Funding you earn now, next payment 03:00 UTC−0.0235%/8h= −25.7% APRpaid last 24h +0.116%
Price spread now: Bybit against Kraken Futures−0.178%7-day average −0.136% · you buy dearer than you sell
Net, funding: paid 7d − costs−$149as in the Funding arb table
Net, price: spread back to 7d avg − costs−$138as in the Price arb table
costs, in and out, $10k−$1341.337% of the position
Funding, last 7 days−0.152%−$15 on $10k
+Price spread, last 3 days (all we have)+0.181%+$18 · spread now −0.178%, 7d avg −0.136%
=Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bybit is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.136%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.152% in total (about -7.9% 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_ZROUSD | 1.1731 | 0.0198 | pay 0.0025% / 1h | 52m 53s | $259K | $406K | 25x |
| Short | Bybit ZROUSDT | 1.1710 | −0.0037 | pay 0.0019% / 4h | 1h 52m | $17.9M | $13.9M | 50x |
Kraken Futures PF_ZROUSD
Bybit ZROUSDTFunding 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
- −$49.3
- Price spread: −0.178% → −0.136%
- −$4.29
- Slippage, 4 orders
- −$112.66
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$187.25
- Costs to cover
- 1.337%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 10 min ago; Bybit: live order book, 1 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, 10 min ago | 32.83 bp | 73.1 bp −$73 | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 1 min ago | 0.43 bp | 8.3 bp −$8 | 50.3 bp −$503 | doesn't fit | doesn't fit |
ZRO on 25 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 | |
|---|---|---|---|---|---|---|---|---|
| 01 Exchange ZROUSD | −0.0488% | 1h | 1.1683 | −0.411% | $7K | $3K | 5x | as long as short |
| ApeX Omni ZROUSDT | −0.0341% | 1h | 1.1650 | −0.690% | $39K | $675K | 50x | as long as short |
| Bybit ZROUSDTshort | −0.0037% | 4h | 1.1710 | −0.178% | $17.9M | $13.9M | 50x | |
| dYdX ZRO-USD | 0.0000% | 1h | 1.1692 | −0.336% | $21K | $3K | 5x | as long as short |
| Gate ZRO_USDT | +0.0020% | 4h | 1.1700 | −0.264% | $1.3M | $1.5M | 75x | as long as short |
| Orderly PERP_ZRO_USDC | +0.0034% | 4h | 1.1702 | −0.247% | $20K | $5K | 10x | as long as short |
| Lighter ZRO | +0.0096% | 1h | 1.1739 | +0.070% | $4.4M | $1.2M | 5x | as long as short |
| Hyperliquid ZRO | +0.0100% | 1h | 1.1740 | +0.077% | $37.2M | $5.4M | 5x | as long as short |
| Aster ZROUSDT | +0.0100% | 4h | 1.1721 | −0.084% | $158K | $150K | 10x | as long as short |
| Pacifica ZRO | +0.0100% | 1h | 1.1689 | −0.354% | $136K | $169K | 5x | as long as short |
01 Exchange ZROUSD
ApeX Omni ZROUSDT
dYdX ZRO-USD
Gate ZRO_USDT
Orderly PERP_ZRO_USDC
Lighter ZRO
Hyperliquid ZRO
Aster ZROUSDT
Pacifica ZROShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Binance ZROUSDT | +0.0100% | 4h | 1.1720 | −0.093% | $22.0M | $29.6M | 75x | as long as short |
| OKX ZRO-USDT-SWAP | +0.0100% | 4h | 1.1719 | −0.102% | $3.2M | $7.9M | 20x | as long as short |
| MEXC ZRO_USDT | +0.0100% | 4h | 1.1718 | −0.110% | $19.1M | $2.7M | 125x | as long as short |
| KuCoin ZROUSDTM | +0.0100% | 4h | 1.1711 | −0.170% | $2.3M | $1.9M | 50x | as long as short |
| Bitget ZROUSDT | +0.0100% | 4h | 1.1721 | −0.085% | $2.7M | $2.4M | 75x | as long as short |
| BingX ZRO-USDT | +0.0100% | 4h | 1.1718 | −0.110% | — | $16.4M | — | as long as short |
| Backpack ZRO_USDC_PERP | +0.0100% | 1h | 1.1713 | −0.153% | $95K | $205K | 20x | as long as short |
| Variational Omni ZRO | +0.0100% | 4h | 1.1720 | −0.093% | $2.3M | $813K | — | as long as short |
| Polymarket Perps ZRO-USD | +0.0100% | 1h | 1.1700 | −0.264% | $93K | $838K | 5x | as long as short |
| Aevo ZRO-PERP | +0.0104% | 1h | 1.1695 | −0.306% | $21K | — | 3x | as long as short |
| Nado ZRO-PERP | +0.0150% | 1h | 1.1688 | −0.366% | $1.3M | $124K | 5x | as long as short |
| Kraken Futures PF_ZROUSDlong | +0.0198% | 1h | 1.1731 | long leg | $259K | $406K | 25x | |
| GMX ZRO/USD [ETH-USDC] | L +0.0292% / S −0.2341% | 1h | 1.1713 | −0.151% | $3K | — | 100x | as long as short |
| Extended ZRO-USD | +0.0880% | 1h | 1.1709 | −0.190% | $785K | $590K | 10x | as long as short |
| Injective ZRO/USDC PERP | +0.1102% | 1h | 1.1730 | −0.008% | $12K | $260K | 12x | as long as short |
Binance ZROUSDT
OKX ZRO-USDT-SWAP
MEXC ZRO_USDT
KuCoin ZROUSDTM
Bitget ZROUSDT
BingX ZRO-USDT
Backpack ZRO_USDC_PERP
Variational Omni ZRO
Polymarket Perps ZRO-USD
Aevo ZRO-PERP
Nado ZRO-PERP
GMX ZRO/USD [ETH-USDC]
Extended ZRO-USD
Injective ZRO/USDC PERP