Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Kraken Futures+0.047%7-day average −0.006% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.047%, 7d avg −0.006%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Katana Perps is 0.053% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.006%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 4 days (−0.003% in total) that is about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,776.8	0.0170	pay 0.0021% / 1h	33m 16s	$86.2M	$330.6M	100x
Short	Katana Perps ETH-USD	2,778.1	0.0100	get 0.0100% / 8h	1h 33m	$481K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$14.65
Price spread: +0.047% → −0.006%: $5.27
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$23.18
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 6 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 6 min ago	0.18 bp	5.7 bp −$6	6.3 bp −$63	7.7 bp −$770	11.2 bp −$5,589
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,777.9	+0.038%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.4	+0.021%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.2	+0.051%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	−0.050%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778	+0.043%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0025%	1h	2,777.6	+0.027%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,778.7	+0.068%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.108%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.2	+0.014%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,776.3	−0.017%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0016%	8h	2,775.5	−0.047%	$270.0M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,775	−0.064%	$1.71B	$11.83B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	+0.014%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,775.9	−0.032%	$256.3M	$989.9M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,776.5	−0.011%	$180K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,778	+0.043%	$14.3M	$117.9M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,777.1	+0.012%	$1.63B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,775.6	−0.042%	$6.44B	$17.11B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,775.7	−0.039%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,776.4	−0.015%	$3.29B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,776.2	−0.020%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,777.8	+0.038%	$258.4M	$222.0M	50x	as long as short
SoDEX ETH-USD	+0.0089%	1h	2,776	−0.029%	$55.3M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	−0.050%	$8.7M	$32.5M	100x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.2	−0.021%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,775.2	−0.059%	$2.52B	$4.60B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,776.5	−0.012%	$115.1M	$499.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.5	+0.026%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,778.6	+0.065%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,777.2	+0.013%	$426.5M	$738.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,777.3	+0.018%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,778.1	+0.047%	$481K	$2.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,780.1	+0.118%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	+0.047%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	+0.007%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.5	+0.097%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.163%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.7	+0.032%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.080%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	−0.069%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.008%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.8	+0.036%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	+0.058%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	+0.028%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.065%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,777	+0.008%	$974K	$14.0M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.6	+0.029%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.6	−0.043%	$31.5M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.1	+0.010%	$60.2M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,778.1	+0.047%	$8.5M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,778.8	+0.073%	$32.6M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,778.6	+0.066%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0170%	1h	2,776.8	long leg	$86.2M	$330.6M	100x
BloFin ETH-USDT	+0.0181%	8h	2,775.4	−0.049%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,776.9	+0.005%	$7.4M	$1.2M	25x	as long as short