Funding arb · Price arb /

TRB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1140%/8h= −124.8% APRpaid last 24h −0.150%

Price spread now: Bybit against Kraken Futures+0.167%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2,490as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,474as in the Price arb table

costs, in and out, $10k−$2,48624.865% of the position

Long on Kraken Futures Short on Bybit

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)−0.088%−$9 · spread now +0.167%, 7d avg +0.039%

Together, before fees−0.120%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.128% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of +0.039%): +$13 on $10k if it goes back. Holding the pair costs −$34 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.032% in total) that is about 28 days.

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	Kraken Futures PF_TRBUSD	19.112	0.1240	pay 0.0155% / 1h	6m 34s	$101K	$98K	10x
Short	Bybit TRBUSDT	19.144	0.0100	get 0.0050% / 4h	1h 06m	$6.3M	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$239.3
Price spread: +0.167% → +0.039%: $12.84
Slippage, 4 orders: −$2,465.45
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$2,712.91
Costs to cover: 24.865%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; Bybit: live order book, 6 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 Kraken Futures live order book, 10 min ago	13.12 bp	2398.6 bp −$2,399	18341.6 bp −$183.4K	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	4.46 bp	21.7 bp −$22	120.9 bp −$1,209	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
Hyperliquid TRB	+0.0100%	1h	19.120	+0.042%	$484K	$225K	3x	as long as short
Aster TRBUSDT	+0.0100%	4h	19.079	−0.172%	$9K	$21K	5x	as long as short
Binance TRBUSDT	+0.0100%	4h	19.094	−0.094%	$5.0M	$10.1M	50x	as long as short
Bybit TRBUSDTshort	+0.0100%	4h	19.144	+0.167%	$6.3M	$1.9M	50x
OKX TRB-USDT-SWAP	+0.0100%	4h	19.130	+0.094%	$4.4M	$4.6M	20x	as long as short
MEXC TRB_USDT	+0.0100%	4h	19.084	−0.147%	$14.5M	$927K	125x	as long as short
KuCoin TRBUSDTM	+0.0100%	4h	19.069	−0.225%	$1.1M	$300K	50x	as long as short
Bitget TRBUSDT	+0.0100%	4h	19.103	−0.047%	$1.2M	$1.3M	50x	as long as short
BingX TRB-USDT	+0.0100%	4h	19.115	+0.016%	—	$16.5M	—	as long as short
Variational Omni TRB	+0.0100%	4h	19.069	−0.223%	$14K	$3K	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin TRB-USDT	+0.0148%	4h	19.053	−0.309%	$357K	$173K	50x	as long as short
Gate TRB_USDT	+0.0254%	4h	19.090	−0.115%	$575K	$1.5M	50x	as long as short
Kraken Futures PF_TRBUSDlong	+0.1240%	1h	19.112	long leg	$101K	$98K	10x