Funding you earn now, next payment 23:00 UTC−0.0808%/8h= −88.5% APRpaid last 24h −0.192%
Price spread now: Kraken Futures against Bybit−0.184%7-day average −0.128% · you buy dearer than you sell
Net, funding: paid 7d − costs−$124as in the Funding arb table
Net, price: spread back to 7d avg − costs−$153as in the Price arb table
costs, in and out, $10k−$1471.473% of the position
Funding, last 7 days+0.235%+$23 on $10k
+Price spread, last 3 days (all we have)−0.151%−$15 · spread now −0.184%, 7d avg −0.128%
=Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Kraken Futures is 0.055% cheaper against Bybit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.128%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.235%, so the current rate has only just turned against you.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.235% in total (about 12.2% 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 USUALUSDT | 0.01355 | 0.0100 | pay 0.0050% / 4h | 1h 48m | $1.0M | $922K | 25x |
| Short | Kraken Futures PF_USUALUSD | 0.01352 | −0.0708 | pay 0.0089% / 1h | 48m 58s | $110K | $23K | 10x |
Bybit USUALUSDT
Kraken Futures PF_USUALUSDFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$169.76
- Price spread: −0.184% → −0.128%
- −$5.55
- Slippage, 4 orders
- −$126.33
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Net
- −$322.64
- Costs to cover
- 1.473%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 33 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 | 3.32 bp | 34.4 bp −$34 | doesn't fit | doesn't fit | doesn't fit |
| Sell Kraken Futures live order book, 33 min ago | 33.11 bp | 41.4 bp −$41 | doesn't fit | doesn't fit | doesn't fit |
USUAL on 11 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective USUAL/USDC PERP | −0.4025% | 1h | 0.01335 | −1.454% | $6K | $2K | 5.5x | as long as short |
| Kraken Futures PF_USUALUSDshort | −0.0708% | 1h | 0.01352 | −0.184% | $110K | $23K | 10x | |
| Hyperliquid USUAL | +0.0100% | 1h | 0.01353 | −0.125% | $386K | $232K | 3x | as long as short |
| Binance USUALUSDT | +0.0100% | 4h | 0.01352 | −0.185% | $2.1M | $3.5M | 50x | as long as short |
| Bybit USUALUSDTlong | +0.0100% | 4h | 0.01355 | long leg | $1.0M | $922K | 25x | |
| Gate USUAL_USDT | +0.0100% | 8h | 0.01353 | −0.125% | $903K | $213K | 50x | as long as short |
| MEXC USUAL_USDT | +0.0100% | 4h | 0.01352 | −0.207% | $5.9M | $258K | 100x | as long as short |
| KuCoin USUALUSDTM | +0.0100% | 4h | 0.01357 | +0.170% | $281K | $64K | 20x | as long as short |
| Bitget USUALUSDT | +0.0100% | 4h | 0.01354 | −0.052% | $819K | $506K | 50x | as long as short |
| BingX USUAL-USDT | +0.0100% | 4h | 0.01353 | −0.155% | — | $1.2M | — | as long as short |
Injective USUAL/USDC PERP
Hyperliquid USUAL
Binance USUALUSDT
Gate USUAL_USDT
MEXC USUAL_USDT
KuCoin USUALUSDTM
Bitget USUALUSDT
BingX USUAL-USDTShow all 11 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Variational Omni USUAL | +0.0100% | 4h | 0.01355 | +0.051% | $9K | $208 | — | as long as short |
Variational Omni USUAL