Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.014%

Price spread now: Kraken Futures against Paradex−0.074%7-day average −0.088% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Paradex Short on Kraken Futures

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)−0.047%−$5 · spread now −0.074%, 7d avg −0.088%

Together, before fees−0.037%+ Points / potential airdropParadex: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.088%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,733.5	0.0100	pay 0.0100% / 8h	3h 20m	$15.6M	$8.0M	50x
Short	Kraken Futures PF_ETHUSD	2,731.5	0.0153	get 0.0019% / 1h	20m 30s	$83.6M	$315.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now −0.074%Rate

Funding earned: $11.16
Price spread: −0.074% → −0.088%: $1.36
Slippage, 4 orders: −$6.62
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$8.1
Costs to cover: 0.206%
Break-even: 12.1 days

Slippage from Paradex: live order book, 4 min ago; Kraken Futures: live order book, 4 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 Paradex live order book, 4 min ago	2.18 bp	4.2 bp −$4	4.2 bp −$42	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	0.18 bp	6.7 bp −$7	7.4 bp −$74	8.6 bp −$856	11.6 bp −$5,813

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	−0.0335%	43m	2,731.6	−0.073%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731	−0.093%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0016%	8h	2,730.6	−0.106%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.2	−0.048%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.7	−0.067%	$817K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.2	−0.086%	$6.4M	$684.8M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.3	−0.046%	$28.1M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,731.1	−0.090%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0024%	1h	2,731.7	−0.067%	$178K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0030%	8h	2,731.8	−0.066%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,731.6	−0.071%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,732.4	−0.042%	$187K	$814K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0054%	1h	2,732	−0.057%	$258.6M	$201.7M	50x	as long as short
SunX ETH-USDT	+0.0065%	8h	2,730.4	−0.115%	$957K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,728.1	−0.201%	$8.6M	$31.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,731.9	−0.061%	$377.6M	$574.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,732	−0.057%	$1.67B	$10.76B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,731.8	−0.063%	$250.9M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,729.3	−0.156%	$4.9M	$155K	20x	as long as short
SoDEX ETH-USD	+0.0081%	1h	2,730.8	−0.100%	$54.4M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,730.2	−0.122%	$264.6M	$64.9M	150x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,731.8	−0.063%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,731.8	−0.063%	$6.33B	$15.94B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,731	−0.092%	$112.4M	$434.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.8	−0.064%	$23.4M	$104.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.8	−0.102%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	−0.016%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.5	−0.075%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,733.5	long leg	$15.6M	$8.0M	50x
Nado ETH-PERP	+0.0100%	1h	2,730.2	−0.122%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.1	+0.020%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.5	−0.039%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732	−0.056%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.6	−0.034%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.195%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732	−0.058%	$3.33B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.1	−0.052%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.4	−0.114%	$14.9M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	−0.117%	$134.3M	$322.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	−0.200%	$183.5M	$671.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.6	−0.144%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.7	−0.104%	$21.0M	$69.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.5	−0.002%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	−0.062%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.1	−0.018%	$41.0M	$29.9M	15x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.3	−0.044%	—	$845K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.3	−0.083%	$30.5M	$73.4M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,732.6	−0.034%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,731.8	−0.065%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.7	−0.069%	$50.6M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSDshort	+0.0153%	1h	2,731.5	−0.074%	$83.6M	$315.9M	100x
Orderly PERP_ETH_USDC	+0.0193%	8h	2,733.6	+0.002%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,731.4	−0.077%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,732.8	−0.028%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,730.1	−0.125%	$282.9M	$174.8M	150x	as long as short