Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0765%/8h= −83.7% APRpaid last 24h +0.038%

Price spread now: Bitget against Kraken Futures−0.232%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$151as in the Funding arb table

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1151.153% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.357%−$36 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.232%, 7d avg −0.079%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$23 a day on $10k at the current rate, and Bitget is 0.153% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.357% in total (about -18.6% 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	0.6987	0.0865	pay 0.0108% / 1h	35m 36s	$294K	$288K	20x
Short	Bitget ETHFIUSDT	0.6971	0.0100	get 0.0050% / 4h	3h 35m	$6.1M	$4.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.232%Rate

Funding earned: −$160.6
Price spread: −0.232% → −0.079%: −$15.29
Slippage, 4 orders: −$93.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$291.15
Costs to cover: 1.153%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; Bitget: 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, 62 min ago	17.99 bp	34.7 bp −$35	141.0 bp −$1,410	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	1.43 bp	16.4 bp −$16	42.2 bp −$422	doesn't fit	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
Deribit ETHFI_USDC-PERPETUAL	−0.0467%	1h	0.6972	−0.218%	$41K	$12K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0277%	4h	0.6968	−0.275%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0265%	4h	0.6971	−0.227%	$930K	$796K	—	as long as short
HTX ETHFI-USDT	−0.0263%	4h	0.6961	−0.375%	$83K	$150K	20x	as long as short
Bybit ETHFIUSDT	−0.0213%	4h	0.6977	−0.146%	$17.1M	$13.0M	25x	as long as short
Paradex ETHFI-USD-PERP	−0.0100%	8h	0.6968	−0.278%	$6K	—	5x	as long as short
Binance ETHFIUSDT	+0.0013%	4h	0.6971	−0.232%	$24.4M	$36.1M	75x	as long as short
MEXC ETHFI_USDT	+0.0014%	4h	0.6970	−0.246%	$15.8M	$4.1M	125x	as long as short
Extended ETHFI-USD	+0.0016%	1h	0.6969	−0.258%	$95K	$505K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.618%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster ETHFIUSDT	+0.0057%	4h	0.6981	−0.094%	$179K	$230K	10x	as long as short
BloFin ETHFI-USDT	+0.0059%	4h	0.6978	−0.132%	$1.2M	$232K	75x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.6970	−0.246%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6982	−0.080%	$1.1M	$829K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6974	−0.195%	$16.7M	$8.6M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6977	−0.146%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6976	−0.161%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6969	−0.261%	$1.2M	$215K	50x	as long as short
Bitget ETHFIUSDTshort	+0.0100%	4h	0.6971	−0.232%	$6.1M	$4.6M	75x
BingX ETHFI-USDC	+0.0100%	4h	0.6972	−0.218%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6974	−0.189%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6979	−0.118%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0336%	1h	0.7020	+0.469%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0865%	1h	0.6987	long leg	$294K	$288K	20x