Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.030%

Price spread now: Bybit against Kraken Futures−0.034%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 4 days (all we have)+0.085%+$9 · spread now −0.034%, 7d avg −0.008%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.008%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,741.4	0.0080	pay 0.0010% / 1h	19m 25s	$82.0M	$279.9M	100x
Short	Bybit ETHUSDT	2,740.4	−0.0030	pay 0.0030% / 8h	6h 19m	$2.36B	$3.91B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$23.1
Price spread: −0.034% → −0.008%: −$2.6
Slippage, 4 orders: −$0.9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$47.6
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	0.18 bp	5.4 bp −$5	6.6 bp −$66	9.2 bp −$917	12.9 bp −$6,458
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.0 bp −$703	9.3 bp −$4,630

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0096%	1h	2,742	+0.024%	$235K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.5	+0.005%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,742.6	+0.046%	$8.3M	$27.2M	100x	as long as short
Bybit ETHUSDTshort	−0.0030%	8h	2,740.4	−0.034%	$2.36B	$3.91B	150x
Phoenix ETH	−0.0023%	1h	2,742.8	+0.052%	$806K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.9	−0.017%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,741.6	+0.009%	$7.1M	$662.6M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,740.4	−0.034%	$269K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,740.7	−0.025%	$33.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,741.4	+0.001%	$195K	$939K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0053%	1h	2,741.7	+0.012%	$14.8M	$42.9M	50x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,740.9	−0.019%	$3.26B	$7.87B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,740.3	−0.038%	$1.66B	$9.49B	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,740.8	−0.021%	$256.0M	$738.3M	200x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,740.9	−0.017%	$1.59B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,740.7	−0.025%	$6.38B	$14.51B	150x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0080%	1h	2,741.4	long leg	$82.0M	$279.9M	100x
Aevo ETH-PERP	+0.0080%	1h	2,738	−0.122%	$4.9M	$208K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0082%	1h	2,741.8	+0.015%	$267.3M	$192.8M	50x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,741.1	−0.011%	$365.9M	$458.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0090%	1h	2,741.1	−0.009%	$30K	$8K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,740.6	−0.026%	$113.8M	$389.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.8	+0.017%	$23.7M	$98.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	−0.013%	—	$23.7M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.9	−0.017%	$506K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.1	−0.045%	$14.5M	$97.3M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.2	−0.005%	$32.1M	$324.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.6	−0.028%	$2.8M	$14.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.7	+0.011%	$1.5M	$14.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.027%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740.6	−0.029%	$2.11B	$2.37B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,740	−0.050%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.3	−0.004%	$14.9M	$37.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.5	−0.032%	$132.1M	$302.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.4	+0.037%	$186.1M	$633.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,740.4	−0.036%	$159.3M	$73.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.7	+0.049%	$21.1M	$72.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,742.7	+0.047%	—	$346K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.6	+0.045%	$11.2M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,740.9	−0.018%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.1	−0.046%	$945K	$9.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.6	−0.028%	$61.7M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741.7	+0.013%	$1.05B	$1.09B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.2	−0.006%	$263.7M	$57.5M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.6	−0.066%	$30.4M	$66.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,741.8	+0.014%	$45.6M	$3.93B	50x	as long as short
Hyperliquid ETH	+0.0126%	1h	2,744	+0.096%	$3.15B	$1.78B	25x	as long as short
BloFin ETH-USDT	+0.0149%	8h	2,741.4	+0.003%	$282.7M	$157.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0161%	1h	2,740.5	−0.031%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,742.7	+0.048%	$5.6M	$10.7M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,742.6	+0.044%	$32.3M	$10.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0305%	8h	2,744.8	+0.126%	$15.8M	$6.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,747.3	+0.217%	$118K	$23.9M	52x	as long as short
Bluefin ETH-PERP	+0.1049%	1h	2,740.9	−0.017%	$20K	$15K	25x	as long as short