Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0111%/8h= +12.1% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against Katana Perps+0.068%7-day average +0.008% · you sell dearer than you buy

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

Long on Katana Perps Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now +0.068%, 7d avg +0.008%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kraken Futures is 0.060% dearer against Katana Perps than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,727.7	0.0100	pay 0.0100% / 8h	1h 53m	$507K	$3.5M	50x
Short	Kraken Futures PF_ETHUSD	2,729.5	0.0211	get 0.0026% / 1h	53m 42s	$83.4M	$311.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Katana Perps. 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 Katana PerpsbpFee Kraken FuturesbpOrdersPrice spread, now +0.068%Rate

Funding earned: $23.29
Price spread: +0.068% → +0.008%: $5.99
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $15.48
Costs to cover: 0.138%
Break-even: 2.3 days

Slippage unknown: Katana Perps: no order-book sample; Kraken Futures: live order book, 5 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 5 min ago	0.18 bp	5.7 bp −$6	6.4 bp −$64	7.8 bp −$784	12.0 bp −$6,007

Katana Perps: 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.

ETH on 55 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
Perpl ETH	−0.0112%	43m	2,728.6	+0.032%	$288K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.6	+0.070%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,731.5	+0.139%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.9	+0.045%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,732.8	+0.187%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.6	+0.035%	$10.5M	$42.9M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,729.5	+0.067%	$261.4M	$212.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.3	+0.058%	$32.9M	—	200x	as long as short
HTX ETH-USDT	+0.0009%	8h	2,728.2	+0.018%	$1.05B	$1.22B	200x	as long as short
ApeX Omni ETHUSDT	+0.0027%	1h	2,731.3	+0.133%	$8.7M	$31.5M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0032%	1h	2,728.2	+0.018%	$190K	$891K	50x	as long as short
BingX ETH-USDT	+0.0034%	8h	2,727.9	+0.007%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0041%	8h	2,727.8	+0.003%	$2.34B	$4.42B	150x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,728.8	+0.040%	$54.4M	$187.5M	40x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,728.5	+0.028%	$374.6M	$576.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0086%	1h	2,732.3	+0.170%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0089%	8h	2,727.5	−0.009%	$956K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,727.9	+0.006%	$252.4M	$849.4M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0094%	8h	2,727.8	+0.003%	$1.66B	$10.93B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.6	+0.033%	$112.2M	$431.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.5	+0.067%	$23.4M	$102.7M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,726.4	−0.046%	$4.9M	$156K	20x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,727.7	long leg	$507K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,733	+0.195%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.7	0.000%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.6	+0.107%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.1	+0.050%	$32.0M	$334.2M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,728.2	+0.017%	$6.33B	$16.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.9	+0.007%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.6	+0.034%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735	+0.267%	$163.2M	$327.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.7	0.000%	$3.27B	$8.92B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,728.1	+0.014%	$1.52B	$2.57B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.8	+0.005%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.9	+0.044%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.3	+0.060%	$134.0M	$326.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.5	+0.065%	$185.1M	$681.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.6	+0.108%	$158.7M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.1	+0.088%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.7	+0.074%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.4	+0.062%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728.6	+0.035%	$181K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.3	+0.059%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.5	+0.103%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.9	+0.043%	$263.1M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.1	−0.023%	$30.3M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,730	+0.084%	—	$30.6M	500x	as long as short
Kalshi KXETHPERP	+0.0106%	8h	2,728.8	+0.040%	$6.8M	$692.9M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,730.1	+0.087%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,728.6	+0.033%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,731.3	+0.133%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,727	−0.024%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0211%	1h	2,729.5	+0.068%	$83.4M	$311.3M	100x
Hibachi ETH/USDT-P	+0.0280%	1h	2,730.6	+0.106%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,729.3	+0.060%	$281.5M	$175.2M	150x	as long as short