Funding you earn now, next payment 23:00 UTC−0.0297%/8h= −32.5% APRpaid last 24h +0.016%
Price spread now: Bybit against Kraken Futures−0.410%7-day average −0.212% · you buy dearer than you sell
Net, funding: paid 7d − costs−$309as in the Funding arb table
Net, price: spread back to 7d avg − costs−$315as in the Price arb table
costs, in and out, $10k−$2952.950% of the position
Funding, last 7 days−0.140%−$14 on $10k
+Price spread, last 3 days (all we have)+0.613%+$61 · spread now −0.410%, 7d avg −0.212%
=Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.198% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.212%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.140% in total (about -7.3% 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 | 0.01181 | 0.0397 | pay 0.0050% / 1h | 13m 36s | $146K | $182K | 20x |
| Short | Bybit WUSDT | 0.01176 | 0.0100 | get 0.0050% / 4h | 1h 13m | $4.1M | $1.9M | 50x |
Kraken Futures PF_WUSD
Bybit WUSDTFunding 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
- −$62.27
- Price spread: −0.410% → −0.212%
- −$19.76
- Slippage, 4 orders
- −$273.99
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$377.02
- Costs to cover
- 2.950%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago | 10.60 bp | 181.8 bp −$182 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 2.98 bp | 28.8 bp −$29 | 181.9 bp −$1,819 | 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 | −0.0682% | 1h | 0.01179 | −0.198% | $17K | $1K | 10x | as long as short |
| OKX W-USDT-SWAP | −0.0094% | 4h | 0.01176 | −0.376% | $1.3M | $2.0M | 20x | as long as short |
| Injective W/USDC PERP | +0.0033% | 1h | 0.01209 | +2.376% | $1K | $1K | 12x | as long as short |
| Hyperliquid W | +0.0100% | 1h | 0.01178 | −0.249% | $2.0M | $427K | 5x | as long as short |
| Binance WUSDT | +0.0100% | 4h | 0.01177 | −0.312% | $2.9M | $6.9M | 50x | as long as short |
| Bybit WUSDTshort | +0.0100% | 4h | 0.01176 | −0.410% | $4.1M | $1.9M | 50x | |
| Gate W_USDT | +0.0100% | 4h | 0.01177 | −0.368% | $444K | $293K | 75x | as long as short |
| MEXC W_USDT | +0.0100% | 4h | 0.01177 | −0.308% | $12.8M | $1.4M | 50x | as long as short |
| KuCoin WUSDTM | +0.0100% | 4h | 0.01180 | −0.080% | $470K | $251K | 50x | as long as short |
| Bitget WUSDT | +0.0100% | 4h | 0.01177 | −0.334% | $1.3M | $578K | 50x | as long as short |
Deribit W_USDC-PERPETUAL
OKX W-USDT-SWAP
Injective W/USDC PERP
Hyperliquid W
Binance WUSDT
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 | 0.01177 | −0.308% | — | $6.9M | — | as long as short |
| Variational Omni W | +0.0100% | 4h | 0.01175 | −0.482% | $71K | $42K | — | as long as short |
| GRVT W_USDT_Perp | +0.0100% | 4h | 0.01177 | −0.343% | $129K | $385K | 10x | as long as short |
| Extended W-USD | +0.0104% | 1h | 0.01177 | −0.332% | $59K | $276K | 5x | as long as short |
| Coinbase International W-PERP-INTX | +0.0240% | 1h | 0.01181 | −0.020% | $14K | $17K | 50x | as long as short |
| Backpack W_USDC_PERP | +0.0382% | 1h | 0.01180 | −0.080% | $44K | $47K | 15x | as long as short |
| Kraken Futures PF_WUSDlong | +0.0397% | 1h | 0.01181 | long leg | $146K | $182K | 20x |
BingX W-USDT
Variational Omni W
GRVT W_USDT_Perp
Extended W-USD
Coinbase International W-PERP-INTX
Backpack W_USDC_PERP