Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.027%

Price spread now: Derive against ApeX Omni−0.045%72s7-day average +0.059% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on ApeX Omni Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.235%+$23 on $10k

Price spread, last 3 days (all we have)+0.117%+$12 · spread now −0.045%, 7d avg +0.059%

Together, before fees+0.352%+$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.104% cheaper against ApeX Omni than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.059%. The two prices were read 72 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	ApeX Omni ETHUSDT	2,771.6	0.0100	pay 0.0013% / 1h	20m 10s	$8.7M	$32.1M	100x
Short	Derive ETH-PERP	2,770.4	0.0100	get 0.0013% / 1h	20m 10s	$42.6M	$28.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against ApeX Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ApeX OmnibpFee DerivebpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → +0.059%: −$10.45
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$26.45
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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 ApeX Omni live order book, 4 min ago	0.07 bp	5.1 bp −$5	5.9 bp −$59	17.8 bp −$1,781	50.6 bp −$25.3K
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.190%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,767.9	−0.136%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.9	−0.135%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.8	−0.139%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,767.9	−0.135%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.013%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.2	−0.088%	$12.2M	$43.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.9	−0.100%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,768.1	−0.129%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,767.1	−0.163%	$1.71B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0032%	1h	2,768.2	−0.124%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,768.7	−0.107%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0049%	8h	2,767.9	−0.136%	$256.0M	$885.1M	200x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,767.6	−0.146%	$3.37B	$9.04B	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,767.9	−0.136%	$6.48B	$16.28B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,768	−0.132%	$1.63B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.2	−0.125%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.8	+0.005%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,767.5	−0.150%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.4	−0.083%	$60.3M	$4.42B	50x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,768.3	−0.122%	$269.4M	$67.4M	150x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,768.3	−0.122%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,768.9	−0.100%	$420.1M	$619.7M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,768.2	−0.123%	$114.9M	$458.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770	−0.059%	$25.6M	$111.7M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0097%	1h	2,769.7	−0.071%	$259.1M	$204.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	−0.062%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.9	−0.135%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767	−0.167%	$14.6M	$113.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770	−0.059%	$3.17B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.8	−0.140%	$31.2M	$325.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.7	−0.144%	$2.51B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.8	−0.175%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.5	−0.114%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.044%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,767.7	−0.142%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.6	−0.148%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.112%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.9	+0.008%	$182.0M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.149%	$161.4M	$84.7M	50x	as long as short
ApeX Omni ETHUSDTlong	+0.0100%	1h	2,771.6	long leg	$8.7M	$32.1M	100x
StandX ETH-USD	+0.0100%	1h	2,768.8	−0.102%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.139%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.3	−0.083%	$21K	$22K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,770.4	−0.045%	$42.6M	$28.9M	15x
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.157%	$970K	$13.1M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768	−0.130%	$1.08B	$1.25B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.8	−0.137%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	−0.096%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,768.8	−0.102%	$8.0M	$679.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.6	−0.073%	$96.0M	$318.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771	−0.023%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,771.6	−0.001%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,768.7	−0.106%	$287.1M	$181.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,767.5	−0.150%	$7.3M	$1.1M	25x	as long as short