ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0210%/8h= −23.0% APRnext payment −$0.26 per $10,000 · paid last 24h −0.027%

Price spread now: Injective against Kraken Futures+0.379%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on Kraken Futures Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.095%+$10 on $10k

Price spread, last 3 days (all we have)−0.494%−$49 · spread now +0.379%, 7d avg +0.053%

Together, before fees−0.399%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.326% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.379% now, against its 7-day average of +0.053%): +$33 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 5.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.095%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.095% in total (about 5.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.26 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	2,771.4	0.0123	pay 0.0015% / 1h	24m 25s	$86.4M	$333.7M	100x
Short	Injective ETH/USDC PERP	2,781.9	−0.0088	pay 0.0011% / 1h	24m 25s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.379%Rate

Funding earned: −$44.2
Price spread: +0.379% → +0.053%: $32.57
Slippage, 4 orders: −$61.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$83.29
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Injective: 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 Kraken Futures live order book, 5 min ago	0.18 bp	6.0 bp −$6	7.5 bp −$75	9.0 bp −$899	13.5 bp −$6,735
Sell Injective live order book, 5 min ago	12.96 bp	47.3 bp −$47	48.5 bp −$485	48.6 bp −$4,860	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	−0.0223%	43m	2,768.5	−0.104%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,767.7	−0.133%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERPshort	−0.0088%	1h	2,781.9	+0.379%	$119K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	−0.119%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	+0.035%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,768.3	−0.112%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.5	−0.105%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	−0.011%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.2	−0.043%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,767.4	−0.143%	$1.70B	$11.86B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0023%	1h	2,773.2	+0.066%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,770.1	−0.046%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,767.5	−0.141%	$255.4M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,770.3	−0.039%	$270.1M	$69.0M	150x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,770	−0.050%	$55.2M	$229.0M	40x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,767.4	−0.143%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.1	−0.154%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,769.6	−0.065%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,767.6	−0.135%	$6.44B	$17.30B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,767.4	−0.144%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,767.7	−0.134%	$3.29B	$9.66B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,768.2	−0.115%	$420.6M	$739.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0086%	1h	2,771.7	+0.013%	$259.0M	$222.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.7	+0.009%	$60.1M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,767.4	−0.145%	$2.50B	$4.63B	150x	as long as short
BingX ETH-USDT	+0.0091%	8h	2,767.7	−0.134%	—	$1.22B	—	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.5	−0.105%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,770	−0.050%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,769.3	−0.075%	$115.1M	$499.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.5	−0.068%	$25.2M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.7	−0.061%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.3	−0.146%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768	−0.122%	$476K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	−0.133%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.8	−0.057%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.8	−0.095%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	−0.133%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.8	−0.092%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.054%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.9	−0.054%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.038%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.027%	$182.0M	$782.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	−0.006%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	0.000%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.130%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770	−0.052%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.4	+0.038%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.6	−0.101%	$971K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.1	−0.154%	$32.5M	$78.1M	50x	as long as short
Kalshi KXETHPERP	+0.0114%	8h	2,770.1	−0.047%	$8.2M	$686.9M	4.9x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0123%	1h	2,771.4	long leg	$86.4M	$333.7M	100x
Orderly PERP_ETH_USDC	+0.0141%	8h	2,772.6	+0.045%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770	−0.051%	$287.3M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,767.3	−0.147%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,771.5	+0.003%	$252K	$1.6M	20x	as long as short