Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h −0.004%

Price spread now: Kraken Futures against Variational Omni+0.006%7-day average +0.012% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.308%−$31 · spread now +0.006%, 7d avg +0.012%

Together, before fees−0.312%+ Points / potential airdropVariational Omni: Active · farm board−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,775.7	0.0092	pay 0.0092% / 8h	2h 55m	$140.7M	$320.1M	—
Short	Kraken Futures PF_ETHUSD	2,775.9	0.0240	get 0.0030% / 1h	55m 26s	$88.7M	$331.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.006%Rate

Funding earned: $31.11
Price spread: +0.006% → +0.012%: −$0.54
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $20.57
Costs to cover: 0.100%
Break-even: 2.4 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Kraken Futures: live order book, 4 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 Variational Omni RFQ quote, 4 min ago	0.49 bp	doesn't fit	0.5 bp −$5	0.8 bp −$85	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.18 bp	7.3 bp −$7	7.9 bp −$79	9.3 bp −$928	12.5 bp −$6,247

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	2,775.7	0.000%	$290K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.090%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,773.8	−0.070%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	+0.013%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.2	+0.017%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.035%	$799K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,775.6	−0.003%	$5.9M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.4	−0.048%	$13.0M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778	+0.080%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0015%	8h	2,774.3	−0.052%	$267.0M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,777	+0.046%	—	$1.20B	—	as long as short
SoDEX ETH-USD	+0.0021%	1h	2,774.6	−0.041%	$55.2M	$228.5M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,777.1	+0.050%	$1.71B	$11.93B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.9	+0.077%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0029%	1h	2,779.4	+0.133%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,775.4	−0.013%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,777.1	+0.050%	$6.47B	$17.27B	150x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,776.9	+0.042%	$1.61B	$2.61B	500x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,776.2	+0.017%	$256.6M	$997.9M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,777.2	+0.051%	$3.29B	$9.51B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,776.9	+0.041%	$2.10B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.9	+0.042%	$188K	$1.8M	20x	as long as short
Variational Omni ETHlong	+0.0092%	8h	2,775.7	long leg	$140.7M	$320.1M	—
Lighter ETH	+0.0096%	1h	2,775.2	−0.020%	$115.3M	$506.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.1	+0.013%	$25.5M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.5	−0.046%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776	+0.010%	$15.9M	$11.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.7	+0.035%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.7	−0.001%	$16.2M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.7	+0.143%	$3.21B	$2.41B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.3	−0.016%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,777.2	+0.052%	$2.52B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.7	−0.074%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.2	+0.053%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.172%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.4	+0.023%	$427.0M	$748.8M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.9	−0.032%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.2	−0.019%	$177.5M	$786.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.6	−0.004%	$161.5M	$98.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.042%	$21.4M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	+0.037%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	+0.096%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.072%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777.4	+0.060%	$43.0M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.9	−0.031%	$973K	$14.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,774.1	−0.058%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.8	−0.035%	$31.6M	$76.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,776.1	+0.012%	$60.3M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.2	+0.017%	$8.5M	$672.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,780.1	+0.158%	$32.6M	$11.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,777.1	+0.048%	$258.9M	$224.0M	50x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,775.9	+0.005%	$287.4M	$197.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,776.3	+0.019%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0240%	1h	2,775.9	+0.006%	$88.7M	$331.8M	100x
Hibachi ETH/USDT-P	+0.0352%	1h	2,775	−0.027%	$273K	$1.5M	20x	as long as short