Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0846%/8h= −92.6% APRpaid last 24h +0.036%

Price spread now: Binance against Kraken Futures−0.146%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$130as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

Price spread, last 4 days (all we have)+0.029%+$3 · spread now −0.146%, 7d avg −0.105%

Together, before fees−0.298%−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Binance is 0.040% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.327% in total (about -17.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.6950	0.0869	pay 0.0109% / 1h	27m 46s	$292K	$288K	20x
Short	Binance ETHFIUSDT	0.6940	0.0024	get 0.0012% / 4h	3h 27m	$24.3M	$35.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.146%Rate

Funding earned: −$177.58
Price spread: −0.146% → −0.105%: −$4.02
Slippage, 4 orders: −$105.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$307.58
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Binance: live order book, 14 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, 5 min ago	20.15 bp	56.4 bp −$56	185.3 bp −$1,853	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.72 bp	9.5 bp −$10	29.7 bp −$297	130.4 bp −$13.0K	doesn't fit

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
HTX ETHFI-USDT	−0.0355%	4h	0.6924	−0.378%	$82K	$150K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0326%	1h	0.6937	−0.191%	$41K	$12K	10x	as long as short
Variational Omni ETHFI	−0.0280%	4h	0.6935	−0.214%	$925K	$795K	—	as long as short
Orderly PERP_ETHFI_USDC	−0.0280%	4h	0.6934	−0.234%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0164%	4h	0.6943	−0.104%	$17.0M	$13.0M	25x	as long as short
Paradex ETHFI-USD-PERP	−0.0090%	8h	0.6938	−0.181%	$6K	—	5x	as long as short
MEXC ETHFI_USDT	+0.0020%	4h	0.6944	−0.090%	$15.8M	$4.2M	125x	as long as short
Aster ETHFIUSDT	+0.0021%	4h	0.6942	−0.112%	$178K	$230K	10x	as long as short
Binance ETHFIUSDTshort	+0.0024%	4h	0.6940	−0.146%	$24.3M	$35.8M	75x
Extended ETHFI-USD	+0.0024%	1h	0.6942	−0.119%	$94K	$507K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.169%	$321	$51K	5.5x	as long as short
BloFin ETHFI-USDT	+0.0070%	4h	0.6931	−0.277%	$1.2M	$231K	75x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.6941	−0.127%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6954	+0.047%	$1.1M	$833K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6945	−0.071%	$16.6M	$8.6M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6943	−0.104%	$5.1M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6946	−0.061%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6937	−0.191%	$1.1M	$212K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6940	−0.148%	$6.1M	$4.3M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6941	−0.133%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6937	−0.191%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6933	−0.248%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0336%	1h	0.7020	+1.003%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0869%	1h	0.6950	long leg	$292K	$288K	20x