Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0443%/8h= +48.5% APRpaid last 24h +0.086%

Price spread now: OKX against Kraken Futures−0.206%7-day average −0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1091.085% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now −0.206%, 7d avg −0.154%

Together, before fees+0.048%+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.052% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.206% now, against its 7-day average of −0.154%). If the spread goes back, that is −$5 on $10k: about 9 hours of funding at the current rate (+$13 a day). At the pace of the last 7 days (+0.006% in total) that is about 2 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.006% in total (about 0.3% 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_XTZUSD	0.3374	−0.0343	get 0.0043% / 1h	16m 33s	$282K	$270K	50x
Short	OKX XTZ-USDT-SWAP	0.3367	0.0100	get 0.0100% / 8h	1h 16m	$1.2M	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.206%Rate

Funding earned: $93.09
Price spread: −0.206% → −0.154%: −$5.17
Slippage, 4 orders: −$88.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$20.6
Costs to cover: 1.085%
Break-even: 8.5 days

Slippage from Kraken Futures: live order book, 26 min ago; OKX: 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, 26 min ago	8.94 bp	31.6 bp −$32	129.4 bp −$1,294	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.96 bp	26.1 bp −$26	164.0 bp −$1,640	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_XTZUSDlong	−0.0343%	1h	0.3374	long leg	$282K	$270K	50x
Bitget XTZUSDT	−0.0230%	4h	0.3374	+0.002%	$915K	$860K	75x	as long as short
Bybit XTZUSDT	−0.0145%	4h	0.3367	−0.206%	$2.7M	$2.7M	75x	as long as short
Variational Omni XTZ	−0.0069%	4h	0.3373	−0.031%	$102K	$298K	—	as long as short
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+3.262%	$62	$17K	5.5x	as long as short
BloFin XTZ-USDT	+0.0047%	4h	0.3368	−0.176%	$276K	$95K	75x	as long as short
MEXC XTZ_USDT	+0.0052%	4h	0.3367	−0.206%	$2.1M	$729K	100x	as long as short
Binance XTZUSDT	+0.0054%	4h	0.3367	−0.198%	$4.6M	$9.6M	75x	as long as short
OKX XTZ-USDT-SWAPshort	+0.0100%	8h	0.3367	−0.206%	$1.2M	$1.3M	20x
Gate XTZ_USDT	+0.0100%	8h	0.3369	−0.147%	$618K	$166K	75x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XTZUSDTM	+0.0100%	4h	0.3369	−0.147%	$622K	$191K	30x	as long as short
BingX XTZ-USDT	+0.0100%	4h	0.3368	−0.176%	—	$1.1M	—	as long as short