Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0725%/8h= +79.3% APRpaid last 24h −0.095%

Price spread now: Kraken Futures against KuCoin+0.171%7-day average +0.065% · you sell dearer than you buy

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$162as in the Price arb table

costs, in and out, $10k−$1731.728% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.278%+$28 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.171%, 7d avg +0.065%

Together, before fees+0.202%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Kraken Futures is 0.106% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.065%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.278% in total (about 14.5% 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	KuCoin ETHFIUSDTM	0.6921	0.0100	pay 0.0050% / 4h	55m 46s	$1.2M	$225K	50x
Short	Kraken Futures PF_ETHFIUSD	0.6933	0.0825	get 0.0103% / 1h	55m 46s	$289K	$287K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.171%Rate

Funding earned: $152.15
Price spread: +0.171% → +0.065%: $10.61
Slippage, 4 orders: −$150.83
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$10.07
Costs to cover: 1.728%
Break-even: 7.5 days

Slippage from KuCoin: live order book, 9 min ago; Kraken Futures: live order book, 47 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 KuCoin live order book, 9 min ago	7.20 bp	58.4 bp −$58	178.8 bp −$1,788	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 47 min ago	12.97 bp	25.8 bp −$26	122.0 bp −$1,220	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	−0.0616%	1h	0.6920	−0.014%	$40K	$11K	10x	as long as short
HTX ETHFI-USDT	−0.0418%	4h	0.6912	−0.130%	$82K	$168K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0284%	4h	0.6915	−0.087%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0115%	4h	0.6919	−0.026%	$911K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0021%	8h	0.6917	−0.064%	$6K	—	5x	as long as short
Binance ETHFIUSDT	−0.0020%	4h	0.6920	−0.014%	$24.1M	$36.1M	75x	as long as short
Extended ETHFI-USD	−0.0016%	1h	0.6915	−0.083%	$94K	$505K	10x	as long as short
MEXC ETHFI_USDT	−0.0014%	4h	0.6917	−0.058%	$15.7M	$4.1M	125x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.609%	$321	$51K	5.5x	as long as short
Bybit ETHFIUSDT	+0.0048%	4h	0.6924	+0.043%	$17.1M	$13.1M	25x	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	+0.0080%	1h	0.6920	−0.014%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6928	+0.095%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6927	+0.084%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6931	+0.140%	$177K	$263K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6929	+0.116%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6928	+0.101%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTMlong	+0.0100%	4h	0.6921	long leg	$1.2M	$225K	50x
Bitget ETHFIUSDT	+0.0100%	4h	0.6920	−0.014%	$6.0M	$4.9M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6923	+0.029%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6922	+0.009%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6911	−0.144%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0224%	4h	0.6923	+0.029%	$1.2M	$239K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6952	+0.448%	$31K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSDshort	+0.0825%	1h	0.6933	+0.171%	$289K	$287K	20x