Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0353%/8h= −38.6% APRpaid last 24h −0.018%

Price spread now: Perpl against Kraken Futures+0.043%7-day average +0.007% · you sell dearer than you buy

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

Long on Kraken Futures Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.043%, 7d avg +0.007%

Together, before fees+0.058%+ Points / potential airdropPerpl: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.036% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of +0.007%): +$4 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 8 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.025% in total (about 1.3% a year). A funding rate is set anew for every payment. 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	2,764.2	0.0241	pay 0.0030% / 1h	36m 19s	$87.8M	$329.7M	100x
Short	Perpl ETH	2,765.4	−0.0112	pay 0.0010% / 43m	23m 19s	$288K	$6.8M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$74.05
Price spread: +0.043% → +0.007%: $3.65
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$94.2
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; Perpl: 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, 3 min ago	0.36 bp	5.6 bp −$6	6.6 bp −$66	8.3 bp −$833	12.7 bp −$6,334
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0112%	43m	2,765.4	+0.043%	$288K	$6.8M	8.3x
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	+0.070%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.010%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	+0.039%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,764.5	+0.012%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.110%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,764.6	+0.014%	$5.8M	$11.9M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,764.5	+0.011%	$258.4M	$224.5M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.6	+0.050%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,764	−0.006%	$22.3M	—	200x	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	+0.0022%	8h	2,763.3	−0.030%	$1.70B	$11.82B	100x	as long as short
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.6	+0.125%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,764.3	+0.006%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,763.6	−0.022%	$265.9M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,764.2	0.000%	$255.6M	$995.3M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,763.5	−0.023%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,763.8	−0.014%	$6.41B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,761.2	−0.108%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,763.7	−0.017%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,762.8	−0.049%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,763.8	−0.013%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	+0.044%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,763.9	−0.011%	$115.2M	$511.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,764.8	+0.023%	$25.3M	$122.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.2	+0.037%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,764	−0.005%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,764.6	+0.016%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,764	−0.006%	$14.7M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.8	+0.095%	$3.18B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.9	+0.027%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,763.4	−0.027%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.9	+0.027%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,766.4	+0.082%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	+0.050%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,764.4	+0.007%	$424.0M	$741.5M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,763.3	−0.030%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.2	+0.109%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.009%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	+0.056%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.4	+0.117%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,765.7	+0.054%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,765.7	+0.056%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.4	+0.010%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,765.6	+0.053%	$42.5M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,764	−0.005%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,762.7	−0.053%	$55.0M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,762.8	−0.050%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,762.4	−0.063%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,764.7	+0.018%	$60.1M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,765.4	+0.045%	$8.6M	$672.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0130%	8h	2,765.8	+0.058%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	+0.091%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,763.1	−0.038%	$7.4M	$998K	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0241%	1h	2,764.2	long leg	$87.8M	$329.7M	100x
Hibachi ETH/USDT-P	+0.0416%	1h	2,769.3	+0.187%	$272K	$1.5M	20x	as long as short