Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0150%/8h= +16.5% APRpaid last 24h +0.028%

Price spread now: Kraken Futures against OKX−0.032%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$220.220% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.130%+$13 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now −0.032%, 7d avg +0.020%

Together, before fees+0.111%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.051% cheaper against OKX than usual: you would sell low and buy high (spread −0.032% now, against its 7-day average of +0.020%). If the spread goes back, that is −$5 on $10k: about 27 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.130% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,726.8	0.0072	pay 0.0072% / 8h	4h 48m	$1.67B	$10.64B	100x
Short	Kraken Futures PF_ETHUSD	2,726	0.0223	get 0.0028% / 1h	48m 23s	$84.5M	$313.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.032%Rate

Funding earned: $31.58
Price spread: −0.032% → +0.020%: −$5.13
Slippage, 4 orders: −$1.98
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $4.46
Costs to cover: 0.220%
Break-even: 6.0 days

Slippage from OKX: live order book, 6 min ago; Kraken Futures: live order book, 6 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 OKX live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$514	7.9 bp −$3,934
Sell Kraken Futures live order book, 6 min ago	0.18 bp	5.8 bp −$6	7.3 bp −$73	8.7 bp −$867	11.6 bp −$5,784

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	2,727.7	+0.032%	$301K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.318%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.193%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	+0.037%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.6	+0.029%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,727.9	+0.039%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.527%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.9	+0.038%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0029%	1h	2,727.1	+0.009%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,725.3	−0.056%	$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
Deribit ETH-PERPETUAL	+0.0040%	1h	2,726.7	−0.005%	$260.1M	$196.7M	50x	as long as short
BingX ETH-USDC	+0.0056%	8h	2,727.1	+0.009%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.9	+0.040%	$379.6M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAPlong	+0.0072%	8h	2,726.8	long leg	$1.67B	$10.64B	100x
Aster ETHUSDT	+0.0082%	8h	2,728	+0.043%	$252.2M	$842.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.6	−0.010%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727.3	+0.019%	$6.33B	$15.79B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,727.7	+0.033%	$1.53B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,726	−0.029%	$111.9M	$434.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,728.7	+0.069%	$23.9M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.8	+0.035%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.8	+0.109%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,731.9	+0.187%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	+0.054%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.6	+0.028%	$13.8M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.2	+0.122%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728.4	+0.058%	$31.6M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,726.6	−0.010%	$2.39B	$4.30B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	+0.058%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.113%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.511%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.6	+0.028%	$3.35B	$8.73B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.2	−0.060%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,727.7	+0.031%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.296%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.409%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.445%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.311%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.1	+0.193%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.8	+0.108%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729	+0.080%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.4	+0.021%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.4	−0.054%	$955K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,724.7	−0.080%	$1.05B	$1.19B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.8	−0.037%	$265.0M	$65.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.9	−0.033%	$30.4M	$72.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.7	−0.007%	$52.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,736.2	+0.343%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,729	+0.080%	$6.5M	$676.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,729.7	+0.104%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	+0.043%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0223%	1h	2,726	−0.032%	$84.5M	$313.3M	100x
Reya ETHRUSDPERP	+0.0224%	1h	2,726.7	−0.004%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.1	+0.195%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0895%	1h	2,728	+0.041%	$21K	$20K	25x	as long as short