Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0353%/8h= −38.6% APRpaid last 24h −0.117%

Price spread now: Kraken Futures against KuCoin+0.128%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$158as in the Price arb table

costs, in and out, $10k−$1651.650% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.265%+$26 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now +0.128%, 7d avg +0.059%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.069% dearer against KuCoin than usual: you sell high and buy low (spread +0.128% now, against its 7-day average of +0.059%): +$7 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 16 hours. Mind the row above: over the last 7 days funding on this pair paid +0.265%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHFIUSDTM	0.7161	0.0100	pay 0.0050% / 4h	1h 20m	$1.2M	$272K	50x
Short	Kraken Futures PF_ETHFIUSD	0.7170	−0.0253	pay 0.0032% / 1h	20m 09s	$281K	$148K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$74.03
Price spread: +0.128% → +0.059%: $6.92
Slippage, 4 orders: −$142.98
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$232.09
Costs to cover: 1.650%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Kraken Futures: live order book, 62 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 KuCoin live order book, 5 min ago	6.29 bp	53.3 bp −$53	175.1 bp −$1,751	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 62 min ago	16.06 bp	36.3 bp −$36	139.5 bp −$1,395	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	−0.0727%	1h	0.7156	−0.070%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSDshort	−0.0253%	1h	0.7170	+0.128%	$281K	$148K	20x
HTX ETHFI-USDT	−0.0194%	4h	0.7157	−0.056%	$83K	$165K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0185%	4h	0.7154	−0.098%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0032%	8h	0.7156	−0.069%	$6K	—	5x	as long as short
Extended ETHFI-USD	+0.0032%	1h	0.7154	−0.104%	$93K	$493K	10x	as long as short
MEXC ETHFI_USDT	+0.0032%	4h	0.7154	−0.098%	$15.1M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0033%	4h	0.7158	−0.042%	$24.8M	$37.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.103%	$321	$51K	5.5x	as long as short
Bitget ETHFIUSDT	+0.0086%	4h	0.7154	−0.098%	$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	0.7152	−0.121%	$9K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7162	+0.020%	$1.1M	$898K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7167	+0.080%	$18.1M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7155	−0.077%	$183K	$258K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7161	0.000%	$18.2M	$13.0M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7164	+0.042%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7163	+0.028%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTMlong	+0.0100%	4h	0.7161	long leg	$1.2M	$272K	50x
BingX ETHFI-USDC	+0.0100%	4h	0.7157	−0.056%	—	$1.2M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7166	+0.064%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7158	−0.047%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7158	−0.042%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0129%	4h	0.7163	+0.028%	$1.3M	$291K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7177	+0.223%	$31K	$7K	50x	as long as short