Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0120%/8h= +13.2% APRpaid last 24h −0.094%

Price spread now: Kraken Futures against OKX+0.201%45s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$800.798% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.303%+$30 on $10k

Price spread, last 3 days (all we have)−0.200%−$20 · spread now +0.201%, 7d avg +0.063%

Together, before fees+0.103%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Kraken Futures is 0.138% dearer against OKX than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.063%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETHFI-USDT-SWAP	0.7163	0.0100	pay 0.0050% / 4h	3h 02m	$5.0M	$12.3M	20x
Short	Kraken Futures PF_ETHFIUSD	0.7177	0.0220	get 0.0028% / 1h	2m 26s	$273K	$166K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.201%Rate

Funding earned: $25.24
Price spread: +0.201% → +0.063%: $13.79
Slippage, 4 orders: −$59.82
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$40.78
Costs to cover: 0.798%
Break-even: 18.3 days

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 5 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 OKX live order book, 1 min ago	0.70 bp	14.7 bp −$15	43.6 bp −$436	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	6.91 bp	27.8 bp −$28	143.4 bp −$1,434	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
HTX ETHFI-USDT	−0.0498%	4h	0.7168	+0.070%	$83K	$158K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0307%	1h	0.7175	+0.168%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0212%	4h	0.7170	+0.098%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0022%	4h	0.7199	+0.505%	$1.1M	$719K	—	as long as short
Paradex ETHFI-USD-PERP	+0.0020%	8h	0.7158	−0.068%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.075%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0092%	4h	0.7159	−0.056%	$15.3M	$3.9M	125x	as long as short
Binance ETHFIUSDT	+0.0093%	4h	0.7158	−0.070%	$25.0M	$36.3M	75x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7181	+0.253%	$1.1M	$894K	5x	as long as short
Extended ETHFI-USD	+0.0096%	1h	0.7158	−0.076%	$100K	$388K	10x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ETHFI	+0.0100%	1h	0.7167	+0.049%	$18.0M	$8.6M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7170	+0.092%	$183K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7163	0.000%	$18.1M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAPlong	+0.0100%	4h	0.7163	long leg	$5.0M	$12.3M	20x
Gate ETHFI_USDT	+0.0100%	4h	0.7162	−0.014%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7167	+0.056%	$1.2M	$263K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7155	−0.112%	$6.1M	$5.5M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7159	−0.056%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7157	−0.088%	$71K	$116K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7173	+0.140%	$1K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7172	+0.132%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0168%	1h	0.7245	+1.145%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDshort	+0.0220%	1h	0.7177	+0.201%	$273K	$166K	20x
BloFin ETHFI-USDT	+0.0333%	4h	0.7165	+0.028%	$1.2M	$263K	75x	as long as short