Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0047%/8h= −5.1% APRpaid last 24h −0.028%

Price spread now: Kraken Futures against BloFin+0.061%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.118%−$12 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.061%, 7d avg +0.009%

Together, before fees−0.140%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.053% dearer against BloFin than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of +0.009%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,770	0.0181	pay 0.0181% / 8h	7h 12m	$287.8M	$178.2M	150x
Short	Kraken Futures PF_ETHUSD	2,771.7	0.0134	get 0.0017% / 1h	12m 44s	$98.0M	$315.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$9.82
Price spread: +0.061% → +0.009%: $5.26
Slippage, 4 orders: −$2.53
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$29.08
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Kraken Futures: 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 BloFin live order book, 6 min ago	0.23 bp	6.2 bp −$6	6.4 bp −$64	7.6 bp −$758	9.0 bp −$4,519
Sell Kraken Futures live order book, 1 min ago	0.36 bp	6.1 bp −$6	6.6 bp −$66	8.2 bp −$822	12.9 bp −$6,468

ETH on 55 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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.137%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,770.2	+0.007%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,771.1	+0.040%	$325K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	+0.018%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,770.4	+0.014%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.2	+0.007%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.053%	$12.3M	$43.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.3	+0.047%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,770.1	+0.002%	$187K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0029%	8h	2,769.9	−0.004%	$1.71B	$11.08B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0037%	1h	2,770.8	+0.029%	$55.2M	$187.9M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,770.9	+0.033%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,770.3	+0.012%	$256.2M	$886.1M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.9	−0.075%	$5.0M	$156K	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,769.3	−0.026%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,769.3	−0.026%	$6.47B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,769.6	−0.016%	$3.38B	$9.09B	200x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,770.1	+0.003%	$269.6M	$66.1M	150x	as long as short
Bitget ETHUSDT	+0.0077%	8h	2,769.5	−0.019%	$2.10B	$2.84B	150x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,770.8	+0.028%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771.3	+0.047%	$60.4M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,770.7	+0.027%	—	$876K	50x	as long as short
HTX ETH-USDT	+0.0081%	8h	2,769.9	−0.006%	$1.08B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,769.2	−0.030%	$420.0M	$597.6M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	−0.026%	$8.6M	$32.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,770	−0.001%	$115.1M	$459.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772	+0.073%	$25.6M	$111.9M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.8	+0.210%	$16.0M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.6	+0.021%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.3	+0.010%	$14.6M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.3	+0.083%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.5	+0.053%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.9	−0.003%	$2.51B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	+0.007%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.8	+0.027%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.234%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769.5	−0.018%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.013%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.4	−0.057%	$133.7M	$347.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.038%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.3	+0.010%	$161.1M	$84.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.079%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.9	−0.004%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.1	+0.039%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.9	+0.106%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	+0.012%	$972K	$12.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.4	−0.058%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.9	+0.139%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,772.1	+0.075%	$8.2M	$675.4M	4.9x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0134%	1h	2,771.7	+0.061%	$98.0M	$315.9M	100x
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.2	+0.043%	$253K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0156%	8h	2,773.5	+0.125%	$32.7M	$11.0M	100x	as long as short
BloFin ETH-USDTlong	+0.0181%	8h	2,770	long leg	$287.8M	$178.2M	150x
Deribit ETH-PERPETUAL	+0.0190%	1h	2,772.2	+0.079%	$259.1M	$203.0M	50x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,769.9	−0.003%	$7.3M	$1.1M	25x	as long as short