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: Kraken Futures against Orderly+0.313%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

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

The price spread pays, funding is against you. Kraken Futures is 0.313% dearer against Orderly than usual: you sell high and buy low (spread +0.313% now, against zero (this spread has no 7-day history yet)): +$31 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETHFI_USDC	0.6971	−0.0258	get 0.0129% / 4h	2h 49m	$16K	$1K	10x
Short	Kraken Futures PF_ETHFIUSD	0.6993	−0.0409	pay 0.0051% / 1h	49m 39s	$278K	$259K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.313%Rate

Funding earned: −$31.83
Price spread: +0.313% → 0.000%: $31.27
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$16.55
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 63 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 63 min ago	7.08 bp	25.5 bp −$26	127.2 bp −$1,272	doesn't fit	doesn't fit

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	+0.043%	$40K	$10K	10x	as long as short
Kraken Futures PF_ETHFIUSDshort	−0.0409%	1h	0.6993	+0.313%	$278K	$259K	20x
HTX ETHFI-USDT	−0.0385%	4h	0.6973	+0.029%	$81K	$182K	20x	as long as short
Orderly PERP_ETHFI_USDClong	−0.0258%	4h	0.6971	long leg	$16K	$1K	10x
Bybit ETHFIUSDT	−0.0159%	4h	0.6975	+0.057%	$17.4M	$12.7M	25x	as long as short
Variational Omni ETHFI	−0.0065%	4h	0.6978	+0.104%	$951K	$724K	—	as long as short
Binance ETHFIUSDT	+0.0004%	4h	0.6974	+0.043%	$24.2M	$35.4M	75x	as long as short
MEXC ETHFI_USDT	+0.0006%	4h	0.6973	+0.029%	$15.8M	$4.1M	125x	as long as short
Extended ETHFI-USD	+0.0008%	1h	0.6963	−0.116%	$95K	$506K	10x	as long as short
Aster ETHFIUSDT	+0.0021%	4h	0.6983	+0.169%	$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	+0.054%	$6K	—	5x	as long as short
BloFin ETHFI-USDT	+0.0032%	4h	0.6975	+0.057%	$1.2M	$239K	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.859%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6970	−0.014%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6981	+0.142%	$1.1M	$830K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6977	+0.082%	$17.0M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6981	+0.143%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6980	+0.129%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6972	+0.014%	$1.2M	$230K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6973	+0.029%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6977	+0.086%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6983	+0.172%	$64K	$125K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6987	+0.230%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0376%	1h	0.7054	+1.191%	$31K	$5K	50x	as long as short