Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0672%/8h= −73.6% APRpaid last 24h −0.042%

Price spread now: Kraken Futures against Binance+0.612%7-day average +0.186% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$900.904% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now +0.612%, 7d avg +0.186%

Together, before fees−0.140%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.426% dearer against Binance than usual: you sell high and buy low (spread +0.612% now, against its 7-day average of +0.186%): +$43 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% 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	Binance XTZUSDT	0.3397	0.0100	pay 0.0050% / 4h	1h 03m	$4.7M	$9.7M	75x
Short	Kraken Futures PF_XTZUSD	0.3418	−0.0572	pay 0.0072% / 1h	3m 38s	$282K	$251K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.612%Rate

Funding earned: −$141.13
Price spread: +0.612% → +0.186%: $42.62
Slippage, 4 orders: −$70.42
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$188.92
Costs to cover: 0.904%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 59 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 Binance live order book, 6 min ago	2.91 bp	19.7 bp −$20	73.5 bp −$735	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 59 min ago	2.94 bp	25.3 bp −$25	69.2 bp −$692	doesn't fit	doesn't fit

XTZ on 12 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
Kraken Futures PF_XTZUSDshort	−0.0572%	1h	0.3418	+0.612%	$282K	$251K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+2.561%	$62	$17K	5.5x	as long as short
BloFin XTZ-USDT	+0.0057%	4h	0.3415	+0.530%	$284K	$96K	75x	as long as short
Binance XTZUSDTlong	+0.0100%	4h	0.3397	long leg	$4.7M	$9.7M	75x
Bybit XTZUSDT	+0.0100%	4h	0.3397	0.000%	$2.7M	$2.8M	75x	as long as short
OKX XTZ-USDT-SWAP	+0.0100%	8h	0.3397	0.000%	$1.2M	$1.3M	20x	as long as short
Gate XTZ_USDT	+0.0100%	8h	0.3396	−0.029%	$629K	$171K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3396	−0.029%	$2.1M	$660K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3404	+0.206%	$628K	$190K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3397	0.000%	$920K	$939K	75x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XTZ-USDT	+0.0100%	4h	0.3396	−0.029%	—	$1.1M	—	as long as short
Variational Omni XTZ	+0.0100%	4h	0.3411	+0.407%	$86K	$331K	—	as long as short