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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC−0.0060%/8h= −6.6% APRnext payment −$0.08 per $10,000 · paid last 24h −0.015%
Price spread now: Deribit against Kraken Futures−0.003%7-day average +0.032% · you buy dearer than you sell
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs−$22as in the Price arb table
costs, in and out, $10k−$180.183% of the position
Long on Kraken FuturesShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.081%−$8 on $10k
Price spread, last 4 days (all we have)+0.036%+$4 · spread now −0.003%, 7d avg +0.032%
Together, before fees−0.045%−$5 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 Deribit is 0.035% 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 +0.032%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_ETHUSD2,725.40.0060pay 0.0008% / 1h19m 44s$81.8M$310.8M100x
ShortDeribit ETH-PERPETUAL2,725.40get 0.0000% / 1h19m 44s$263.6M$213.8M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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

Funding earned
−$12.6
Price spread: −0.003% → +0.032%
−$3.49
Slippage, 4 orders
−$1.33
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$34.42
Costs to cover
0.183%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Deribit: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kraken Futures live order book, 4 min ago0.37 bp5.5 bp −$66.6 bp −$668.2 bp −$81811.5 bp −$5,769
Sell Deribit live order book, 4 min ago0.09 bp3.6 bp −$44.3 bp −$439.1 bp −$90919.8 bp −$9,875

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,724.5−0.034%$275K$5.7M8.3xas long as short
BloFin ETH-USDT−0.0176%8h2,722.4−0.113%$281.5M$177.3M150xas long as short
Hotstuff ETH-PERP−0.0080%1h2,723.7−0.063%$5K$1K50xas long as short
Phoenix ETH−0.0015%1h2,724.3−0.041%$808K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,725.40.000%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,723.6−0.068%$10.5M$41.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,724.2−0.045%$6.7M$678.9M4.9xas long as short
Deribit ETH-PERPETUALshort0.0000%1h2,725.4−0.003%$263.6M$213.8M50x
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,725.5+0.004%$32.9M—200xas long as short
BingX ETH-USDT+0.0017%8h2,725.6+0.005%—$1.09B—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0020%8h2,725.5+0.001%$2.32B$4.34B150xas long as short
HTX ETH-USDT+0.0031%8h2,724.1−0.050%$1.05B$1.22B200xas long as short
01 Exchange ETHUSD+0.0032%1h2,724.8−0.023%$190K$884K50xas long as short
Injective ETH/USDC PERP+0.0050%1h2,728.7+0.120%$200K$21.5M52xas long as short
ApeX Omni ETHUSDT+0.0051%1h2,722.5−0.106%$8.4M$31.5M100xas long as short
Hibachi ETH/USDT-P+0.0056%1h2,724.1−0.048%$241K$1.4M20xas long as short
Kraken Futures PF_ETHUSDlong+0.0060%1h2,725.4long leg$81.8M$310.8M100x
OKX ETH-USDT-SWAP+0.0072%8h2,725.5+0.002%$1.65B$10.79B100xas long as short
KuCoin ETHUSDTM+0.0074%8h2,725.3−0.005%$382.0M$577.6M100xas long as short
Aster ETHUSDT+0.0076%8h2,725.7+0.011%$252.5M$847.5M200xas long as short
MEXC ETH_USDT+0.0088%8h2,725.7+0.010%$1.58B$2.59B500xas long as short
Aevo ETH-PERP+0.0088%1h2,723−0.087%$4.9M$172K20xas long as short
Binance ETHUSDT+0.0088%8h2,725.7+0.010%$6.30B$16.13B150xas long as short
Lighter ETH+0.0096%1h2,725.7+0.012%$112.3M$432.9M50xas long as short
Lighter RH ETH+0.0096%1h2,726.9+0.056%$23.4M$102.4M50xas long as short
SoDEX ETH-USD+0.0099%1h2,724.6−0.030%$54.3M$182.7M40xas long as short
Katana Perps ETH-USD+0.0100%8h2,723.7−0.063%$500K$3.6M50xas long as short
Aftermath Perps ETHUSD+0.0100%1h2,724.6−0.029%$30K$20K20xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,727.9+0.093%$15.3M$7.6M50xas long as short
Nado ETH-PERP+0.0100%1h2,723.9−0.055%$14.0M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,728+0.095%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,724.2−0.045%$31.9M$333.5M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,722.3−0.114%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,724.2−0.044%$1.6M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,725.7+0.011%$3.31B$8.93B200xas long as short
Bitget ETHUSDT+0.0100%8h2,725.7+0.011%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,725.2−0.009%$15.0M$40.5M50xas long as short
Variational Omni ETH+0.0100%8h2,722.2−0.117%$133.6M$316.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,721.7−0.136%$185.2M$682.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,722.8−0.095%$158.2M$81.9M50xas long as short
StandX ETH-USD+0.0100%1h2,724.1−0.048%$20.9M$70.2M40xas long as short
Vest ETH-PERP+0.0100%1h2,725.5+0.004%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,725.8+0.014%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,724.1−0.047%$182K$1.7M20xas long as short
Derive ETH-PERP+0.0100%1h2,724.6−0.028%$40.8M$29.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,723.4−0.074%$955K$10.8M100xas long as short
Phemex ETHUSDT+0.0100%8h2,724.6−0.029%$262.5M$64.5M150xas long as short
Bulk ETH-USD+0.0100%1h2,727.2+0.065%$162.8M$356.2M25xas long as short
Extended ETH-USD+0.0104%1h2,724.7−0.026%$30.4M$71.6M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,724.6−0.029%—$30.2M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,725.9+0.017%$46.5M$4.27B50xas long as short
RISEx ETH/USDC+0.0114%1h2,724.6−0.031%$5.6M$11.7M25xas long as short
Reya ETHRUSDPERP+0.0180%1h2,723.4−0.076%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0184%8h2,726.8+0.051%$32.1M$11.2M100xas long as short
Bluefin ETH-PERP+0.0436%1h2,724.6−0.030%$20K$23K25xas long as short