Funding you earn now, next payment 06:00 UTC+0.0014%/8h= +1.5% APRpaid last 24h +0.221%
Price spread now: Bybit against Kraken Futures+0.102%7-day average +0.130% · you sell dearer than you buy
Net, funding: paid 7d − costs−$191as in the Funding arb table
Net, price: spread back to 7d avg − costs−$168as in the Price arb table
costs, in and out, $10k−$1661.656% of the position
Funding, last 7 days−0.249%−$25 on $10k
+Price spread, last 4 days (all we have)+0.197%+$20 · spread now +0.102%, 7d avg +0.130%
=Funding pays, the price is against you. Bybit is 0.028% cheaper against Kraken Futures than usual: you would sell low and buy high (spread +0.102% now, against its 7-day average of +0.130%). If the spread goes back, that is −$3 on $10k: about 6.9 days of funding at the current rate ($0 a day). Mind the row above: over the last 7 days funding on this pair cost −0.249%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_USUALUSD | 0.01370 | 0.0086 | pay 0.0011% / 1h | 27m 17s | $108K | $19K | 10x |
| Short | Bybit USUALUSDT | 0.01372 | 0.0100 | get 0.0050% / 4h | 2h 27m | $1.0M | $798K | 25x |
Kraken Futures PF_USUALUSD
Bybit USUALUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $2.86
- Price spread: +0.102% → +0.130%
- −$2.84
- Slippage, 4 orders
- −$144.62
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$165.6
- Costs to cover
- 1.656%
- Break-even
- 412.5 days
Slippage from Kraken Futures: live order book, 20 min ago; Bybit: live order book, 3 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, 20 min ago | 38.80 bp | 43.8 bp −$44 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 3.25 bp | 40.2 bp −$40 | 153.6 bp −$1,536 | 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 | −0.3949% | 1h | 0.01365 | −0.394% | $6K | $3K | 5.5x | as long as short |
| Kraken Futures PF_USUALUSDlong | +0.0086% | 1h | 0.01370 | long leg | $108K | $19K | 10x | |
| Hyperliquid USUAL | +0.0100% | 1h | 0.01368 | −0.175% | $389K | $188K | 3x | as long as short |
| Binance USUALUSDT | +0.0100% | 4h | 0.01369 | −0.087% | $2.2M | $3.3M | 50x | as long as short |
| Bybit USUALUSDTshort | +0.0100% | 4h | 0.01372 | +0.102% | $1.0M | $798K | 25x | |
| Gate USUAL_USDT | +0.0100% | 8h | 0.01371 | +0.044% | $928K | $110K | 50x | as long as short |
| MEXC USUAL_USDT | +0.0100% | 4h | 0.01370 | 0.000% | $6.0M | $268K | 100x | as long as short |
| KuCoin USUALUSDTM | +0.0100% | 4h | 0.01369 | −0.102% | $252K | $62K | 20x | as long as short |
| Bitget USUALUSDT | +0.0100% | 4h | 0.01371 | +0.044% | $795K | $411K | 50x | as long as short |
| BingX USUAL-USDT | +0.0100% | 4h | 0.01371 | +0.029% | — | $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 | 0.01380 | +0.725% | $10K | $1K | — | as long as short |
Variational Omni USUAL