Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h +0.010%

Price spread now: Kraken Futures against edgeX−0.143%76s7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as 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−$250.250% of the position

Long on edgeX 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 4 days (all we have)−0.201%−$20 · spread now −0.143%, 7d avg +0.031%

Together, before fees−0.192%+ Points / potential airdropedgeX: Active · farm board−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.175% cheaper against edgeX than usual: you would sell low and buy high (spread −0.143% now, against its 7-day average of +0.031%). If the spread goes back, that is −$17 on $10k: about 4.8 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.009% in total) that is about 5 months. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,739.9	0.0100	pay 0.0050% / 4h	52m 05s	$182.1M	$665.1M	100x
Short	Kraken Futures PF_ETHUSD	2,735.9	0.0222	get 0.0028% / 1h	52m 05s	$85.9M	$309.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now −0.143%Rate

Funding earned: $25.58
Price spread: −0.143% → +0.031%: −$17.45
Slippage, 4 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$16.88
Costs to cover: 0.250%
Break-even: 11.6 days

Slippage from edgeX: live order book, 2 min ago; Kraken Futures: live order book, 2 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 edgeX live order book, 2 min ago	2.03 bp	6.5 bp −$7	6.5 bp −$65	6.8 bp −$679	8.1 bp −$4,070
Sell Kraken Futures live order book, 2 min ago	0.18 bp	5.8 bp −$6	7.3 bp −$73	8.7 bp −$867	11.6 bp −$5,784

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
Perpl ETH	−0.0447%	43m	2,735.6	−0.157%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	+0.016%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.6	−0.155%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736	−0.140%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	−0.078%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736	−0.141%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.049%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.2	−0.135%	$25.5M	—	200x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,735.2	−0.170%	$54.5M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0051%	1h	2,735.4	−0.161%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0055%	8h	2,735.3	−0.167%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,736.2	−0.132%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,735.5	−0.159%	$380.1M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.1	−0.138%	$253.0M	$840.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.2	−0.243%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.5	−0.158%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,735.8	−0.148%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,735.9	−0.144%	$112.6M	$431.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.7	−0.114%	$24.4M	$103.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.5	−0.085%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.9	−0.146%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	−0.004%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.8	−0.185%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.6	−0.156%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738	−0.068%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	−0.104%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,736	−0.141%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.5	−0.196%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.5	−0.159%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.033%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736	−0.139%	$3.38B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.1	−0.139%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.3	−0.166%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.040%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,739.9	long leg	$182.1M	$665.1M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.091%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.180%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	−0.020%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.6	−0.082%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	−0.093%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.5	−0.087%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.4	−0.200%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.7	−0.154%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.1	−0.174%	$265.8M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.3	−0.165%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.5	−0.085%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0125%	1h	2,739.7	−0.006%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,737.3	−0.093%	$7.7M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0174%	1h	2,736.7	−0.114%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,738.1	−0.066%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	−0.053%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0222%	1h	2,735.9	−0.143%	$85.9M	$309.6M	100x
Reya ETHRUSDPERP	+0.0224%	1h	2,735.8	−0.150%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.6	−0.010%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1676%	1h	2,736.3	−0.132%	$21K	$20K	25x	as long as short