ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRnext payment −$0.06 per $10,000 · paid last 24h −0.018%

Price spread now: Kraken Futures against Hibachi−0.044%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on Hibachi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now −0.044%, 7d avg −0.023%

Together, before fees+0.308%+ Points / potential airdropHibachi: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.021% cheaper against Hibachi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.353%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi ETH/USDT-P	2,734.9	0.0272	pay 0.0034% / 1h	13m 51s	$250K	$1.4M	20x
Short	Kraken Futures PF_ETHUSD	2,733.7	0.0222	get 0.0028% / 1h	13m 51s	$83.2M	$314.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hibachi. 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 HibachibpFee Kraken FuturesbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$10.51
Price spread: −0.044% → −0.023%: −$2.09
Slippage, 4 orders: −$4.49
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$36.08
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Hibachi: live order book, 5 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 Hibachi live order book, 5 min ago	0.59 bp	5.1 bp −$5	9.4 bp −$94	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	0.18 bp	5.9 bp −$6	6.9 bp −$69	8.3 bp −$828	11.3 bp −$5,644

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,732.8	−0.079%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.027%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.9	−0.038%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.6	−0.084%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,734.6	−0.014%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.1	−0.067%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,734.2	−0.027%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.7	−0.082%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0010%	1h	2,732.1	−0.105%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0033%	8h	2,732.2	−0.101%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0048%	8h	2,732.9	−0.075%	—	$18.5M	—	as long as short
ApeX Omni ETHUSDT	+0.0053%	1h	2,733.7	−0.046%	$8.7M	$31.3M	100x	as long as short
Bybit ETHUSDT	+0.0057%	8h	2,733.7	−0.046%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,732.9	−0.076%	$380.2M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,734.5	−0.016%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0076%	8h	2,733.2	−0.065%	$265.7M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,733.7	−0.045%	$251.0M	$841.9M	200x	as long as short
SoDEX ETH-USD	+0.0093%	1h	2,733.1	−0.067%	$54.4M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,732.8	−0.078%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,733.6	−0.048%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.6	−0.012%	$112.9M	$440.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.6	−0.014%	$23.4M	$106.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.7	−0.081%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.4	−0.164%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.5	+0.057%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.3	−0.060%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.7	−0.082%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.7	−0.082%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.6	+0.061%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.9	−0.038%	$31.9M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.8	−0.078%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.4	−0.057%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.8	−0.043%	$3.34B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.6	−0.014%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.7	−0.083%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.4	−0.093%	$133.8M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.8	−0.080%	$183.8M	$672.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	−0.012%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	−0.034%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.6	−0.048%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734.2	−0.027%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.3	−0.062%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.6	−0.011%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.2	−0.136%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,732.6	−0.085%	$165.4M	$300.2M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732	−0.106%	$30.4M	$72.8M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734.2	−0.028%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,733.7	−0.045%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0119%	1h	2,734.5	−0.015%	$259.7M	$196.4M	50x	as long as short
Kalshi KXETHPERP	+0.0135%	8h	2,733.2	−0.064%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,735	+0.003%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0218%	1h	2,731.4	−0.128%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0222%	1h	2,733.7	−0.044%	$83.2M	$314.9M	100x
Hibachi ETH/USDT-Plong	+0.0272%	1h	2,734.9	long leg	$250K	$1.4M	20x
BloFin ETH-USDT	+0.0376%	8h	2,733.2	−0.065%	$283.7M	$175.6M	150x	as long as short