Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.011%

Price spread now: Kraken Futures against Orderly+0.045%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kraken Futures is 0.045% dearer against Orderly than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_EURUSD_USDC	1.1460	0	get 0.0000% / 8h	1h 24m	$198K	$73K	50x
Short	Kraken Futures PF_EURUSD	1.1465	−0.0228	pay 0.0029% / 1h	24m 37s	$3K	—	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$47.92
Price spread: +0.045% → 0.000%: $4.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$59.38
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Orderly and Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

EUR on 18 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_EURUSDshort	−0.0228%	1h	1.1465	+0.045%	$3K	—	50x
MEXC EUR_USDT	−0.0218%	4h	1.1468	+0.070%	$6.8M	$135K	100x	as long as short
Bybit EURUSDUSDT	0.0000%	8h	1.1478	+0.153%	$579K	$312K	100x	as long as short
Gate EURUSD_USDT	0.0000%	8h	1.1476	+0.140%	$144K	$6K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1477	+0.148%	$261K	$25K	100x	as long as short
Orderly PERP_EURUSD_USDClong	0.0000%	8h	1.1460	long leg	$198K	$73K	50x
SunX EURUSD-USDT	0.0000%	1h	1.1473	+0.113%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1472	+0.105%	$12K	$269K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1463	+0.025%	$6.8M	$1.2M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1466	+0.056%	$9K	$78K	101x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest EUR-USD-PERP	+0.0046%	1h	1.1495	+0.304%	—	$241K	100x	as long as short
Nado EURUSD-PERP	+0.0090%	1h	1.1466	+0.048%	$467K	$154K	40x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1467	+0.061%	$191K	$60K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1476	+0.137%	$12K	—	10x	as long as short
tradeXYZ xyz:EUR	+0.0254%	1h	1.1473	+0.113%	$23.2M	$1.6M	50x	as long as short
Hotstuff EURUSD-PERP	+0.0272%	1h	1.1474	+0.122%	$33K	—	50x	as long as short
Hibachi EUR/USDT-P	+0.0320%	1h	1.1464	+0.038%	$170K	$8.4M	30x	as long as short
Lighter EURUSD	+0.0336%	1h	1.1479	+0.167%	$2.2M	$408K	50x	as long as short