Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.015%

Price spread now: Katana Perps against Kraken Futures−0.055%7-day average −0.008% · you buy dearer than you sell

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

Long on Kraken Futures Short on Katana Perps

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)+0.071%+$7 · spread now −0.055%, 7d avg −0.008%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Katana Perps is 0.047% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,738.8	0.0175	pay 0.0022% / 1h	6m 01s	$83.7M	$311.5M	100x
Short	Katana Perps ETH-USD	2,737.3	0.0100	get 0.0100% / 8h	2h 06m	$508K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$15.86
Price spread: −0.055% → −0.008%: −$4.71
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$34.36
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; Katana Perps: no order-book sample. 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, 3 min ago	0.18 bp	5.7 bp −$6	7.1 bp −$71	8.7 bp −$870	11.9 bp −$5,957
Sell Katana Perps no order-book sample	—	—	—	—	—

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	−0.0447%	43m	2,737.5	−0.046%	$292K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.6	−0.080%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.1	−0.027%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.5	−0.084%	$817K	$3.0M	25x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.5	−0.048%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738.2	−0.021%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.124%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,737.4	−0.051%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,738.3	−0.019%	—	$1.12B	—	as long as short
Bybit ETHUSDT	+0.0044%	8h	2,738.3	−0.017%	$2.35B	$4.42B	150x	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	+0.0048%	1h	2,738.6	−0.007%	$192K	$873K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,739	+0.008%	$259.2M	$208.5M	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,737.8	−0.035%	$376.3M	$577.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,735.6	−0.118%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,737.6	−0.043%	$182K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,737.1	−0.062%	$959K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,738.7	−0.004%	$112.8M	$438.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.8	+0.036%	$23.6M	$104.2M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.5	−0.121%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,738.3	−0.018%	$1.66B	$10.95B	100x	as long as short
Aster ETHUSDT	+0.0099%	8h	2,738.2	−0.021%	$253.4M	$848.4M	200x	as long as short
Phemex ETHUSDT	+0.0099%	8h	2,738.2	−0.021%	$264.1M	$65.1M	150x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,737.3	−0.055%	$508K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,741.8	+0.109%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.7	−0.039%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.5	+0.062%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.6	−0.008%	$32.1M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,738.3	−0.020%	$6.35B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.5	−0.084%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.2	−0.021%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.3	−0.018%	$3.28B	$9.09B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,738.1	−0.025%	$1.53B	$2.61B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.4	−0.015%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.1	−0.026%	$15.0M	$42.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,735.8	−0.111%	$134.4M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736	−0.101%	$185.5M	$680.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.9	−0.068%	$159.2M	$87.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.9	−0.070%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,737.3	−0.055%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739	+0.007%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	+0.018%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738	−0.031%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.6	+0.028%	$41.1M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,737.8	−0.036%	$54.5M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735.9	−0.105%	$162.8M	$321.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,737.5	−0.046%	$30.3M	$74.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,737.9	−0.034%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,739.4	+0.023%	$50.1M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,738.4	−0.015%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,737.4	−0.051%	$6.9M	$693.5M	4.9x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0175%	1h	2,738.8	long leg	$83.7M	$311.5M	100x
Orderly PERP_ETH_USDC	+0.0188%	8h	2,740.3	+0.053%	$32.3M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,737	−0.066%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,738.3	−0.020%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,737.2	−0.057%	$280.2M	$175.4M	150x	as long as short