Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Phemex+0.051%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.051%, 7d avg +0.011%

Together, before fees+0.093%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.040% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,769.3	0.0095	pay 0.0095% / 8h	7h 10m	$269.5M	$66.0M	150x
Short	Kraken Futures PF_ETHUSD	2,770.7	0.0134	get 0.0017% / 1h	10m 49s	$97.9M	$314.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.051%Rate

Funding earned: $8.08
Price spread: +0.051% → +0.011%: $4.04
Slippage, 4 orders: −$2.84
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$12.72
Costs to cover: 0.248%
Break-even: 18.0 days

Slippage from Phemex: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Phemex live order book, 3 min ago	0.02 bp	7.2 bp −$7	12.6 bp −$126	21.4 bp −$2,144	doesn't fit
Sell Kraken Futures live order book, 3 min ago	0.36 bp	6.1 bp −$6	6.6 bp −$66	8.2 bp −$822	12.9 bp −$6,468

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.8	+0.162%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769.8	+0.018%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,769.4	+0.003%	$326K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.1	+0.029%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.8	+0.018%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,770.5	+0.043%	$872K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	+0.021%	$12.3M	$43.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.8	+0.018%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,769.3	0.000%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0030%	8h	2,772.8	+0.126%	$1.71B	$11.02B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0040%	1h	2,769.2	−0.004%	$55.2M	$187.7M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,769.7	+0.013%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0050%	8h	2,771	+0.061%	$256.3M	$863.0M	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,772.7	+0.122%	$6.48B	$16.13B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,772	+0.097%	$1.62B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,766.5	−0.101%	$5.0M	$156K	20x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,769	−0.010%	$1.07B	$1.23B	200x	as long as short
Bitget ETHUSDT	+0.0078%	8h	2,773.3	+0.142%	$2.10B	$2.83B	150x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,770.4	+0.039%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770.4	+0.039%	$60.3M	$4.40B	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,772.9	+0.129%	$3.39B	$9.10B	200x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,769.9	+0.022%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,771.1	+0.065%	$420.4M	$595.7M	100x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,769.3	0.000%	$8.6M	$32.0M	100x	as long as short
Phemex ETHUSDTlong	+0.0095%	8h	2,769.3	long leg	$269.5M	$66.0M	150x
Lighter ETH	+0.0096%	1h	2,770	+0.024%	$115.1M	$459.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.1	+0.063%	$25.5M	$112.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.1	+0.137%	$15.9M	$8.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.3	0.000%	$485K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.8	+0.019%	$14.5M	$113.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.9	+0.202%	$3.17B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.5	+0.008%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773	+0.133%	$2.52B	$4.28B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.9	−0.015%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.2	+0.031%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.209%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,772.4	+0.111%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.3	+0.001%	$15.2M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,769.2	−0.005%	$134.1M	$347.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769	−0.013%	$181.8M	$786.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	+0.075%	$161.1M	$84.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.5	+0.079%	$21.4M	$64.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.6	+0.010%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.7	+0.014%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771	+0.062%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.3	−0.035%	$971K	$12.8M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.4	+0.076%	$30.9M	$74.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.7	+0.014%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.3	+0.036%	$8.1M	$674.1M	4.9x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0134%	1h	2,770.7	+0.051%	$97.9M	$314.5M	100x
Orderly PERP_ETH_USDC	+0.0156%	8h	2,771.8	+0.088%	$32.7M	$11.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,770.4	+0.038%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,769.1	−0.006%	$287.7M	$177.7M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,770.6	+0.048%	$259.1M	$202.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0214%	1h	2,769.8	+0.019%	$7.3M	$1.1M	25x	as long as short