Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0725%/8h= −79.4% APRpaid last 24h +0.063%

Price spread now: Gate against Kraken Futures−0.052%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1391.392% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.380%−$38 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.052%, 7d avg −0.052%

Together, before fees−0.377%−$38 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: −$22 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.380% in total (about -19.8% a year). A funding rate is set anew for every payment. 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_ETHFIUSD	0.6932	0.0825	pay 0.0103% / 1h	21m 15s	$289K	$290K	20x
Short	Gate ETHFI_USDT	0.6928	0.0100	get 0.0050% / 4h	21m 15s	$1.7M	$2.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.052%Rate

Funding earned: −$152.18
Price spread: −0.052% → −0.052%: −$0.05
Slippage, 4 orders: −$114.15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$291.39
Costs to cover: 1.392%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 16 min ago; Gate: live order book, 1 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, 16 min ago	17.99 bp	34.7 bp −$35	141.0 bp −$1,410	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.89 bp	23.8 bp −$24	166.5 bp −$1,665	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	−0.0472%	1h	0.6920	−0.167%	$40K	$11K	10x	as long as short
HTX ETHFI-USDT	−0.0414%	4h	0.6916	−0.225%	$82K	$150K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0292%	4h	0.6918	−0.196%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0210%	4h	0.6912	−0.280%	$911K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0096%	8h	0.6927	−0.071%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0064%	4h	0.6917	−0.211%	$17.0M	$13.0M	25x	as long as short
Extended ETHFI-USD	−0.0024%	1h	0.6915	−0.234%	$94K	$503K	10x	as long as short
Binance ETHFIUSDT	−0.0020%	4h	0.6916	−0.225%	$24.1M	$36.2M	75x	as long as short
MEXC ETHFI_USDT	−0.0020%	4h	0.6923	−0.124%	$15.7M	$4.2M	125x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.449%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0072%	1h	0.6915	−0.240%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6925	−0.088%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6924	−0.116%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6922	−0.139%	$177K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6924	−0.110%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDTshort	+0.0100%	4h	0.6928	−0.052%	$1.7M	$2.0M	75x
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6923	−0.124%	$1.2M	$224K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6922	−0.139%	$6.0M	$4.8M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6922	−0.139%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6929	−0.042%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6919	−0.182%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0220%	4h	0.6923	−0.124%	$1.2M	$240K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6990	+0.842%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0825%	1h	0.6932	long leg	$289K	$290K	20x