Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.002%

Price spread now: Kraken Futures against Paradex−0.124%7-day average −0.086% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.004%$0 · spread now −0.124%, 7d avg −0.086%

Together, before fees+0.003%+ Points / potential airdropParadex: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.038% cheaper against Paradex than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.086%). If the spread goes back, that is −$4 on $10k: about 12 hours of funding at the current rate (+$8 a day).

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.001% in total (about -0.1% 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	Paradex ETH-USD-PERP	2,757.9	0.0099	pay 0.0099% / 8h	6h 24m	$16.3M	$8.2M	50x
Short	Kraken Futures PF_ETHUSD	2,754.5	0.0353	get 0.0044% / 1h	24m 54s	$90.0M	$316.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now −0.124%Rate

Funding earned: $53.31
Price spread: −0.124% → −0.086%: −$3.83
Slippage, 4 orders: −$6.24
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $29.24
Costs to cover: 0.202%
Break-even: 3.2 days

Slippage from Paradex: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Paradex live order book, 4 min ago	2.27 bp	4.3 bp −$4	4.3 bp −$43	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.18 bp	6.1 bp −$6	7.3 bp −$73	8.8 bp −$877	11.7 bp −$5,851

ETH on 54 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	2,752.2	−0.208%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,753.1	−0.175%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.2	−0.172%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,753.7	−0.152%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	−0.186%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.5	−0.159%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.271%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,754.4	−0.129%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,753.6	−0.157%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,752.7	−0.189%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,752.4	−0.200%	$1.69B	$10.98B	100x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,753.3	−0.166%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,752.8	−0.184%	$253.1M	$856.6M	200x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,753.1	−0.174%	$380.4M	$607.5M	100x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,752.8	−0.187%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,752.8	−0.185%	$6.37B	$16.20B	150x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,751.5	−0.234%	$4.9M	$168K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,754.8	−0.114%	$59.1M	$4.35B	50x	as long as short
Bitget ETHUSDT	+0.0093%	8h	2,752.7	−0.188%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,753.7	−0.151%	$113.2M	$442.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,755.4	−0.093%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.3	−0.168%	—	$35.5M	500x	as long as short
Gate ETH_USDT	+0.0098%	8h	2,753.3	−0.168%	$3.40B	$8.88B	200x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,753.5	−0.159%	$267.7M	$65.9M	150x	as long as short
Paradex ETH-USD-PERPlong	+0.0099%	8h	2,757.9	long leg	$16.3M	$8.2M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,752.2	−0.207%	$469K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,752.9	−0.182%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,755.3	−0.095%	$3.13B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,752.9	−0.182%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,752.9	−0.183%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752	−0.215%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.7	−0.154%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,752.8	−0.186%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,753.3	−0.168%	$133.3M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751.6	−0.228%	$181.9M	$701.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,751.8	−0.223%	$160.0M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.5	−0.160%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,754	−0.143%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,753.8	−0.149%	$10.8M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,753.4	−0.165%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,753.9	−0.147%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,754.9	−0.108%	$41.9M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.8	−0.221%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,753.6	−0.157%	$54.8M	$187.7M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.222%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,750.6	−0.266%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,751.8	−0.222%	$30.5M	$73.6M	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,753.7	−0.153%	$7.7M	$674.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0142%	1h	2,754.7	−0.118%	$258.5M	$199.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0171%	8h	2,756.2	−0.062%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,755.3	−0.095%	$251K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.269%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,753	−0.177%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0353%	1h	2,754.5	−0.124%	$90.0M	$316.1M	100x