Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Derive against Arcus+0.067%7-day average +0.023% · you sell dearer than you buy

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

Long on Arcus Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now +0.067%, 7d avg +0.023%

Together, before fees−0.193%−$19 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 0.044% dearer against Arcus than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ETH-USD	2,741.3	0.0100	pay 0.0013% / 1h	55m 26s	$2.8M	$16.0M	25x
Short	Derive ETH-PERP	2,743.2	0.0100	get 0.0013% / 1h	55m 26s	$41.4M	$29.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Arcus. 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 ArcusbpFee DerivebpOrdersPrice spread, now +0.067%Rate

Funding earned: $0
Price spread: +0.067% → +0.023%: $4.41
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$6.09
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: 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 Arcus live order book, 4 min ago	0.16 bp	2.4 bp −$2	2.4 bp −$24	doesn't fit	doesn't fit
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
Perpl ETH	−0.0447%	43m	2,739.8	−0.057%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,736.3	−0.183%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,742	+0.024%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	−0.023%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741	−0.011%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740.8	−0.019%	$182K	$834K	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.8	−0.020%	$25.4M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,739	−0.085%	$832K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,740.1	−0.045%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0067%	1h	2,740	−0.047%	$181K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0069%	8h	2,739.3	−0.074%	$1.69B	$10.60B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,740.4	−0.034%	$380.9M	$573.7M	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,741.3	−0.001%	$54.6M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,740.5	−0.030%	$253.5M	$840.5M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,739.8	−0.056%	$1.56B	$2.52B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.8	−0.091%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,740.3	−0.037%	$6.36B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,740.6	−0.026%	$112.4M	$430.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.2	+0.030%	$24.6M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	−0.011%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,741.3	−0.001%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.6	+0.120%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.3	−0.038%	$500K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.3	−0.039%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.3	−0.001%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.9	−0.016%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740.7	−0.023%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741	−0.012%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USDlong	+0.0100%	1h	2,741.3	long leg	$2.8M	$16.0M	25x
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.059%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.6	−0.028%	$3.39B	$8.67B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740	−0.049%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.6	+0.009%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	−0.014%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.9	−0.234%	$181.8M	$664.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.145%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.233%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742	+0.024%	$21.2M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.5	−0.031%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.3	−0.001%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,743.2	+0.067%	$41.4M	$29.7M	15x
SunX ETH-USDT	+0.0100%	8h	2,740.9	−0.015%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741.5	+0.005%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.7	+0.012%	$266.4M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.6	−0.062%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,743.2	+0.068%	$53.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,740.4	−0.034%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,740.7	−0.023%	$7.6M	$672.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,743.1	+0.065%	$260.0M	$194.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,743.8	+0.091%	$32.3M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,737.7	−0.134%	$285.5M	$175.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.3	+0.034%	$86.0M	$309.8M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,739.1	−0.082%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.7	+0.050%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.4134%	1h	2,742.4	+0.039%	$21K	$20K	25x	as long as short