Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0197%/8h= −21.5% APRpaid last 24h −0.001%

Price spread now: Binance against Kraken Futures−0.067%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on Kraken Futures Short on Binance

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)+0.107%+$11 · spread now −0.067%, 7d avg −0.007%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Binance is 0.059% cheaper against Kraken Futures than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,773.2	0.0240	pay 0.0030% / 1h	47m 36s	$88.5M	$330.1M	100x
Short	Binance ETHUSDT	2,771.4	0.0044	get 0.0044% / 8h	2h 47m	$6.44B	$17.22B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.067%Rate

Funding earned: −$41.27
Price spread: −0.067% → −0.007%: −$5.94
Slippage, 4 orders: −$2.2
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$69.41
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Binance: live order book, 12 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, 2 min ago	0.18 bp	5.9 bp −$6	6.8 bp −$68	8.6 bp −$860	12.3 bp −$6,125
Sell Binance live order book, 12 min ago	0.02 bp	5.0 bp −$5	5.6 bp −$56	6.5 bp −$648	8.7 bp −$4,368

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	2,771.5	−0.063%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.142%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.091%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	−0.116%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.8	−0.051%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.126%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.9	−0.049%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	−0.026%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	−0.022%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,771.4	−0.066%	$266.6M	$65.8M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.2	−0.073%	$1.70B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	−0.032%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0038%	1h	2,773.3	+0.004%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.129%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.4	−0.067%	$1.59B	$2.63B	500x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.2	−0.073%	$255.9M	$996.3M	200x	as long as short
Binance ETHUSDTshort	+0.0044%	8h	2,771.4	−0.067%	$6.44B	$17.22B	150x
Gate ETH_USDT	+0.0058%	8h	2,771.5	−0.062%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.3	−0.070%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,771.4	−0.066%	$187K	$1.8M	20x	as long as short
SoDEX ETH-USD	+0.0086%	1h	2,771.6	−0.058%	$55.2M	$228.6M	40x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.122%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,771.9	−0.048%	$115.2M	$508.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.2	−0.002%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	−0.021%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.6	−0.060%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	−0.051%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.7	−0.055%	$16.1M	$115.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.4	+0.043%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772	−0.044%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.3	−0.071%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	−0.084%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.8	+0.020%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.086%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.3	−0.070%	$425.1M	$744.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,771.4	−0.067%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.3	−0.034%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	−0.010%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	−0.118%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.5	−0.134%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772	−0.042%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	−0.008%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.029%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.033%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.1	−0.111%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	−0.095%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771	−0.079%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.5	+0.010%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.2	−0.037%	$8.6M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.8	+0.055%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	−0.123%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0186%	1h	2,773.7	+0.018%	$259.0M	$223.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	−0.093%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0240%	1h	2,773.2	long leg	$88.5M	$330.1M	100x
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	−0.084%	$273K	$1.5M	20x	as long as short