Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0480%/8h= +52.6% APRpaid last 24h +0.012%

Price spread now: Paradex against ApeX Omni+0.203%50s7-day average +0.052% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.174% of the position

Long on ApeX Omni Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.120%+$12 on $10k

Price spread, last 7 days−0.171%−$17 · spread now +0.203%, 7d avg +0.052%

Together, before fees−0.051%+ Points / potential airdropParadex: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Paradex is 0.151% dearer against ApeX Omni than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.052%. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.120% in total (about 10.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,748.6	0.0020	pay 0.0003% / 1h	57m 42s	$8.3M	$25.3M	100x
Short	Paradex ETH-USD-PERP	2,754.2	0.0500	get 0.0500% / 8h	5h 57m	$15.9M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against ApeX Omni. 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 ApeX OmnibpFee ParadexbpOrdersPrice spread, now +0.203%Rate

Funding earned: $100.79
Price spread: +0.203% → +0.052%: $15.11
Slippage, 4 orders: −$3.36
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: $98.53
Costs to cover: 0.174%
Break-even: 0.2 days

Slippage from ApeX Omni: live order book, 5 min ago; Paradex: live order book, 5 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 ApeX Omni live order book, 5 min ago	0.16 bp	5.2 bp −$5	6.6 bp −$66	19.3 bp −$1,934	50.9 bp −$25.5K
Sell Paradex live order book, 5 min ago	0.71 bp	2.9 bp −$3	6.0 bp −$60	doesn't fit	doesn't fit

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,750.1	+0.053%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.029%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,748.5	−0.004%	$808K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,749.4	+0.027%	$12.0M	—	200x	as long as short
Bybit ETHUSDT	0.0000%	8h	2,748.6	−0.001%	$2.37B	$3.83B	150x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,750.2	+0.058%	$7.2M	$661.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,749.9	+0.047%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.9	+0.047%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDTlong	+0.0020%	1h	2,748.6	long leg	$8.3M	$25.3M	100x
dYdX ETH-USD	+0.0067%	1h	2,750.6	+0.073%	$15.3M	$42.8M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,748.4	−0.009%	$1.67B	$9.27B	100x	as long as short
01 Exchange ETHUSD	+0.0072%	1h	2,750	+0.051%	$183K	$951K	50x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,749	+0.014%	$3.27B	$7.67B	200x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,748.8	+0.007%	$257.5M	$723.2M	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,749.3	+0.024%	$365.3M	$443.0M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,748.9	+0.010%	$4.9M	$213K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,749.4	+0.029%	$1.61B	$2.33B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,749.1	+0.020%	$6.41B	$14.12B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,749.1	+0.016%	$114.1M	$382.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,750.3	+0.060%	$23.7M	$93.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.7	+0.041%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,750.6	+0.073%	$46.2M	$3.91B	50x	as long as short
Aftermath Perps ETHUSD	+0.0098%	1h	2,748.7	+0.005%	$30K	$8K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749	+0.014%	$508K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,750.4	+0.065%	$14.6M	$96.2M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.8	+0.079%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,749.2	+0.021%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.6	+0.073%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,748.6	−0.001%	$165.1M	$334.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.6	0.000%	$2.11B	$2.31B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,749.1	+0.016%	—	$945.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749	+0.015%	$14.9M	$36.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.043%	$132.5M	$292.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747.4	−0.045%	$185.1M	$624.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.8	−0.029%	$159.8M	$68.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749.9	+0.047%	$21.1M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,751	+0.088%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.9	+0.083%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.6	+0.036%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.2	+0.057%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749.2	+0.023%	$948K	$8.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749.7	+0.040%	$61.9M	$121.9M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,749.8	+0.043%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,749.6	+0.034%	$264.3M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,748.4	−0.009%	$30.5M	$65.3M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,750	+0.049%	$82.5M	$275.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,750.8	+0.078%	$266.7M	$186.1M	50x	as long as short
Reya ETHRUSDPERP	+0.0157%	1h	2,748.1	−0.020%	$7.3M	$837K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,752.2	+0.131%	$32.5M	$10.0M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,750.3	+0.063%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0237%	1h	2,751.7	+0.112%	$3.16B	$1.75B	25x	as long as short
BloFin ETH-USDT	+0.0361%	8h	2,749.6	+0.036%	$283.3M	$150.4M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.105%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERPshort	+0.0500%	8h	2,754.2	+0.203%	$15.9M	$6.2M	50x