	$10.2M	50x	as long as short
Bybit TRBUSDTlong	+0.0100%	4h	19.158	long leg	$6.3M	$1.9M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.160	+0.010%	$4.5M	$4.6M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.140	−0.094%	$582K	$1.5M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.132	−0.136%	$14.5M	$897K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.129	−0.151%	$1.1M	$307K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.139	−0.099%	$1.2M	$1.3M	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX TRB-USDT	+0.0100%	4h	19.141	−0.089%	—	$16.5M	—	as long as short
Variational Omni TRB	+0.0100%	4h	19.076	−0.426%	$14K	$3K	—	as long as short
Kraken Futures PF_TRBUSDshort	+0.1237%	1h	19.157	−0.006%	$103K	$98K	10x