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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.001%
Price spread now: Kraken Futures against Binance+0.046%7-day average +0.007% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$220.222% of the position
Long on BinanceShort on Kraken Futures
What this pair did over the last
the charts below follow
Funding, last 7 days+0.121%+$12 on $10k
Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.046%, 7d avg +0.007%
Together, before fees+0.034%+$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Kraken Futures is 0.038% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.007%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.121% in total (about 6.3% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBinance ETHUSDT2,768.10.0044pay 0.0044% / 8h2h 44m$6.43B$17.18B150x
ShortKraken Futures PF_ETHUSD2,769.30.0241get 0.0030% / 1h44m 43s$88.4M$329.9M100x

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

Funding earned
$41.18
Price spread: +0.046% → +0.007%
$3.83
Slippage, 4 orders
−$2.2
Fee Binance: 5 bp × 2 orders
−$10
Fee Kraken Futures: 5 bp × 2 orders
−$10
Net
$22.81
Costs to cover
0.222%
Break-even
3.1 days
Slippage from Binance: live order book, 14 min ago; Kraken Futures: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Binance live order book, 14 min ago0.02 bp5.0 bp −$55.0 bp −$505.7 bp −$5718.0 bp −$4,018
Sell Kraken Futures live order book, 4 min ago0.18 bp6.3 bp −$67.6 bp −$769.5 bp −$95314.0 bp −$6,995

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,769+0.035%$289K$6.9M8.3xas long as short
Injective ETH/USDC PERP−0.0107%1h2,770.7+0.096%$119K$22.5M52xas long as short
ApeX Omni ETHUSDT−0.0095%1h2,771.1+0.111%$10.5M$31.0M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,768.4+0.013%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0064%1h2,768.4+0.013%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,771.3+0.117%$795K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,768.4+0.014%$5.8M$12.0M25xas long as short
dYdX ETH-USD0.0000%1h2,769.1+0.038%$12.9M$45.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,768.9+0.030%$22.4M—200xas long as short
Phemex ETHUSDT+0.0021%8h2,768.10.000%$266.3M$65.9M150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0023%8h2,767.8−0.009%$1.70B$11.83B100xas long as short
Aftermath Perps ETHUSD+0.0024%1h2,772.3+0.152%$29K$21K20xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,768.9+0.030%$13.1M—200xas long as short
Aster ETHUSDT+0.0042%8h2,767.9−0.005%$255.7M$995.5M200xas long as short
MEXC ETH_USDT+0.0044%8h2,768.10.000%$1.59B$2.63B500xas long as short
Binance ETHUSDTlong+0.0044%8h2,768.1long leg$6.43B$17.18B150x
Aevo ETH-PERP+0.0048%1h2,766.1−0.070%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0060%8h2,768.3+0.008%$3.29B$9.57B200xas long as short
Bitget ETHUSDT+0.0074%8h2,768.2+0.006%$2.09B$3.13B150xas long as short
Bullet ETH-USD+0.0079%1h2,768.1+0.001%$186K$1.8M20xas long as short
Variational Omni ETH+0.0092%8h2,771.1+0.109%$141.1M$318.8M—as long as short
SoDEX ETH-USD+0.0094%1h2,768−0.002%$55.1M$228.6M40xas long as short
Lighter ETH+0.0096%1h2,768.5+0.016%$115.1M$509.1M50xas long as short
Lighter RH ETH+0.0096%1h2,769.9+0.068%$25.3M$121.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,769+0.035%—$41.9M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,767.7−0.011%$15.9M$10.9M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,768.7+0.023%$481K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,768.1+0.001%$16.0M$114.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,770.7+0.096%$3.19B$2.38B25xas long as short
Pacifica ETH+0.0100%1h2,768.6+0.020%$31.3M$283.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,768−0.002%$2.50B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,767.8−0.009%$2.9M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,770.3+0.083%$2.8M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,770.8+0.100%$164.5M$255.4M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,768−0.001%$424.8M$742.3M100xas long as short
BingX ETH-USDC+0.0100%8h2,767.9−0.006%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,768.5+0.014%$15.3M$42.4M50xas long as short
edgeX ETHUSDC+0.0100%4h2,771.4+0.122%$178.2M$790.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,771.7+0.132%$161.2M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,770.4+0.085%$21.4M$57.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,769.5+0.054%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,769.6+0.056%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,769.3+0.046%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,770.5+0.089%$42.8M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,767.2−0.030%$971K$14.3M100xas long as short
HTX ETH-USDT+0.0100%8h2,767.6−0.018%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,767.9−0.006%$31.4M$76.1M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,769.6+0.056%$60.0M$4.63B50xas long as short
Kalshi KXETHPERP+0.0120%8h2,770.3+0.081%$8.6M$671.0M4.9xas long as short
Orderly PERP_ETH_USDC+0.0129%8h2,771+0.108%$32.5M$11.8M100xas long as short
Deribit ETH-PERPETUAL+0.0144%1h2,770+0.072%$259.0M$223.3M50xas long as short
BloFin ETH-USDT+0.0165%8h2,767.9−0.005%$286.6M$195.3M150xas long as short
Reya ETHRUSDPERP+0.0190%1h2,767.4−0.024%$7.5M$998K25xas long as short
Kraken Futures PF_ETHUSDshort+0.0241%1h2,769.3+0.046%$88.4M$329.9M100x
Hibachi ETH/USDT-P+0.0392%1h2,772.4+0.156%$273K$1.5M20xas long as short