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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 05:00 UTC−0.0053%/8h= −5.8% APRnext payment −$0.07 per $10,000 · paid last 24h −0.018%
Price spread now: Bulk against Kraken Futures−0.033%7-day average +0.011% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$190.191% of the position
Long on Kraken FuturesShort on Bulk
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.001%$0 on $10k
Price spread, last 4 days (all we have)+0.082%+$8 · spread now −0.033%, 7d avg +0.011%
Together, before fees+0.081%+$8 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bulk is 0.044% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.011%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_ETHUSD2,729.10.0153pay 0.0019% / 1h12m 54s$83.6M$315.9M100x
ShortBulk ETH-USD2,728.20.0100get 0.0013% / 1h12m 54s$169.5M$307.4M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bulk 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

Funding earned
−$11.17
Price spread: −0.033% → +0.011%
−$4.35
Slippage, 4 orders
−$2.06
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Bulk: 3.5 bp × 2 orders
−$7
Net
−$34.59
Costs to cover
0.191%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 1 min ago; Bulk: live order book, 1 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 Kraken Futures live order book, 1 min ago0.18 bp5.7 bp −$66.6 bp −$667.9 bp −$78811.4 bp −$5,715
Sell Bulk live order book, 1 min ago0.02 bp3.5 bp −$43.5 bp −$353.6 bp −$3594.7 bp −$2,355

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−0.0335%43m2,728.6−0.020%$297K$5.6M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,730.2+0.040%$5K$1K50xas long as short
HTX ETH-USDT−0.0017%8h2,727.9−0.047%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,728.8−0.013%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,729−0.004%$816K$2.9M25xas long as short
Kalshi KXETHPERP0.0000%8h2,729.3+0.007%$6.2M$686.2M4.9xas long as short
dYdX ETH-USD+0.0006%1h2,729.5+0.015%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,728.9−0.007%$28.0M—200xas long as short
BingX ETH-USDC+0.0027%8h2,727.7−0.053%—$18.4M—as long as short
Bullet ETH-USD+0.0031%1h2,728.4−0.027%$178K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0036%8h2,728.3−0.031%$2.36B$4.38B150xas long as short
01 Exchange ETHUSD+0.0048%1h2,729−0.004%$187K$814K50xas long as short
SunX ETH-USDT+0.0062%8h2,727.6−0.056%$957K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0066%8h2,728.4−0.027%$377.8M$575.1M100xas long as short
Deribit ETH-PERPETUAL+0.0076%1h2,729.4+0.011%$258.6M$202.4M50xas long as short
OKX ETH-USDT-SWAP+0.0078%8h2,728.3−0.029%$1.67B$10.74B100xas long as short
Aevo ETH-PERP+0.0080%1h2,725.9−0.118%$4.9M$155K20xas long as short
Aster ETHUSDT+0.0080%8h2,728.4−0.025%$250.8M$840.3M200xas long as short
Phemex ETHUSDT+0.0086%8h2,728.5−0.022%$264.4M$64.8M150xas long as short
Binance ETHUSDT+0.0087%8h2,728−0.040%$6.32B$15.94B150xas long as short
MEXC ETH_USDT+0.0087%8h2,728−0.041%$1.56B$2.58B500xas long as short
SoDEX ETH-USD+0.0088%1h2,728.3−0.030%$54.3M$187.8M40xas long as short
ApeX Omni ETHUSDT+0.0089%1h2,731+0.069%$8.6M$31.2M100xas long as short
Lighter ETH+0.0096%1h2,728.7−0.017%$112.3M$435.2M50xas long as short
Lighter RH ETH+0.0096%1h2,729.9+0.030%$23.4M$104.7M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,729.3+0.007%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,730.8+0.062%$117K$22.5M52xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.7−0.015%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,730.4+0.046%$15.5M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.6−0.019%$13.9M$104.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,730.6+0.054%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,729.8+0.026%$31.9M$334.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,729−0.004%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.4+0.012%$1.5M$16.0M25xas long as short
Bulk ETH-USDshort+0.0100%1h2,728.2−0.033%$169.5M$307.4M25x
Gate ETH_USDT+0.0100%8h2,728.4−0.027%$3.33B$8.95B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.1−0.038%$2.07B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,728.2−0.035%$14.9M$41.6M50xas long as short
Variational Omni ETH+0.0100%8h2,728.8−0.011%$134.7M$323.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,729.5+0.013%$183.6M$673.1M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730+0.034%$158.8M$86.9M50xas long as short
StandX ETH-USD+0.0100%1h2,730+0.032%$21.0M$70.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,729.5+0.013%—$845K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730.1+0.036%$11.2M$9.4M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,729.3+0.005%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.1+0.037%$41.0M$29.9M15xas long as short
Aftermath Perps ETHUSD+0.0101%1h2,730.4+0.046%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,727.2−0.070%$30.5M$73.5M50xas long as short
RISEx ETH/USDC+0.0107%1h2,729.3+0.008%$5.6M$11.7M25xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,729.7+0.019%$50.5M$4.28B50xas long as short
Kraken Futures PF_ETHUSDlong+0.0153%1h2,729.1long leg$83.6M$315.9M100x
Orderly PERP_ETH_USDC+0.0191%8h2,730.6+0.054%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0208%1h2,727.8−0.048%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,731.3+0.082%$246K$1.4M20xas long as short
BloFin ETH-USDT+0.0347%8h2,728.2−0.033%$282.3M$174.6M150xas long as short