Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h −0.010%

Price spread now: Paradex against Kraken Futures+0.123%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$170.171% of the position

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now +0.123%, 7d avg +0.086%

Together, before fees+0.074%+ Points / potential airdropParadex: Active · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.037% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.123% now, against its 7-day average of +0.086%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 4 days (−0.006% in total) that is about 22 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,726.9	0.0223	pay 0.0028% / 1h	46m 51s	$84.5M	$313.4M	100x
Short	Paradex ETH-USD-PERP	2,730.3	0.0099	get 0.0099% / 8h	4h 46m	$15.7M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$25.92
Price spread: +0.123% → +0.086%: $3.73
Slippage, 4 orders: −$3.07
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$39.26
Costs to cover: 0.171%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Paradex: live order book, 2 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, 2 min ago	0.18 bp	5.5 bp −$6	6.3 bp −$63	7.5 bp −$752	11.0 bp −$5,503
Sell Paradex live order book, 2 min ago	1.19 bp	3.2 bp −$3	3.2 bp −$32	doesn't fit	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	−0.0447%	43m	2,728.8	+0.067%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.020%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.3	−0.061%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.1	+0.080%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.5	+0.019%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,728.1	+0.042%	$188K	$843K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	+0.068%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.5	+0.058%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0025%	1h	2,728.6	+0.061%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0040%	1h	2,726.4	−0.020%	$54.3M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0056%	8h	2,726.4	−0.021%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,726.4	−0.019%	$379.4M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,727.6	+0.025%	$1.66B	$10.67B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,727.9	+0.034%	$260.1M	$196.9M	50x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,726.5	−0.017%	$251.8M	$843.4M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.9	−0.003%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,726.4	−0.020%	$1.53B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,726.6	−0.013%	$6.33B	$15.83B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726.9	−0.002%	$112.0M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.1	+0.041%	$23.2M	$105.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.5	+0.020%	—	$30.6M	500x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,725.5	−0.054%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	+0.0097%	8h	2,726.8	−0.007%	$2.38B	$4.33B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,730.3	+0.122%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERPshort	+0.0099%	8h	2,730.3	+0.123%	$15.7M	$8.0M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,729.1	+0.079%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.5	+0.019%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.7	+0.101%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.9	+0.034%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.4	+0.017%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.109%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.506%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.7	−0.011%	$3.34B	$8.77B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728	+0.039%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.2	+0.008%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.291%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.7	+0.211%	$181.8M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	+0.076%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.188%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728	+0.039%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.9	+0.070%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.2	+0.119%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,728.1	+0.044%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.7	−0.047%	$956K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,727.3	+0.012%	$265.1M	$65.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.6	−0.049%	$30.4M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0110%	1h	2,734.5	+0.276%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,727.9	+0.035%	$51.9M	$4.25B	50x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,726	−0.035%	$6.3M	$676.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,728.6	+0.061%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0223%	1h	2,726.9	long leg	$84.5M	$313.4M	100x
Reya ETHRUSDPERP	+0.0223%	1h	2,727.8	+0.033%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,729	+0.075%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.022%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0784%	1h	2,727.5	+0.021%	$21K	$20K	25x	as long as short