ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0213%/8h= −23.3% APRnext payment −$0.27 per $10,000 · paid last 24h −0.018%

Price spread now: Bullet against Kraken Futures−0.018%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Kraken Futures Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.018%, 7d avg −0.015%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.044% in total (about -4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 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_ETHUSD	2,732.8	0.0222	pay 0.0028% / 1h	18m 48s	$83.3M	$314.7M	100x
Short	Bullet ETH-USD	2,732.3	0.0009	get 0.0001% / 1h	18m 48s	$179K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$44.65
Price spread: −0.018% → −0.015%: −$0.31
Slippage, 4 orders: −$4.08
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$67.04
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bullet: live order book, just now.

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, 5 min ago	0.18 bp	5.6 bp −$6	6.6 bp −$66	8.0 bp −$802	12.4 bp −$6,193
Sell Bullet live order book, just now	0.18 bp	4.8 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit

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	2,732.9	+0.003%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.051%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.2	+0.015%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.8	+0.001%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	+0.007%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.4	+0.022%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	+0.040%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.9	+0.004%	$28.1M	—	200x	as long as short
Bullet ETH-USDshort	+0.0009%	1h	2,732.3	−0.018%	$179K	$1.7M	20x
ApeX Omni ETHUSDT	+0.0040%	1h	2,733.3	+0.018%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0042%	8h	2,731.6	−0.045%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0052%	8h	2,730.5	−0.085%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0059%	8h	2,731.6	−0.045%	$2.38B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0064%	8h	2,731.1	−0.064%	$379.9M	$574.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,731.1	−0.063%	$1.67B	$10.70B	100x	as long as short
Phemex ETHUSDT	+0.0073%	8h	2,732	−0.030%	$265.6M	$65.3M	150x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,731.3	−0.054%	$250.8M	$841.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0090%	1h	2,733.5	+0.025%	$259.7M	$196.2M	50x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,732.1	−0.026%	$54.4M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,731.1	−0.062%	$1.55B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,731.3	−0.055%	$6.35B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731.8	−0.036%	$112.8M	$440.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,732.7	−0.005%	$23.4M	$106.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.9	+0.005%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.8	−0.111%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,736.8	+0.145%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.6	+0.028%	$5.6M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,732.6	−0.007%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.5	−0.012%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.3	+0.018%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.5	+0.026%	$31.8M	$333.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.5	−0.011%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.6	+0.029%	$1.6M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.1	−0.063%	$3.34B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.1	−0.062%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.4	−0.051%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.5	−0.049%	$133.7M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.1	+0.048%	$183.9M	$671.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.9	+0.076%	$159.1M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.4	−0.015%	$21.1M	$68.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,734	+0.044%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	+0.009%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734	+0.045%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,731.8	−0.038%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	+0.074%	$164.8M	$300.4M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.6	+0.027%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.4	−0.088%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.4	+0.022%	$51.4M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,734.2	+0.049%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,732.9	+0.004%	$6.8M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,734.6	+0.067%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,731.7	−0.041%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0222%	1h	2,732.8	long leg	$83.3M	$314.7M	100x
Hibachi ETH/USDT-P	+0.0264%	1h	2,734.4	+0.058%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0380%	8h	2,731.7	−0.041%	$282.3M	$175.5M	150x	as long as short