Funding you earn now, next payment 04:00 UTC−0.1580%/8h= −173.0% APRpaid last 24h −0.088%
Price spread now: Binance against Kraken Futures−0.253%7-day average −0.124% · you buy dearer than you sell
Net, funding: paid 7d − costs−$262as in the Funding arb table
Net, price: spread back to 7d avg − costs−$257as in the Price arb table
costs, in and out, $10k−$2442.440% of the position
Funding, last 7 days−0.180%−$18 on $10k
+Price spread, last 4 days (all we have)+0.431%+$43 · spread now −0.253%, 7d avg −0.124%
=Both sides work against this trade now: funding costs −$47 a day on $10k at the current rate, and Binance is 0.129% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.124%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.180% in total (about -9.4% 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_WUSD | 0.01190 | 0.1680 | pay 0.0210% / 1h | 18m 39s | $147K | $183K | 20x |
| Short | Binance WUSDT | 0.01187 | 0.0100 | get 0.0050% / 4h | 18m 39s | $2.9M | $6.4M | 50x |
Kraken Futures PF_WUSD
Binance WUSDTFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$331.84
- Price spread: −0.253% → −0.124%
- −$12.92
- Slippage, 4 orders
- −$224.01
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Binance: 5 bp × 2 orders
- −$10
- Net
- −$588.77
- Costs to cover
- 2.440%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 39 min ago; Binance: live order book, 5 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, 39 min ago | 13.91 bp | 136.4 bp −$136 | doesn't fit | doesn't fit | doesn't fit |
| Sell Binance live order book, 5 min ago | 2.10 bp | 22.6 bp −$23 | 96.4 bp −$964 | doesn't fit | doesn't fit |
W on 17 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit W_USDC-PERPETUAL | −0.0760% | 1h | 0.01187 | −0.201% | $16K | $2K | 10x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +1.614% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01187 | −0.235% | $2.0M | $341K | 5x | as long as short |
| Binance WUSDTshort | +0.0100% | 4h | 0.01187 | −0.253% | $2.9M | $6.4M | 50x | |
| Bybit WUSDT | +0.0100% | 4h | 0.01186 | −0.344% | $4.2M | $1.9M | 50x | as long as short |
| OKX W-USDT-SWAP | +0.0100% | 4h | 0.01187 | −0.269% | $1.3M | $1.9M | 20x | as long as short |
| Gate W_USDT | +0.0100% | 4h | 0.01187 | −0.235% | $449K | $229K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01187 | −0.235% | $12.8M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01185 | −0.403% | $384K | $213K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01187 | −0.235% | $1.3M | $574K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
Injective W/USDC PERP
Hyperliquid W
Bybit WUSDT
OKX W-USDT-SWAP
Gate W_USDT
MEXC W_USDT
KuCoin WUSDTM
Bitget WUSDTShow all 17 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX W-USDT | +0.0100% | 4h | 0.01186 | −0.294% | — | $6.8M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01185 | −0.380% | $71K | $41K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01188 | −0.145% | $128K | $414K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01187 | −0.257% | $62K | $235K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0360% | 1h | 0.01190 | −0.008% | $14K | $15K | 50x | as long as short |
| Backpack W_USDC_PERP | +0.0909% | 1h | 0.01189 | −0.050% | $44K | $43K | 15x | as long as short |
| Kraken Futures PF_WUSDlong | +0.1680% | 1h | 0.01190 | long leg | $147K | $183K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP