Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h −0.001%

Price spread now: Kraken Futures against Paradex−0.010%7-day average −0.089% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$177as in the Price arb table

costs, in and out, $10k−$1851.848% of the position

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)+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.110%−$11 · spread now −0.010%, 7d avg −0.089%

Together, before fees−0.107%+ Points / potential airdropParadex: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kraken Futures is 0.078% dearer against Paradex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,774.2	0.0100	pay 0.0100% / 8h	1h 46m	$15.9M	$10.6M	50x
Short	Kraken Futures PF_ETHUSD	2,773.9	0.0170	get 0.0021% / 1h	46m 50s	$86.1M	$330.6M	100x

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 −0.010%Rate

Funding earned: $14.73
Price spread: −0.010% → −0.089%: $7.84
Slippage, 4 orders: −$170.75
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$162.17
Costs to cover: 1.848%
Break-even: 84.1 days

Slippage from Paradex: live order book, 2 min ago; Kraken Futures: live order book, 2 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 Paradex live order book, 2 min ago	68.93 bp	98.1 bp −$98	105.8 bp −$1,058	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.18 bp	6.0 bp −$6	6.6 bp −$66	8.1 bp −$814	11.2 bp −$5,589

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	2,773.9	−0.010%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,774.7	+0.021%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,775.3	+0.041%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,762.7	−0.413%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,775.2	+0.038%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0008%	1h	2,772.9	−0.046%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.5	+0.012%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,772.5	−0.059%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.7	−0.017%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,772.8	−0.049%	$267.1M	$65.7M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0018%	8h	2,773.9	−0.009%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,774	−0.005%	$1.71B	$11.83B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,773.7	−0.016%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,774.2	+0.001%	$256.5M	$991.9M	200x	as long as short
Nado ETH-PERP	+0.0033%	1h	2,774	−0.005%	$14.3M	$118.2M	50x	as long as short
Bullet ETH-USD	+0.0033%	1h	2,773	−0.041%	$181K	$1.8M	20x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,771.4	−0.098%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,774.4	+0.008%	$1.61B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,773.6	−0.021%	$6.44B	$17.13B	150x	as long as short
Hibachi ETH/USDT-P	+0.0072%	1h	2,773.3	−0.032%	$287K	$1.5M	20x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,774.1	−0.002%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,774.1	−0.002%	$3.29B	$9.55B	200x	as long as short
SoDEX ETH-USD	+0.0085%	1h	2,772.9	−0.045%	$55.2M	$228.7M	40x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773.7	−0.015%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	−0.009%	$115.1M	$496.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.035%	$25.4M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.3	−0.032%	—	$41.3M	500x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,774.2	long leg	$15.9M	$10.6M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,775.3	+0.041%	$482K	$2.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774.2	0.000%	$2.52B	$4.61B	150x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.7	+0.091%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.3	+0.041%	$31.2M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.3	+0.005%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,776.5	+0.086%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.128%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,774.1	−0.003%	$424.4M	$738.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.7	+0.018%	$15.3M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.1	−0.147%	$135.6M	$326.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.7	−0.125%	$179.6M	$779.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.6	−0.091%	$161.2M	$94.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771	−0.114%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.8	−0.049%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.3	+0.006%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776	+0.067%	$10.8M	$7.7M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.4	+0.046%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.4	−0.063%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.5	−0.023%	$31.4M	$74.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.4	+0.007%	$60.2M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,774.2	+0.002%	$8.6M	$673.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0111%	1h	2,774.8	+0.024%	$258.4M	$223.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,775.8	+0.058%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0170%	1h	2,773.9	−0.010%	$86.1M	$330.6M	100x
BloFin ETH-USDT	+0.0172%	8h	2,772.8	−0.047%	$285.2M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0188%	1h	2,773.7	−0.015%	$7.4M	$1.1M	25x	as long as short
Bluefin ETH-PERP	+0.0342%	1h	2,774	−0.005%	$21K	$25K	25x	as long as short