Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.029%

Price spread now: Kraken Futures against Orderly−0.047%7-day average −0.073% · you buy dearer than you sell

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now −0.047%, 7d avg −0.073%

Together, before fees−0.172%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.026% dearer against Orderly than usual: you sell high and buy low (spread −0.047% now, against its 7-day average of −0.073%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.0 days. At the pace of the last 7 days (−0.156% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,778.1	0.0144	pay 0.0144% / 8h	3m 44s	$32.6M	$12.2M	100x
Short	Kraken Futures PF_ETHUSD	2,776.8	0.0123	get 0.0015% / 1h	3m 44s	$90.8M	$338.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$4.49
Price spread: −0.047% → −0.073%: $2.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$17.9
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 5 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 5 min ago	0.18 bp	5.6 bp −$6	6.3 bp −$63	8.4 bp −$844	12.6 bp −$6,305

Orderly: 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	−0.0223%	43m	2,773.7	−0.159%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,775.6	−0.089%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.576%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.4	−0.205%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0021%	1h	2,769.3	−0.317%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,774.4	−0.133%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.8	−0.082%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	−0.237%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.9	−0.079%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,775.3	−0.102%	$1.71B	$11.90B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0024%	8h	2,775.1	−0.109%	$270.5M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.7	−0.087%	$12.8M	—	200x	as long as short
SoDEX ETH-USD	+0.0030%	1h	2,774.9	−0.115%	$55.3M	$228.7M	40x	as long as short
Aftermath Perps ETHUSD	+0.0030%	1h	2,772	−0.220%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,775.4	−0.098%	$256.2M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0034%	1h	2,774.9	−0.113%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,775.4	−0.096%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,775.4	−0.095%	$6.47B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.3	−0.172%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,775.5	−0.092%	$2.11B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,775.5	−0.094%	$3.29B	$9.70B	200x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,775.7	−0.088%	$422.9M	$738.3M	100x	as long as short
Bybit ETHUSDT	+0.0087%	8h	2,775.5	−0.092%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0088%	8h	2,775.4	−0.099%	—	$17.4M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,777.1	−0.035%	$60.7M	$4.60B	50x	as long as short
Nado ETH-PERP	+0.0092%	1h	2,774.5	−0.128%	$14.3M	$118.2M	50x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,774.7	−0.122%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,775.9	−0.078%	$115.2M	$502.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,777.5	−0.023%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,774	−0.149%	—	$1.1M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0099%	1h	2,776.4	−0.060%	$259.1M	$222.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,775.6	−0.088%	$15.9M	$10.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,775.1	−0.108%	$483K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778	−0.003%	$3.18B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776	−0.075%	$31.3M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.3	−0.100%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.4	−0.059%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	−0.313%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775.9	−0.080%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.344%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.299%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	−0.258%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.8	−0.262%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.8	−0.118%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,776	−0.077%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.2	−0.139%	$973K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.5	−0.020%	$42.8M	$29.4M	15x	as long as short
Kalshi KXETHPERP	+0.0101%	8h	2,772.3	−0.208%	$8.4M	$688.6M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.9	−0.116%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.8	−0.156%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0123%	1h	2,776.8	−0.047%	$90.8M	$338.2M	100x
Orderly PERP_ETH_USDClong	+0.0144%	8h	2,778.1	long leg	$32.6M	$12.2M	100x
BloFin ETH-USDT	+0.0175%	8h	2,770	−0.290%	$286.6M	$193.5M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,771.5	−0.237%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0206%	1h	2,774.2	−0.139%	$7.4M	$1.2M	25x	as long as short