Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1077%/8h= −117.9% APRpaid last 24h −0.433%

Price spread now: Bitget against Kraken Futures−0.011%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1,317as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,277as in the Price arb table

costs, in and out, $10k−$1,28012.798% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.369%−$37 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.011%, 7d avg −0.036%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.025% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.036%): +$2 on $10k if it goes back. Holding the pair costs −$32 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.369% in total) that is about 11 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.369% in total (about -19.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TRBUSD	19.033	0.1177	pay 0.0147% / 1h	54m 19s	$104K	$59K	10x
Short	Bitget TRBUSDT	19.031	0.0100	get 0.0050% / 4h	1h 54m	$1.3M	$1.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$226.12
Price spread: −0.011% → −0.036%: $2.49
Slippage, 4 orders: −$1,257.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,503.4
Costs to cover: 12.798%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 55 min ago; Bitget: live order book, just now.

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 live order book, 55 min ago	23.64 bp	1189.5 bp −$1,189	17679.9 bp −$176.8K	doesn't fit	doesn't fit
Sell Bitget live order book, just now	5.25 bp	19.1 bp −$19	53.9 bp −$539	doesn't fit	doesn't fit

TRB on 13 exchanges

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
Hyperliquid TRB	+0.0100%	1h	19.027	−0.032%	$470K	$276K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.016	−0.089%	$3K	$30K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.012	−0.111%	$5.0M	$11.4M	50x	as long as short
Bybit TRBUSDT	+0.0100%	4h	19.027	−0.032%	$6.2M	$2.2M	50x	as long as short
OKX TRB-USDT-SWAP	+0.0100%	4h	19.020	−0.069%	$4.3M	$5.2M	20x	as long as short
Gate TRB_USDT	+0.0100%	4h	19.030	−0.016%	$552K	$1.9M	50x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.016	−0.090%	$15.8M	$1.1M	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.030	−0.016%	$1.2M	$328K	50x	as long as short
Bitget TRBUSDTshort	+0.0100%	4h	19.031	−0.011%	$1.3M	$1.6M	50x
BingX TRB-USDT	+0.0100%	4h	19.022	−0.058%	—	$13.5M	—	as long as short

Show all 13 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni TRB	+0.0100%	4h	19.039	+0.029%	$15K	$15K	—	as long as short
BloFin TRB-USDT	+0.0153%	4h	19.019	−0.074%	$351K	$155K	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1177%	1h	19.033	long leg	$104K	$59K	10x