ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0221%/8h= −24.2% APRnext payment −$0.28 per $10,000 · paid last 24h +0.014%

Price spread now: dYdX against Kraken Futures−0.019%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Kraken Futures Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 4 days (all we have)+0.297%+$30 · spread now −0.019%, 7d avg +0.010%

Together, before fees+0.348%+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and dYdX is 0.029% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.051%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.051% in total (about 2.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 per $10,000. 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	2,741.3	0.0221	pay 0.0028% / 1h	39m 23s	$87.1M	$310.4M	100x
Short	dYdX ETH-USD	2,740.8	0	get 0.0000% / 1h	39m 23s	$10.8M	$41.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$46.5
Price spread: −0.019% → +0.010%: −$2.91
Slippage, 4 orders: −$24.16
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$93.57
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; dYdX: live order book, 5 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, 5 min ago	0.18 bp	6.3 bp −$6	7.1 bp −$71	8.5 bp −$855	11.8 bp −$5,908
Sell dYdX live order book, 5 min ago	11.11 bp	16.1 bp −$16	21.1 bp −$211	30.5 bp −$3,049	56.4 bp −$28.2K

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	−0.0112%	43m	2,740.3	−0.038%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.3	−0.001%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.065%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.7	−0.097%	$12.0M	—	200x	as long as short
dYdX ETH-USDshort	0.0000%	1h	2,740.8	−0.019%	$10.8M	$41.8M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,738.8	−0.091%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.123%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.7	−0.059%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0049%	8h	2,738	−0.123%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0063%	8h	2,739.5	−0.068%	$1.70B	$10.56B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,739	−0.085%	$383.2M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,739.7	−0.061%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,738.4	−0.107%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,740.5	−0.031%	$252.1M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,737.9	−0.125%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,738.2	−0.113%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,738.9	−0.088%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.4	−0.034%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740	−0.049%	$112.7M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.2	+0.030%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.2	−0.006%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.6	+0.008%	$58.7M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743.1	+0.065%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.2	−0.078%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.2	−0.078%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.7	+0.013%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	−0.037%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.6	−0.063%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.3	−0.111%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.5	−0.065%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.080%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.7	−0.058%	$3.39B	$8.71B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.4	−0.071%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.035%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.187%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	−0.077%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.080%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.041%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.8	−0.019%	$21.2M	$68.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.6	−0.026%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	−0.041%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.3	−0.001%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.052%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.7	−0.059%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.8	−0.019%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.6	−0.027%	$266.6M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.3	−0.109%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0136%	1h	2,742.2	+0.031%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0155%	1h	2,741.9	+0.019%	$258.7M	$196.1M	50x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,741.3	−0.001%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,743.3	+0.073%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.178%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0221%	1h	2,741.3	long leg	$87.1M	$310.4M	100x
Reya ETHRUSDPERP	+0.0226%	1h	2,739	−0.085%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,742	+0.023%	$250K	$1.4M	20x	as long as short