Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0352%/8h= +38.6% APRpaid last 24h +0.111%

Price spread now: BingX against Kraken Futures−0.151%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$154as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1171.174% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.363%−$36 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. BingX is 0.151% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 34 hours of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.363%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.7179	−0.0252	get 0.0032% / 1h	21m 24s	$281K	$148K	20x
Short	BingX ETHFI-USDC	0.7168	0.0100	get 0.0050% / 4h	1h 21m	—	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.151%Rate

Funding earned: $73.97
Price spread: −0.151% → 0.000%: −$15.1
Slippage, 4 orders: −$97.44
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$58.58
Costs to cover: 1.174%
Break-even: 12.5 days

Slippage from Kraken Futures: live order book, 61 min ago; BingX: live order book, 9 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, 61 min ago	16.06 bp	26.7 bp −$27	139.8 bp −$1,398	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	1.40 bp	34.7 bp −$35	102.0 bp −$1,020	607.2 bp −$60.7K	741.7 bp −$370.9K

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
Deribit ETHFI_USDC-PERPETUAL	−0.0586%	1h	0.7167	−0.165%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSDlong	−0.0252%	1h	0.7179	long leg	$281K	$148K	20x
HTX ETHFI-USDT	−0.0199%	4h	0.7162	−0.235%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0185%	4h	0.7164	−0.207%	$16K	$1K	10x	as long as short
Extended ETHFI-USD	+0.0032%	1h	0.7163	−0.219%	$93K	$493K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0032%	8h	0.7169	−0.143%	$6K	—	5x	as long as short
Binance ETHFIUSDT	+0.0032%	4h	0.7164	−0.210%	$24.8M	$37.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.852%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0034%	4h	0.7164	−0.207%	$15.1M	$3.8M	125x	as long as short
Bitget ETHFIUSDT	+0.0084%	4h	0.7164	−0.207%	$6.1M	$5.7M	75x	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	+0.0088%	1h	0.7161	−0.245%	$9K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7179	−0.002%	$1.1M	$898K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7172	−0.099%	$18.1M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7167	−0.168%	$183K	$258K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7168	−0.151%	$18.2M	$13.0M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7168	−0.151%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7170	−0.123%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7175	−0.054%	$1.2M	$272K	50x	as long as short
BingX ETHFI-USDCshort	+0.0100%	4h	0.7168	−0.151%	—	$1.2M	—
Variational Omni ETHFI	+0.0100%	4h	0.7143	−0.498%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7167	−0.159%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7169	−0.137%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0138%	4h	0.7156	−0.318%	$1.3M	$291K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7177	−0.026%	$31K	$7K	50x	as long as short