Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0012%/8h= +1.4% APRpaid last 24h +0.033%

Price spread now: BloFin against Kraken Futures+0.046%57s7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as 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−$240.236% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.046%, 7d avg −0.008%

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

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and BloFin is 0.053% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.008%. The two prices were read 57 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	Kraken Futures PF_ETHUSD	2,774.2	0.0170	pay 0.0021% / 1h	36m 20s	$86.1M	$330.4M	100x
Short	BloFin ETH-USDT	2,775.5	0.0182	get 0.0182% / 8h	1h 36m	$284.7M	$194.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.046%Rate

Funding earned: $2.59
Price spread: +0.046% → −0.008%: $5.33
Slippage, 4 orders: −$1.61
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.69
Costs to cover: 0.236%
Break-even: 49.4 days

Slippage from Kraken Futures: live order book, 3 min ago; BloFin: live order book, 3 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, 3 min ago	0.18 bp	5.7 bp −$6	6.3 bp −$63	7.7 bp −$770	11.2 bp −$5,589
Sell BloFin live order book, 3 min ago	0.04 bp	6.0 bp −$6	6.5 bp −$65	7.9 bp −$793	10.1 bp −$5,044

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	2,774	−0.007%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774.2	−0.003%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.067%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	+0.103%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,774.7	+0.017%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0023%	1h	2,777.7	+0.127%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.5	+0.083%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.201%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.8	+0.020%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,774	−0.008%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,773.8	−0.017%	$269.8M	$68.5M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773	−0.044%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.5	+0.010%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,773.8	−0.014%	$256.3M	$989.7M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,773.6	−0.022%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,774.8	+0.021%	$14.2M	$117.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,773.2	−0.036%	$6.44B	$17.11B	150x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,773.7	−0.018%	$1.62B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,773.3	−0.033%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,773.7	−0.018%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,774	−0.009%	$3.29B	$9.58B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,775.2	+0.036%	$258.3M	$221.9M	50x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,773.4	−0.030%	$55.2M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,772.9	−0.048%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,773.1	−0.040%	$2.52B	$4.59B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,774	−0.008%	$114.8M	$498.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.032%	$25.4M	$121.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776	+0.064%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,773.8	−0.017%	$426.1M	$737.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.2	0.000%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.8	+0.021%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.3	+0.075%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.6	+0.049%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.8	−0.015%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.3	+0.076%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.256%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.6	+0.085%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.7	+0.269%	$135.5M	$322.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,778.3	+0.147%	$180.1M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777.7	+0.125%	$161.5M	$90.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	+0.131%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.096%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.2	+0.035%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.1	+0.031%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.5	+0.080%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.7	+0.016%	$974K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.1	+0.030%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.6	−0.023%	$31.5M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.1	−0.005%	$60.2M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,776.1	+0.067%	$8.7M	$673.6M	4.9x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,777.9	+0.132%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,776.8	+0.093%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0170%	1h	2,774.2	long leg	$86.1M	$330.4M	100x
BloFin ETH-USDTshort	+0.0182%	8h	2,775.5	+0.046%	$284.7M	$194.4M	150x
Reya ETHRUSDPERP	+0.0189%	1h	2,773.6	−0.021%	$7.3M	$1.1M	25x	as long as short