Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0725%/8h= +79.4% APRpaid last 24h −0.049%

Price spread now: Kraken Futures against OKX−0.021%55s7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as 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−$1101.098% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.324%+$32 on $10k

Price spread, last 4 days (all we have)+0.040%+$4 · spread now −0.021%, 7d avg +0.059%

Together, before fees+0.364%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.080% cheaper against OKX than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.059%). If the spread goes back, that is −$8 on $10k: about 9 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.324% in total) that is about 42 hours. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.324% in total (about 16.9% 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	OKX ETHFI-USDT-SWAP	0.6928	0.0100	pay 0.0050% / 4h	23m 22s	$5.1M	$12.6M	20x
Short	Kraken Futures PF_ETHFIUSD	0.6927	0.0825	get 0.0103% / 1h	23m 22s	$289K	$290K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now −0.021%Rate

Funding earned: $152.31
Price spread: −0.021% → +0.059%: −$8.04
Slippage, 4 orders: −$89.79
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $34.48
Costs to cover: 1.098%
Break-even: 5.4 days

Slippage from OKX: live order book, 5 min ago; Kraken Futures: live order book, 14 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 OKX live order book, 5 min ago	2.16 bp	14.2 bp −$14	39.2 bp −$392	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 14 min ago	17.99 bp	46.7 bp −$47	162.9 bp −$1,629	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
HTX ETHFI-USDT	−0.0416%	4h	0.6908	−0.289%	$82K	$150K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0328%	1h	0.6918	−0.144%	$40K	$11K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0295%	4h	0.6923	−0.072%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0210%	4h	0.6912	−0.228%	$911K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0100%	8h	0.6909	−0.277%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0077%	4h	0.6923	−0.072%	$17.0M	$13.0M	25x	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6911	−0.244%	$94K	$503K	10x	as long as short
MEXC ETHFI_USDT	−0.0024%	4h	0.6923	−0.072%	$15.7M	$4.2M	125x	as long as short
Binance ETHFIUSDT	−0.0024%	4h	0.6926	−0.029%	$24.1M	$36.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.503%	$321	$51K	5.5x	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	+0.0072%	1h	0.6913	−0.222%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6918	−0.147%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6925	−0.049%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6924	−0.055%	$177K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAPlong	+0.0100%	4h	0.6928	long leg	$5.1M	$12.6M	20x
Gate ETHFI_USDT	+0.0100%	4h	0.6931	+0.043%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6922	−0.087%	$1.2M	$224K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6920	−0.115%	$6.0M	$4.8M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6928	0.000%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6927	−0.016%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6909	−0.274%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0215%	4h	0.6916	−0.173%	$1.2M	$240K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6990	+0.895%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDshort	+0.0825%	1h	0.6927	−0.021%	$289K	$290K	20x