Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0416%/8h= −45.5% APRpaid last 24h −0.061%

Price spread now: Kraken Futures against Paradex+0.181%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Kraken Futures is 0.181% dearer against Paradex than usual: you sell high and buy low (spread +0.181% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 35 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.6948	0.0005	pay 0.0005% / 8h	2h 35m	$6K	—	5x
Short	Kraken Futures PF_ETHFIUSD	0.6961	−0.0411	pay 0.0051% / 1h	35m 51s	$285K	$277K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now +0.181%Rate

Funding earned: −$87.31
Price spread: +0.181% → 0.000%: $18.15
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$83.16
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Kraken Futures: live order book, 12 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 Paradex no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 12 min ago	12.19 bp	25.7 bp −$26	119.0 bp −$1,190	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0470%	1h	0.6942	−0.086%	$39K	$10K	10x	as long as short
Kraken Futures PF_ETHFIUSDshort	−0.0411%	1h	0.6961	+0.181%	$285K	$277K	20x
HTX ETHFI-USDT	−0.0409%	4h	0.6940	−0.114%	$80K	$183K	20x	as long as short
Bybit ETHFIUSDT	−0.0282%	4h	0.6955	+0.102%	$17.3M	$12.8M	25x	as long as short
Orderly PERP_ETHFI_USDC	−0.0263%	4h	0.6938	−0.143%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0121%	4h	0.6938	−0.137%	$906K	$762K	—	as long as short
Binance ETHFIUSDT	−0.0024%	4h	0.6954	+0.087%	$24.1M	$35.6M	75x	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6950	+0.032%	$94K	$502K	10x	as long as short
MEXC ETHFI_USDT	−0.0022%	4h	0.6950	+0.030%	$15.7M	$4.1M	125x	as long as short
Aster ETHFIUSDT	−0.0002%	4h	0.6961	+0.191%	$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-PERPlong	+0.0005%	8h	0.6948	long leg	$6K	—	5x
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.203%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0072%	1h	0.6943	−0.075%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6963	+0.217%	$1.1M	$831K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6959	+0.161%	$16.9M	$8.4M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6962	+0.202%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6959	+0.159%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6950	+0.030%	$1.2M	$232K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6955	+0.102%	$6.0M	$5.3M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6953	+0.073%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6952	+0.061%	$63K	$127K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6959	+0.159%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0217%	4h	0.6942	−0.086%	$1.2M	$237K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+1.526%	$31K	$5K	50x	as long as short