Funding arb · Price arb /

USUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0852%/8h= +93.3% APRpaid last 24h +0.219%

Price spread now: Binance against Kraken Futures+0.005%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1441.441% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.361%−$36 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.005%, 7d avg −0.021%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Binance is 0.026% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.021%. Mind the row above: over the last 7 days funding on this pair cost −0.361%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.361% in total (about -18.8% 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_USUALUSD	0.01381	−0.0752	get 0.0094% / 1h	53m 04s	$112K	$18K	10x
Short	Binance USUALUSDT	0.01381	0.0100	get 0.0050% / 4h	1h 53m	$2.2M	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.005%Rate

Funding earned: $178.89
Price spread: +0.005% → −0.021%: $2.58
Slippage, 4 orders: −$124.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $37.38
Costs to cover: 1.441%
Break-even: 5.5 days

Slippage from Kraken Futures: live order book, 9 min ago; Binance: live order book, 13 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, 9 min ago	36.87 bp	42.3 bp −$42	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	3.62 bp	27.6 bp −$28	126.8 bp −$1,268	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	−0.4981%	1h	0.01366	−1.052%	$6K	$1K	5.5x	as long as short
Kraken Futures PF_USUALUSDlong	−0.0752%	1h	0.01381	long leg	$112K	$18K	10x
Hyperliquid USUAL	+0.0100%	1h	0.01381	+0.034%	$395K	$178K	3x	as long as short
Binance USUALUSDTshort	+0.0100%	4h	0.01381	+0.005%	$2.2M	$3.2M	50x
Bybit USUALUSDT	+0.0100%	4h	0.01381	+0.034%	$1.0M	$743K	25x	as long as short
Gate USUAL_USDT	+0.0100%	8h	0.01382	+0.107%	$934K	$102K	50x	as long as short
MEXC USUAL_USDT	+0.0100%	4h	0.01380	−0.060%	$6.0M	$226K	100x	as long as short
KuCoin USUALUSDTM	+0.0100%	4h	0.01381	+0.034%	$271K	$56K	20x	as long as short
Bitget USUALUSDT	+0.0100%	4h	0.01383	+0.179%	$827K	$375K	50x	as long as short
BingX USUAL-USDT	+0.0100%	4h	0.01380	−0.009%	—	$1.2M	—	as long as short

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni USUAL	+0.0100%	4h	0.01386	+0.409%	$10K	$208	—	as long as short