Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0452%/8h= +49.5% APRpaid last 24h −0.022%

Price spread now: Paradex against Kraken Futures+0.121%7-day average +0.093% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.121%, 7d avg +0.093%

Together, before fees−0.009%+ Points / potential airdropParadex: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Paradex is 0.028% dearer against Kraken Futures than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.093%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.009% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,746.2	0.0105	pay 0.0013% / 1h	48m 46s	$82.5M	$272.7M	100x
Short	Paradex ETH-USD-PERP	2,749.5	0.0557	get 0.0557% / 8h	5h 48m	$15.9M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.121%Rate

Funding earned: $94.97
Price spread: +0.121% → +0.093%: $2.77
Slippage, 4 orders: −$5.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $78.03
Costs to cover: 0.197%
Break-even: 1.2 days

Slippage from Kraken Futures: live order book, 3 min ago; Paradex: 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	5.8 bp −$6	7.2 bp −$72	10.5 bp −$1,045	13.7 bp −$6,873
Sell Paradex live order book, 3 min ago	2.38 bp	4.4 bp −$4	4.4 bp −$44	doesn't fit	doesn't fit

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	−0.0112%	1h	2,746.8	+0.022%	$235K	$1.2M	20x	as long as short
ApeX Omni ETHUSDT	−0.0107%	1h	2,746.5	+0.009%	$8.3M	$25.1M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.115%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747.3	+0.039%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,747.6	+0.050%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,746.2	−0.001%	$7.2M	$660.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,746.2	−0.003%	$272K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,747.4	+0.042%	$33.2M	—	200x	as long as short
Bybit ETHUSDT	+0.0010%	8h	2,745.3	−0.035%	$2.37B	$3.80B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,745.1	−0.042%	$1.67B	$9.21B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,746.3	+0.003%	$182K	$914K	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,745.1	−0.040%	$3.26B	$7.69B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,745.4	−0.031%	$258.0M	$718.3M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,745.2	−0.037%	$1.60B	$2.34B	500x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,745.2	−0.039%	$365.2M	$440.1M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.1	−0.114%	$4.9M	$215K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,745.4	−0.032%	$6.41B	$13.99B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.8	−0.016%	$113.7M	$385.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.9	+0.026%	$23.6M	$94.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.4	+0.005%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.9	+0.024%	$46.2M	$3.89B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.2	−0.037%	$509K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.6	−0.022%	$14.6M	$94.6M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.4	+0.006%	$32.1M	$322.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.1	−0.005%	$2.8M	$14.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.3	+0.001%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.111%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745	−0.044%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,744.3	−0.072%	—	$18.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.2	−0.036%	$14.9M	$36.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.014%	$132.4M	$287.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.8	−0.015%	$185.0M	$608.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.071%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	+0.032%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.2	+0.037%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	+0.035%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.6	−0.023%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.3	+0.001%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.5	−0.028%	$946K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.8	−0.016%	$61.8M	$121.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,745.8	−0.016%	$1.05B	$1.04B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.1	−0.005%	$263.8M	$56.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.2	−0.073%	$30.3M	$65.3M	50x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0105%	1h	2,746.2	long leg	$82.5M	$272.7M	100x
Deribit ETH-PERPETUAL	+0.0107%	1h	2,746.9	+0.024%	$266.9M	$184.3M	50x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.6	+0.048%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0156%	1h	2,745.5	−0.028%	$7.3M	$832K	25x	as long as short
dYdX ETH-USD	+0.0167%	1h	2,746.3	+0.003%	$15.2M	$42.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,747.9	+0.060%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,746.3	+0.003%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0257%	1h	2,748.2	+0.071%	$3.15B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0352%	8h	2,746	−0.008%	$284.4M	$149.4M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,750.7	+0.163%	$180K	$21.7M	52x	as long as short
Paradex ETH-USD-PERPshort	+0.0557%	8h	2,749.5	+0.121%	$15.9M	$6.2M	50x