Funding you earn now, next payment 08:00 UTC−0.0724%/8h= −79.3% APRnext payment −$0.90 per $10,000 · paid last 24h +0.069%
Price spread now: Polymarket Perps against Kraken Futures−0.057%7-day average +0.014% · you buy dearer than you sell
Net, funding: paid 7d − costs−$136as in the Funding arb table
Net, price: spread back to 7d avg − costs−$108as in the Price arb table
costs, in and out, $10k−$1011.008% of the position
Funding, last 7 days−0.353%−$35 on $10k
+Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.057%, 7d avg +0.014%
=Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Polymarket Perps is 0.071% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.014%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.353% in total (about -18.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.90 per $10,000. 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 | 0.6939 | 0.0824 | pay 0.0103% / 1h | 36m 35s | $289K | $285K | 20x |
| Short | Polymarket Perps ETHFI-USD | 0.6935 | 0.0100 | get 0.0013% / 1h | 36m 35s | $52K | $149K | 5x |
Kraken Futures PF_ETHFIUSD
Polymarket Perps ETHFI-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$152
- Price spread: −0.057% → +0.014%
- −$7.08
- Slippage, 4 orders
- −$82.75
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$259.83
- Costs to cover
- 1.008%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 1 min ago; Polymarket Perps: live order book, 31 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, 1 min ago | 17.99 bp | 34.7 bp −$35 | 141.0 bp −$1,410 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 31 min ago | 2.16 bp | 7.0 bp −$7 | doesn't fit | 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 | −0.0471% | 1h | 0.6930 | −0.125% | $40K | $11K | 10x | as long as short |
| HTX ETHFI-USDT | −0.0419% | 4h | 0.6925 | −0.197% | $82K | $168K | 20x | as long as short |
| Orderly PERP_ETHFI_USDC | −0.0294% | 4h | 0.6928 | −0.153% | $16K | $1K | 10x | as long as short |
| Variational Omni ETHFI | −0.0142% | 4h | 0.6964 | +0.360% | $917K | $785K | — | as long as short |
| Paradex ETHFI-USD-PERP | −0.0087% | 8h | 0.6921 | −0.256% | $6K | — | 5x | as long as short |
| Bybit ETHFIUSDT | −0.0047% | 4h | 0.6925 | −0.197% | $17.1M | $13.2M | 25x | as long as short |
| Extended ETHFI-USD | −0.0040% | 1h | 0.6922 | −0.238% | $95K | $503K | 10x | as long as short |
| Binance ETHFIUSDT | −0.0039% | 4h | 0.6922 | −0.240% | $24.1M | $36.2M | 75x | as long as short |
| MEXC ETHFI_USDT | −0.0036% | 4h | 0.6925 | −0.197% | $15.7M | $4.2M | 125x | as long as short |
| Injective ETHFI/USDC PERP | +0.0033% | 1h | 0.7240 | +4.343% | $321 | $51K | 5.5x | as long as short |
Deribit ETHFI_USDC-PERPETUAL
HTX ETHFI-USDT
Orderly PERP_ETHFI_USDC
Variational Omni ETHFI
Paradex ETHFI-USD-PERP
Bybit ETHFIUSDT
Extended ETHFI-USD
Binance ETHFIUSDT
MEXC ETHFI_USDT
Injective ETHFI/USDC PERPShow all 24 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aevo ETHFI-PERP | +0.0072% | 1h | 0.6925 | −0.201% | $8K | — | 3x | as long as short |
| Lighter ETHFI | +0.0096% | 1h | 0.6934 | −0.067% | $1.1M | $828K | 5x | as long as short |
| Hyperliquid ETHFI | +0.0100% | 1h | 0.6935 | −0.054% | $16.6M | $8.7M | 5x | as long as short |
| Aster ETHFIUSDT | +0.0100% | 4h | 0.6932 | −0.096% | $177K | $253K | 10x | as long as short |
| OKX ETHFI-USDT-SWAP | +0.0100% | 4h | 0.6930 | −0.125% | $5.1M | $12.6M | 20x | as long as short |
| Gate ETHFI_USDT | +0.0100% | 4h | 0.6931 | −0.110% | $1.7M | $2.0M | 75x | as long as short |
| KuCoin ETHFIUSDTM | +0.0100% | 4h | 0.6928 | −0.153% | $1.2M | $224K | 50x | as long as short |
| Bitget ETHFIUSDT | +0.0100% | 4h | 0.6923 | −0.225% | $6.0M | $4.8M | 75x | as long as short |
| BingX ETHFI-USDC | +0.0100% | 4h | 0.6925 | −0.197% | — | $1.2M | — | as long as short |
| Polymarket Perps ETHFI-USDshort | +0.0100% | 1h | 0.6935 | −0.057% | $52K | $149K | 5x | |
| SunX ETHFI-USDT | +0.0100% | 4h | 0.6924 | −0.211% | $2K | $1.1M | 20x | as long as short |
| BloFin ETHFI-USDT | +0.0204% | 4h | 0.6927 | −0.168% | $1.2M | $240K | 75x | as long as short |
| Coinbase International ETHFI-PERP-INTX | +0.0272% | 1h | 0.6990 | +0.740% | $32K | $6K | 50x | as long as short |
| Kraken Futures PF_ETHFIUSDlong | +0.0824% | 1h | 0.6939 | long leg | $289K | $285K | 20x |
Aevo ETHFI-PERP
Lighter ETHFI
Hyperliquid ETHFI
Aster ETHFIUSDT
OKX ETHFI-USDT-SWAP
Gate ETHFI_USDT
KuCoin ETHFIUSDTM
Bitget ETHFIUSDT
BingX ETHFI-USDC
SunX ETHFI-USDT
BloFin ETHFI-USDT
Coinbase International ETHFI-PERP-INTX