Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h +0.109%

Price spread now: Bybit against Kraken Futures−0.258%55s7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$123as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$870.869% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)+0.257%+$26 · spread now −0.258%, 7d avg −0.054%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.204% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.054%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.7127	0.0306	pay 0.0038% / 1h	41m 27s	$270K	$200K	20x
Short	Bybit ETHFIUSDT	0.7109	0.0100	get 0.0050% / 4h	1h 41m	$17.8M	$12.6M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.258%Rate

Funding earned: −$43.31
Price spread: −0.258% → −0.054%: −$20.43
Slippage, 4 orders: −$65.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$150.64
Costs to cover: 0.869%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; Bybit: live order book, 2 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, 21 min ago	5.58 bp	26.7 bp −$27	129.2 bp −$1,292	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.70 bp	18.0 bp −$18	41.0 bp −$410	doesn't fit	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
Deribit ETHFI_USDC-PERPETUAL	−0.0311%	1h	0.7123	−0.062%	$40K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0200%	4h	0.7101	−0.370%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0031%	4h	0.7114	−0.188%	$88K	$168K	20x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.580%	$321	$51K	5.5x	as long as short
Variational Omni ETHFI	+0.0058%	4h	0.7092	−0.493%	$1.0M	$731K	—	as long as short
Paradex ETHFI-USD-PERP	+0.0068%	8h	0.7100	−0.379%	$6K	—	5x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7115	−0.171%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7112	−0.220%	$17.8M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7113	−0.199%	$182K	$256K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7103	−0.337%	$24.7M	$35.7M	75x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDTshort	+0.0100%	4h	0.7109	−0.258%	$17.8M	$12.6M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7108	−0.272%	$5.0M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7117	−0.146%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7105	−0.314%	$15.3M	$3.9M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7117	−0.146%	$1.2M	$253K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7101	−0.370%	$6.1M	$5.3M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7120	−0.104%	—	$1.2M	—	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7126	−0.020%	$1K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7100	−0.382%	$99K	$381K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7098	−0.410%	$8K	—	3x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0306%	1h	0.7127	long leg	$270K	$200K	20x
BloFin ETHFI-USDT	+0.0340%	4h	0.7124	−0.048%	$1.3M	$249K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0512%	1h	0.7253	+1.762%	$32K	$6K	50x	as long as short
Polymarket Perps ETHFI-USD	+0.0551%	1h	0.7131	+0.056%	$71K	$118K	5x	as long as short