Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h +0.107%

Price spread now: Binance against Kraken Futures−0.073%7-day average −0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$920.920% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.292%−$29 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now −0.073%, 7d avg −0.102%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.029% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.073% now, against its 7-day average of −0.102%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.7247	0.0218	pay 0.0027% / 1h	13m 20s	$275K	$167K	20x
Short	Binance ETHFIUSDT	0.7242	0.0081	get 0.0041% / 4h	3h 13m	$25.3M	$36.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.073%Rate

Funding earned: −$28.71
Price spread: −0.073% → −0.102%: $2.88
Slippage, 4 orders: −$71.96
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$117.79
Costs to cover: 0.920%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 59 min ago; Binance: live order book, 13 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 Kraken Futures live order book, 59 min ago	11.92 bp	40.2 bp −$40	166.9 bp −$1,669	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.69 bp	14.6 bp −$15	38.2 bp −$382	135.2 bp −$13.5K	doesn't fit

ETHFI on 24 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
HTX ETHFI-USDT	−0.0770%	4h	0.7214	−0.459%	$84K	$159K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0302%	1h	0.7242	−0.073%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0207%	4h	0.7239	−0.114%	$17K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0016%	4h	0.7191	−0.771%	$1.0M	$717K	—	as long as short
Paradex ETHFI-USD-PERP	+0.0008%	8h	0.7232	−0.209%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	−0.100%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0076%	4h	0.7237	−0.142%	$15.4M	$3.9M	125x	as long as short
Extended ETHFI-USD	+0.0080%	1h	0.7240	−0.095%	$101K	$388K	10x	as long as short
Binance ETHFIUSDTshort	+0.0081%	4h	0.7242	−0.073%	$25.3M	$36.5M	75x
Lighter ETHFI	+0.0096%	1h	0.7242	−0.070%	$1.1M	$894K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0096%	1h	0.7239	−0.115%	$9K	—	3x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7251	+0.046%	$18.2M	$8.6M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7239	−0.119%	$185K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7244	−0.045%	$18.3M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7247	−0.004%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7247	−0.004%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7241	−0.087%	$1.2M	$264K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7238	−0.128%	$6.2M	$5.5M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7242	−0.073%	—	$26.1M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7245	−0.034%	$72K	$116K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7247	−0.004%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0168%	1h	0.7245	−0.031%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0218%	1h	0.7247	long leg	$275K	$167K	20x
BloFin ETHFI-USDT	+0.0288%	4h	0.7206	−0.570%	$1.3M	$273K	75x	as long as short