Funding arb · Price arb /

XTZ

all XTZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0689%/8h= −75.4% APRpaid last 24h −0.063%

Price spread now: Kraken Futures against OKX+0.210%45s7-day average +0.162% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1221.220% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now +0.210%, 7d avg +0.162%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.048% dearer against OKX than usual: you sell high and buy low (spread +0.210% now, against its 7-day average of +0.162%): +$5 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 6 hours. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.009% in total (about 0.4% 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	OKX XTZ-USDT-SWAP	0.3435	0.0100	pay 0.0100% / 8h	1h 45m	$1.2M	$1.4M	20x
Short	Kraken Futures PF_XTZUSD	0.3442	−0.0589	pay 0.0074% / 1h	45m 29s	$279K	$216K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.210%Rate

Funding earned: −$144.67
Price spread: +0.210% → +0.162%: $4.84
Slippage, 4 orders: −$102.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$261.87
Costs to cover: 1.220%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 37 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 OKX live order book, 1 min ago	1.46 bp	34.0 bp −$34	193.6 bp −$1,936	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	10.14 bp	27.9 bp −$28	74.0 bp −$740	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	−0.0589%	1h	0.3442	+0.210%	$279K	$216K	50x
Injective XTZ/USDC PERP	+0.0033%	1h	0.3484	+1.426%	$62	$17K	5.5x	as long as short
BingX XTZ-USDT	+0.0036%	4h	0.3448	+0.378%	—	$1.1M	—	as long as short
Binance XTZUSDT	+0.0100%	4h	0.3437	+0.058%	$4.8M	$10.0M	75x	as long as short
Bybit XTZUSDT	+0.0100%	4h	0.3436	+0.029%	$2.8M	$3.3M	75x	as long as short
OKX XTZ-USDT-SWAPlong	+0.0100%	8h	0.3435	long leg	$1.2M	$1.4M	20x
Gate XTZ_USDT	+0.0100%	8h	0.3437	+0.058%	$640K	$212K	75x	as long as short
MEXC XTZ_USDT	+0.0100%	4h	0.3437	+0.058%	$2.1M	$609K	100x	as long as short
KuCoin XTZUSDTM	+0.0100%	4h	0.3439	+0.116%	$681K	$318K	30x	as long as short
Bitget XTZUSDT	+0.0100%	4h	0.3442	+0.204%	$949K	$1.2M	75x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni XTZ	+0.0100%	4h	0.3441	+0.166%	$123K	$296K	—	as long as short
BloFin XTZ-USDT	+0.0147%	4h	0.3437	+0.058%	$283K	$88K	75x	as long as short