Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0352%/8h= −38.5% APRpaid last 24h −0.114%

Price spread now: Kraken Futures against Bybit+0.049%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$830.835% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.335%+$33 on $10k

Price spread, last 3 days (all we have)+0.055%+$6 · spread now +0.049%, 7d avg +0.052%

Together, before fees+0.390%+$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.335%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHFIUSDT	0.7182	0.0100	pay 0.0050% / 4h	1h 07m	$18.3M	$13.0M	25x
Short	Kraken Futures PF_ETHFIUSD	0.7186	−0.0252	pay 0.0031% / 1h	7m 02s	$282K	$148K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$73.92
Price spread: +0.049% → +0.052%: −$0.23
Slippage, 4 orders: −$62.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$157.61
Costs to cover: 0.835%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Kraken Futures: live order book, 11 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 Bybit live order book, 6 min ago	0.70 bp	15.4 bp −$15	41.5 bp −$415	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 11 min ago	11.16 bp	22.5 bp −$23	137.6 bp −$1,376	doesn't fit	doesn't fit

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0446%	1h	0.7179	−0.042%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0288%	4h	0.7156	−0.362%	$83K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSDshort	−0.0252%	1h	0.7186	+0.049%	$282K	$148K	20x
Orderly PERP_ETHFI_USDC	−0.0189%	4h	0.7175	−0.097%	$16K	$1K	10x	as long as short
MEXC ETHFI_USDT	+0.0022%	4h	0.7175	−0.097%	$15.1M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0023%	4h	0.7175	−0.091%	$24.9M	$37.2M	75x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7173	−0.131%	$93K	$493K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0026%	8h	0.7164	−0.251%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.808%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7184	+0.028%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin ETHFI-USDT	+0.0093%	4h	0.7162	−0.278%	$1.2M	$292K	75x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7182	0.000%	$1.1M	$898K	5x	as long as short
Bitget ETHFIUSDT	+0.0096%	4h	0.7177	−0.070%	$6.1M	$5.7M	75x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7189	+0.093%	$18.2M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7177	−0.072%	$183K	$259K	10x	as long as short
Bybit ETHFIUSDTlong	+0.0100%	4h	0.7182	long leg	$18.3M	$13.0M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7182	0.000%	$4.9M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7180	−0.028%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7177	−0.070%	$1.2M	$272K	50x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7182	0.000%	—	$1.2M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7166	−0.229%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7177	−0.065%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7164	−0.251%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7177	−0.070%	$31K	$6K	50x	as long as short