ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0092%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h −0.041%

Price spread now: Phoenix against Kraken Futures+0.167%71s7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.198% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now +0.167%, 7d avg +0.062%

Together, before fees+0.200%+$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.106% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.167% now, against its 7-day average of +0.062%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.9 days. At the pace of the last 7 days (−0.060% in total) that is about 12 days. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,742.9	0.0080	pay 0.0010% / 1h	55m 57s	$82.4M	$290.8M	100x
Short	Phoenix ETH	2,747.5	−0.0012	pay 0.0001% / 1h	55m 57s	$813K	$2.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.167%Rate

Funding earned: −$19.25
Price spread: +0.167% → +0.062%: $10.59
Slippage, 4 orders: −$2.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.43
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: 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	5.6 bp −$6	6.7 bp −$67	8.2 bp −$821	12.6 bp −$6,305
Sell Phoenix live order book, 3 min ago	0.18 bp	4.3 bp −$4	8.8 bp −$88	17.8 bp −$1,778	doesn't fit

ETH on 54 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
Hotstuff ETH-PERP	−0.0080%	1h	2,746.4	+0.127%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0039%	8h	2,738	−0.180%	$2.35B	$4.13B	150x	as long as short
Hibachi ETH/USDT-P	−0.0032%	1h	2,746.4	+0.129%	$236K	$1.3M	20x	as long as short
Phoenix ETHshort	−0.0012%	1h	2,747.5	+0.167%	$813K	$2.9M	25x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.4	+0.018%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.8	+0.033%	$11.3M	$41.6M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,744.7	+0.065%	$6.6M	$664.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,743.6	+0.025%	$273K	$5.3M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,743.7	+0.027%	$266.4M	$207.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.8	+0.250%	$33.2M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ETH_USDT	+0.0036%	8h	2,738.9	−0.147%	$3.26B	$7.67B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,744.6	+0.062%	$193K	$955K	50x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,742.1	−0.030%	$1.05B	$1.16B	200x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,737.3	−0.204%	$1.66B	$10.16B	100x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,740.4	−0.093%	$252.5M	$796.1M	200x	as long as short
ApeX Omni ETHUSDT	+0.0070%	1h	2,749.5	+0.240%	$8.3M	$30.3M	100x	as long as short
MEXC ETH_USDT	+0.0079%	8h	2,739.4	−0.128%	$1.56B	$2.46B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,738.9	−0.147%	$6.39B	$15.42B	150x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0080%	1h	2,742.9	long leg	$82.4M	$290.8M	100x
Aevo ETH-PERP	+0.0080%	1h	2,743.4	+0.016%	$4.9M	$202K	20x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,738.9	−0.146%	$366.8M	$480.9M	100x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,742.8	−0.004%	$263.9M	$59.4M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,743	+0.003%	$113.4M	$379.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,743.8	+0.033%	$24.7M	$91.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,747.2	+0.158%	—	$24.6M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.9	+0.036%	$506K	$3.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.5	+0.241%	$15.8M	$6.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.2	+0.011%	$14.6M	$100.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743.9	+0.036%	$3.13B	$1.95B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.3	+0.087%	$32.1M	$326.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.8	+0.069%	$2.8M	$15.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.7	+0.064%	$1.5M	$15.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.4	−0.129%	$2.10B	$2.55B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,738.3	−0.167%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.4	−0.054%	$14.9M	$37.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741.8	−0.042%	$131.3M	$306.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.3	+0.161%	$186.2M	$690.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.1	+0.227%	$159.8M	$73.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.3	+0.087%	$21.1M	$72.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.6	+0.099%	—	$409K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.6	+0.062%	$11.2M	$8.9M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.1	+0.007%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.2	+0.010%	$946K	$9.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,742.6	−0.011%	$54.6M	$160.0M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.1	+0.006%	$167.4M	$334.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,747.5	+0.167%	$30K	$12K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.3	−0.168%	$30.4M	$68.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,743	+0.005%	$45.4M	$4.08B	50x	as long as short
Reya ETHRUSDPERP	+0.0166%	1h	2,741.4	−0.055%	$7.3M	$885K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,744.2	+0.049%	$5.6M	$11.2M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,744.9	+0.074%	$32.3M	$10.4M	100x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,752.8	+0.361%	$118K	$19.9M	52x	as long as short
BloFin ETH-USDT	+0.0317%	8h	2,746.7	+0.138%	$282.5M	$165.0M	150x	as long as short
Bluefin ETH-PERP	+0.1783%	1h	2,743.4	+0.019%	$20K	$15K	25x	as long as short