Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h +0.004%

Price spread now: Paradex against Kraken Futures+1.673%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$61as in the Price arb table

costs, in and out, $10k−$970.974% of the position

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 3 days (all we have)−1.323%−$132 · spread now +1.673%, 7d avg +0.092%

Together, before fees−1.322%+ Points / potential airdropParadex: Active · farm board−$132 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 1.581% dearer against Kraken Futures than usual: you sell high and buy low (spread +1.673% now, against its 7-day average of +0.092%): +$158 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,803.6	0.0134	pay 0.0017% / 1h	31m 30s	$89.3M	$336.0M	100x
Short	Paradex ETH-USD-PERP	2,850.6	0.0100	get 0.0100% / 8h	3h 31m	$16.6M	$11.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +1.673%Rate

Funding earned: −$7.15
Price spread: +1.673% → +0.092%: $158.1
Slippage, 4 orders: −$83.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $53.56
Costs to cover: 0.974%
Break-even: from the start

Slippage from Kraken Futures: live order book, 3 min ago; Paradex: live order book, 3 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 Kraken Futures live order book, 3 min ago	0.36 bp	6.0 bp −$6	6.8 bp −$68	9.9 bp −$992	14.1 bp −$7,051
Sell Paradex live order book, 3 min ago	38.13 bp	40.1 bp −$40	159.4 bp −$1,594	doesn't fit	doesn't fit

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	2,799.6	−0.143%	$299K	$6.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,800.1	−0.126%	$5K	$2K	50x	as long as short
Phemex ETHUSDT	−0.0034%	8h	2,800.4	−0.114%	$270.0M	$66.1M	150x	as long as short
Phoenix ETH	−0.0032%	1h	2,795.5	−0.290%	$804K	$3.5M	25x	as long as short
RISEx ETH/USDC	−0.0005%	1h	2,800.7	−0.104%	$5.8M	$12.2M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,802.1	−0.054%	$13.8M	$43.8M	50x	as long as short
Injective ETH/USDC PERP	+0.0003%	1h	2,798.9	−0.169%	$120K	$22.5M	52x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,800.9	−0.098%	$22.6M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0016%	8h	2,800.3	−0.121%	$1.70B	$11.94B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0011%	1h	2,800.5	−0.113%	$12.9M	—	200x	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	2,800.4	−0.116%	$177K	$1.2M	50x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,800.1	−0.127%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,800	−0.131%	$6.51B	$17.10B	150x	as long as short
Bulk ETH-USD	+0.0047%	1h	2,803.2	−0.016%	$167.8M	$262.8M	25x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,803.1	−0.018%	$5.1M	$651K	20x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,800.2	−0.122%	$3.34B	$9.50B	200x	as long as short
Bitget ETHUSDT	+0.0071%	8h	2,800.8	−0.101%	$2.11B	$3.14B	150x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,801	−0.093%	$263.1M	$996.0M	200x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,794	−0.344%	$30K	$22K	20x	as long as short
Bullet ETH-USD	+0.0091%	1h	2,799.4	−0.153%	$193K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,800.7	−0.103%	$117.0M	$513.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,802	−0.060%	$25.6M	$124.6M	50x	as long as short
Variational Omni ETH	+0.0099%	8h	2,794	−0.343%	$141.4M	$311.2M	—	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,800.7	−0.105%	$487K	$2.7M	50x	as long as short
Paradex ETH-USD-PERPshort	+0.0100%	8h	2,850.6	+1.673%	$16.6M	$11.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,800.7	−0.106%	$17.5M	$115.2M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,801.2	−0.086%	$31.8M	$271.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,800.4	−0.115%	$2.55B	$4.62B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,799.9	−0.133%	$2.9M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,802.3	−0.047%	$2.8M	$17.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,800.7	−0.107%	$409.9M	$737.5M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,800.2	−0.122%	—	$1.17B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,801.6	−0.074%	$15.6M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,796.6	−0.250%	$178.9M	$776.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,798.4	−0.187%	$162.8M	$96.6M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,795.3	−0.299%	$8.4M	$29.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,797.6	−0.215%	$21.6M	$58.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,801.6	−0.074%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,801.3	−0.084%	$10.9M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,803.4	−0.008%	$22K	$25K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,798.3	−0.190%	$980K	$14.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,801.9	−0.062%	$56.1M	$206.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,802.4	−0.045%	$1.09B	$1.30B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,799.9	−0.133%	$31.7M	$76.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,802.4	−0.043%	—	$46.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,804	+0.013%	$60.7M	$4.68B	50x	as long as short
Orderly PERP_ETH_USDC	+0.0115%	8h	2,805.6	+0.068%	$32.9M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0134%	1h	2,803.6	long leg	$89.3M	$336.0M	100x
Kalshi KXETHPERP	+0.0146%	8h	2,803.5	−0.005%	$8.8M	$660.4M	4.9x	as long as short
Hyperliquid ETH	+0.0156%	1h	2,803.9	+0.009%	$3.28B	$2.31B	25x	as long as short
BloFin ETH-USDT	+0.0166%	8h	2,803.7	+0.001%	$292.1M	$196.3M	150x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,799.4	−0.152%	$260K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0211%	1h	2,797.9	−0.206%	$7.5M	$985K	25x	as long as short
Deribit ETH-PERPETUAL	+0.0253%	1h	2,804.3	+0.024%	$259.2M	$220.4M	50x	as long as short
Derive ETH-PERP	+0.0290%	1h	2,806	+0.083%	$43.4M	$29.2M	15x	as long as short