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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 22:00 UTC−0.0141%/8h= −15.4% APRnext payment −$0.18 per $10,000 · paid last 24h +0.020%
Price spread now: Hyperliquid against Kraken Futures+0.034%7-day average +0.063% · you sell dearer than you buy
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$23as in the Price arb table
costs, in and out, $10k−$200.202% of the position
Long on Kraken FuturesShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days−0.020%−$2 on $10k
Price spread, last 3 days (all we have)+0.104%+$10 · spread now +0.034%, 7d avg +0.063%
Together, before fees+0.084%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hyperliquid is 0.028% 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 +0.063%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_ETHUSD2,767.20.0241pay 0.0030% / 1h40m 41s$88.3M$330.2M100x
ShortHyperliquid ETH2,768.10.0100get 0.0013% / 1h40m 41s$3.19B$2.39B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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
−$29.55
Price spread: +0.034% → +0.063%
−$2.85
Slippage, 4 orders
−$1.17
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$52.56
Costs to cover
0.202%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Hyperliquid: live order book, 3 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, 4 min ago0.18 bp5.2 bp −$56.6 bp −$668.7 bp −$86512.9 bp −$6,468
Sell Hyperliquid live order book, 3 min ago0.18 bp4.7 bp −$54.7 bp −$474.7 bp −$4695.9 bp −$2,951

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−0.0447%43m2,765.5−0.060%$289K$6.9M8.3xas long as short
ApeX Omni ETHUSDT−0.0119%1h2,768.2+0.036%$10.5M$30.9M100xas long as short
Injective ETH/USDC PERP−0.0107%1h2,766.1−0.038%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,767.6+0.016%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0064%1h2,765.4−0.063%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,771.3+0.150%$796K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,766−0.042%$5.8M$11.9M25xas long as short
dYdX ETH-USD0.0000%1h2,765.9−0.045%$12.7M$45.5M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,766.2−0.034%$22.3M—200xas long as short
OKX ETH-USDT-SWAP+0.0023%8h2,765.3−0.067%$1.70B$11.83B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps ETHUSD+0.0024%1h2,770+0.103%$29K$21K20xas long as short
Phemex ETHUSDT+0.0027%8h2,765.7−0.054%$266.1M$66.0M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0028% / S +0.0009%1h2,766.1−0.037%$13.1M—200xas long as short
Aster ETHUSDT+0.0039%8h2,765.3−0.066%$255.7M$995.9M200xas long as short
MEXC ETH_USDT+0.0044%8h2,765.6−0.055%$1.61B$2.64B500xas long as short
Binance ETHUSDT+0.0045%8h2,765.8−0.047%$6.43B$17.19B150xas long as short
Aevo ETH-PERP+0.0048%1h2,763.4−0.134%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0060%8h2,765.5−0.060%$3.29B$9.58B200xas long as short
Bitget ETHUSDT+0.0074%8h2,765.3−0.066%$2.09B$3.13B150xas long as short
Bullet ETH-USD+0.0084%1h2,765.2−0.071%$184K$1.8M20xas long as short
Deribit ETH-PERPETUAL+0.0090%1h2,767.2+0.001%$258.7M$224.0M50xas long as short
Variational Omni ETH+0.0092%8h2,771.1+0.141%$141.1M$318.8M—as long as short
Lighter ETH+0.0096%1h2,766.3−0.032%$115.0M$510.2M50xas long as short
Lighter RH ETH+0.0096%1h2,767.4+0.010%$25.3M$121.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,766−0.042%—$41.6M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,765.3−0.066%$15.9M$10.9M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,765.9−0.045%$479K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,765.1−0.073%$14.9M$116.4M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,768.1+0.034%$3.19B$2.39B25x
Pacifica ETH+0.0100%1h2,766.4−0.027%$31.2M$283.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,765.2−0.070%$2.50B$4.64B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,765.7−0.053%$2.8M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,767.8+0.022%$2.8M$17.5M25xas long as short
Bulk ETH-USD+0.0100%1h2,765.5−0.059%$164.9M$254.7M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,765.7−0.054%$424.4M$742.4M100xas long as short
BingX ETH-USDC+0.0100%8h2,765.6−0.057%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,766.3−0.033%$15.3M$42.4M50xas long as short
edgeX ETHUSDC+0.0100%4h2,769.1+0.070%$178.0M$791.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,768.5+0.050%$161.0M$97.4M50xas long as short
StandX ETH-USD+0.0100%1h2,767.1−0.002%$21.4M$57.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,766.5−0.024%—$1.1M50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,766.8−0.013%$10.8M$7.8M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,766.1−0.037%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,767.9+0.026%$42.7M$29.3M15xas long as short
SunX ETH-USDT+0.0100%8h2,764.5−0.097%$970K$14.3M100xas long as short
SoDEX ETH-USD+0.0100%1h2,765.6−0.056%$55.1M$228.6M40xas long as short
HTX ETH-USDT+0.0100%8h2,765−0.079%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,765.2−0.072%$31.4M$76.1M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,767.5+0.012%$60.0M$4.63B50xas long as short
Kalshi KXETHPERP+0.0118%8h2,766.5−0.024%$8.6M$672.1M4.9xas long as short
Orderly PERP_ETH_USDC+0.0130%8h2,768.3+0.041%$32.5M$11.9M100xas long as short
BloFin ETH-USDT+0.0165%8h2,765.5−0.061%$286.3M$195.0M150xas long as short
Reya ETHRUSDPERP+0.0188%1h2,764.4−0.099%$7.5M$989K25xas long as short
Kraken Futures PF_ETHUSDlong+0.0241%1h2,767.2long leg$88.3M$330.2M100x
Hibachi ETH/USDT-P+0.0408%1h2,769.1+0.069%$272K$1.5M20xas long as short