Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.024%

Price spread now: Orderly against Kraken Futures−0.312%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.312% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.312% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$31 on $10k: about 6.9 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.6993	−0.0409	get 0.0051% / 1h	49m 29s	$278K	$259K	20x
Short	Orderly PERP_ETHFI_USDC	0.6971	−0.0258	pay 0.0129% / 4h	2h 49m	$16K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.312%Rate

Funding earned: $31.83
Price spread: −0.312% → 0.000%: −$31.18
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$15.35
Costs to cover: 0.160%
Break-even: 10.4 days

Slippage unknown: Kraken Futures: live order book, 63 min ago; Orderly: no order-book sample. Net counts fees only.

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, 63 min ago	7.08 bp	29.6 bp −$30	158.4 bp −$1,584	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0610%	1h	0.6974	−0.269%	$40K	$10K	10x	as long as short
Kraken Futures PF_ETHFIUSDlong	−0.0409%	1h	0.6993	long leg	$278K	$259K	20x
HTX ETHFI-USDT	−0.0385%	4h	0.6973	−0.283%	$81K	$182K	20x	as long as short
Orderly PERP_ETHFI_USDCshort	−0.0258%	4h	0.6971	−0.312%	$16K	$1K	10x
Bybit ETHFIUSDT	−0.0159%	4h	0.6976	−0.240%	$17.4M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0065%	4h	0.6978	−0.208%	$951K	$724K	—	as long as short
Binance ETHFIUSDT	+0.0004%	4h	0.6972	−0.296%	$24.2M	$35.4M	75x	as long as short
MEXC ETHFI_USDT	+0.0006%	4h	0.6973	−0.283%	$15.8M	$4.1M	125x	as long as short
Extended ETHFI-USD	+0.0008%	1h	0.6972	−0.295%	$95K	$506K	10x	as long as short
Aster ETHFIUSDT	+0.0021%	4h	0.6983	−0.146%	$178K	$255K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0032%	8h	0.6975	−0.258%	$6K	—	5x	as long as short
BloFin ETHFI-USDT	+0.0032%	4h	0.6975	−0.255%	$1.2M	$239K	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.535%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6970	−0.326%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6981	−0.170%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6977	−0.230%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6979	−0.197%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6982	−0.154%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6972	−0.297%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6975	−0.255%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6976	−0.240%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6977	−0.226%	$63K	$126K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6987	−0.083%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+0.875%	$31K	$5K	50x	as long as short