ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0347%/8h= −38.0% APRnext payment −$0.43 per $10,000 · paid last 24h −0.023%

Price spread now: Injective against Kraken Futures−0.033%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$710.715% of the position

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 3 days (all we have)−0.078%−$8 · spread now −0.033%, 7d avg +0.056%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Injective is 0.089% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.111%, 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 0.111% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.43 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	2,767	0.0241	pay 0.0030% / 1h	34m 25s	$87.9M	$329.6M	100x
Short	Injective ETH/USDC PERP	2,766.1	−0.0107	pay 0.0013% / 1h	34m 25s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$72.95
Price spread: −0.033% → +0.056%: −$8.91
Slippage, 4 orders: −$61.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$153.35
Costs to cover: 0.715%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Injective: 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	0.36 bp	5.6 bp −$6	6.6 bp −$66	8.3 bp −$833	12.7 bp −$6,334
Sell Injective live order book, 5 min ago	14.09 bp	46.1 bp −$46	47.2 bp −$472	47.3 bp −$4,733	doesn't fit

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	2,768.1	+0.040%	$289K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0107%	1h	2,766.1	−0.033%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,767.9	+0.032%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,767	−0.001%	$171K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0052%	1h	2,767.5	+0.019%	$8.8M	$32.5M	100x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.006%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,767.4	+0.014%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.065%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767	0.000%	$22.3M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,767.6	+0.019%	—	$17.3M	—	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	+0.0021%	8h	2,766	−0.037%	$1.71B	$11.84B	100x	as long as short
Aftermath Perps ETHUSD	+0.0022%	1h	2,767.4	+0.013%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,766.9	−0.003%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,766.8	−0.007%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,767.5	+0.017%	$255.8M	$995.1M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,767.1	+0.004%	$258.4M	$224.5M	50x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,766.4	−0.024%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,767.1	+0.002%	$6.42B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,763.5	−0.128%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0065%	8h	2,768	+0.034%	$3.28B	$9.61B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,766.2	−0.029%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,766	−0.037%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.108%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	+0.044%	$115.3M	$511.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.9	+0.102%	$25.3M	$122.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.8	−0.045%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.9	+0.033%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.8	−0.008%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	+0.026%	$14.7M	$116.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.9	+0.068%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.5	+0.053%	$31.2M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766.5	−0.018%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	+0.024%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.4	+0.086%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.054%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,766.6	−0.016%	$424.3M	$741.1M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.1	+0.039%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.113%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.6	+0.021%	$160.9M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.2	−0.066%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,767.3	+0.011%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768	+0.035%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766	−0.036%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768	+0.036%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,764.2	−0.101%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.2	−0.066%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.3	−0.026%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.3	+0.010%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,767.3	+0.010%	$60.1M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,766.1	−0.033%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.2	+0.041%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,766.1	−0.033%	$285.7M	$194.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,765.3	−0.063%	$7.5M	$995K	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0241%	1h	2,767	long leg	$87.9M	$329.6M	100x
Hibachi ETH/USDT-P	+0.0416%	1h	2,766.2	−0.030%	$280K	$1.5M	20x	as long as short