Funding you earn now, next payment 03:00 UTC−0.0205%/8h= −22.5% APRpaid last 24h +0.106%
Price spread now: Bybit against Kraken Futures−0.435%7-day average −0.055% · you buy dearer than you sell
Net, funding: paid 7d − costs−$120as in the Funding arb table
Net, price: spread back to 7d avg − costs−$122as in the Price arb table
costs, in and out, $10k−$840.839% of the position
Funding, last 7 days−0.360%−$36 on $10k
+Price spread, last 3 days (all we have)+0.365%+$36 · spread now −0.435%, 7d avg −0.055%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.380% cheaper against Kraken Futures than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of −0.055%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Kraken Futures PF_ETHFIUSD | 0.7151 | 0.0305 | pay 0.0038% / 1h | 55m 37s | $271K | $197K | 20x |
| Short | Bybit ETHFIUSDT | 0.7120 | 0.0100 | get 0.0050% / 4h | 1h 55m | $17.9M | $12.6M | 25x |
Kraken Futures PF_ETHFIUSD
Bybit ETHFIUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$43.09
- Price spread: −0.435% → −0.055%
- −$37.98
- Slippage, 4 orders
- −$62.92
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$165
- Costs to cover
- 0.839%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 7 min ago; Bybit: 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, 7 min ago | 5.58 bp | 26.7 bp −$27 | 129.2 bp −$1,292 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 1.40 bp | 15.9 bp −$16 | 42.7 bp −$427 | doesn't fit | doesn't fit |
ETHFI on 23 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 | −0.0309% | 1h | 0.7151 | −0.001% | $41K | $13K | 10x | as long as short |
| Orderly PERP_ETHFI_USDC | −0.0201% | 4h | 0.7147 | −0.057% | $16K | $1K | 10x | as long as short |
| HTX ETHFI-USDT | −0.0102% | 4h | 0.7144 | −0.099% | $88K | $168K | 20x | as long as short |
| Injective ETHFI/USDC PERP | +0.0033% | 1h | 0.7240 | +1.244% | $321 | $51K | 5.5x | as long as short |
| Variational Omni ETHFI | +0.0043% | 4h | 0.7161 | +0.143% | $1.1M | $714K | — | as long as short |
| Paradex ETHFI-USD-PERP | +0.0062% | 8h | 0.7117 | −0.476% | $6K | — | 5x | as long as short |
| Lighter ETHFI | +0.0096% | 1h | 0.7128 | −0.327% | $1.1M | $888K | 5x | as long as short |
| Hyperliquid ETHFI | +0.0100% | 1h | 0.7130 | −0.289% | $17.8M | $8.2M | 5x | as long as short |
| Aster ETHFIUSDT | +0.0100% | 4h | 0.7134 | −0.242% | $182K | $257K | 10x | as long as short |
| Binance ETHFIUSDT | +0.0100% | 4h | 0.7118 | −0.462% | $24.8M | $35.7M | 75x | as long as short |
Deribit ETHFI_USDC-PERPETUAL
Orderly PERP_ETHFI_USDC
HTX ETHFI-USDT
Injective ETHFI/USDC PERP
Variational Omni ETHFI
Paradex ETHFI-USD-PERP
Lighter ETHFI
Hyperliquid ETHFI
Aster ETHFIUSDT
Binance ETHFIUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit ETHFIUSDTshort | +0.0100% | 4h | 0.7120 | −0.435% | $17.9M | $12.6M | 25x | |
| OKX ETHFI-USDT-SWAP | +0.0100% | 4h | 0.7123 | −0.393% | $5.0M | $12.2M | 20x | as long as short |
| Gate ETHFI_USDT | +0.0100% | 4h | 0.7127 | −0.337% | $1.7M | $1.9M | 75x | as long as short |
| MEXC ETHFI_USDT | +0.0100% | 4h | 0.7124 | −0.379% | $15.4M | $3.9M | 125x | as long as short |
| KuCoin ETHFIUSDTM | +0.0100% | 4h | 0.7119 | −0.449% | $1.2M | $254K | 50x | as long as short |
| Bitget ETHFIUSDT | +0.0100% | 4h | 0.7119 | −0.449% | $6.1M | $5.3M | 75x | as long as short |
| BingX ETHFI-USDT | +0.0100% | 4h | 0.7122 | −0.407% | — | $26.0M | — | as long as short |
| SunX ETHFI-USDT | +0.0100% | 4h | 0.7153 | +0.027% | $2K | $1.1M | 20x | as long as short |
| Extended ETHFI-USD | +0.0104% | 1h | 0.7118 | −0.459% | $100K | $381K | 10x | as long as short |
| Aevo ETHFI-PERP | +0.0104% | 1h | 0.7145 | −0.085% | $9K | — | 3x | as long as short |
| Kraken Futures PF_ETHFIUSDlong | +0.0305% | 1h | 0.7151 | long leg | $271K | $197K | 20x | |
| Polymarket Perps ETHFI-USD | +0.0476% | 1h | 0.7185 | +0.470% | $71K | $118K | 5x | as long as short |
| Coinbase International ETHFI-PERP-INTX | +0.0512% | 1h | 0.7253 | +1.425% | $32K | $6K | 50x | as long as short |
OKX ETHFI-USDT-SWAP
Gate ETHFI_USDT
MEXC ETHFI_USDT
KuCoin ETHFIUSDTM
Bitget ETHFIUSDT
BingX ETHFI-USDT
SunX ETHFI-USDT
Extended ETHFI-USD
Aevo ETHFI-PERP
Polymarket Perps ETHFI-USD
Coinbase International ETHFI-PERP-INTX