Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0511%/8h= +55.9% APRpaid last 24h +0.097%

Price spread now: SunX against Kraken Futures−0.158%7-day average −0.043% · you buy dearer than you sell

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

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.284%−$28 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.158%, 7d avg −0.043%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.115% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.158% now, against its 7-day average of −0.043%). If the spread goes back, that is −$11 on $10k: about 18 hours of funding at the current rate (+$15 a day). Mind the row above: over the last 7 days funding on this pair cost −0.284%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.284% in total (about -14.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.6966	−0.0411	get 0.0051% / 1h	36m 32s	$287K	$273K	20x
Short	SunX ETHFI-USDT	0.6955	0.0100	get 0.0050% / 4h	2h 36m	$1K	$1.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.158%Rate

Funding earned: $107.26
Price spread: −0.158% → −0.043%: −$11.47
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: $77.79
Costs to cover: 0.180%
Break-even: 1.9 days

Slippage unknown: Kraken Futures: live order book, 11 min ago; SunX: live order book, 6 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 Kraken Futures live order book, 11 min ago	12.19 bp	39.6 bp −$40	191.4 bp −$1,914	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	502.19 bp	doesn't fit	doesn't fit	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
Kraken Futures PF_ETHFIUSDlong	−0.0411%	1h	0.6966	long leg	$287K	$273K	20x
HTX ETHFI-USDT	−0.0405%	4h	0.6933	−0.474%	$80K	$183K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0325%	1h	0.6948	−0.258%	$39K	$10K	10x	as long as short
Bybit ETHFIUSDT	−0.0282%	4h	0.6948	−0.258%	$17.3M	$12.8M	25x	as long as short
Orderly PERP_ETHFI_USDC	−0.0263%	4h	0.6943	−0.330%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0092%	4h	0.6932	−0.482%	$947K	$722K	—	as long as short
Binance ETHFIUSDT	−0.0024%	4h	0.6948	−0.259%	$24.1M	$35.6M	75x	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6947	−0.271%	$94K	$502K	10x	as long as short
MEXC ETHFI_USDT	−0.0022%	4h	0.6946	−0.287%	$15.7M	$4.1M	125x	as long as short
Aster ETHFIUSDT	−0.0002%	4h	0.6957	−0.132%	$178K	$260K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0005%	8h	0.6948	−0.259%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.933%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6949	−0.243%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6956	−0.144%	$1.1M	$831K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6943	−0.335%	$16.9M	$8.4M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6952	−0.201%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6952	−0.201%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6947	−0.273%	$1.2M	$232K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6947	−0.273%	$6.0M	$5.3M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6950	−0.230%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6952	−0.198%	$63K	$127K	5x	as long as short
SunX ETHFI-USDTshort	+0.0100%	4h	0.6955	−0.158%	$1K	$1.1M	20x
BloFin ETHFI-USDT	+0.0217%	4h	0.6942	−0.345%	$1.2M	$237K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+1.263%	$31K	$5K	50x	as long as short