Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC−0.0081%/8h= −8.9% APRpaid last 24h −0.044%

Price spread now: Perpl against Aster+0.144%54s7-day average +0.013% · you sell dearer than you buy

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

Long on Aster Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.100%+$10 on $10k

Price spread, last 7 days−0.147%−$15 · spread now +0.144%, 7d avg +0.013%

Together, before fees−0.047%+ Points / potential airdropAster: Stage 5 · Perpl: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.131% dearer against Aster than usual: you sell high and buy low (spread +0.144% now, against its 7-day average of +0.013%): +$13 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.100%, so the current rate has only just turned against you. The two prices were read 54 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	Aster ETHUSDT	2,735.8	0.0081	pay 0.0081% / 8h	4h 57m	$253.1M	$840.5M	200x
Short	Perpl ETH	2,739.7	0	get 0.0000% / 43m	28m 32s	$301K	$5.5M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Aster. 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 AsterbpFee PerplbpOrdersPrice spread, now +0.144%Rate

Funding earned: −$17
Price spread: +0.144% → +0.013%: $13.09
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$25.71
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 7 min ago; Perpl: 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 Aster live order book, 7 min ago	0.09 bp	4.1 bp −$4	4.3 bp −$43	5.8 bp −$576	11.7 bp −$5,847
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0141%	1h	2,738.7	+0.107%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.7	+0.034%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738	+0.083%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.2	+0.051%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,735.4	−0.013%	$181K	$834K	50x	as long as short
Perpl ETHshort	0.0000%	43m	2,739.7	+0.144%	$301K	$5.5M	8.3x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,738	+0.083%	$25.3M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.1	+0.195%	$847K	$2.9M	25x	as long as short
SoDEX ETH-USD	+0.0027%	1h	2,737.3	+0.056%	$54.5M	$187.6M	40x	as long as short
ApeX Omni ETHUSDT	+0.0039%	1h	2,740.1	+0.157%	$8.8M	$30.7M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0054%	8h	2,734.2	−0.059%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,735.7	−0.001%	$1.69B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,735.2	−0.019%	$380.6M	$573.7M	100x	as long as short
Aster ETHUSDTlong	+0.0081%	8h	2,735.8	long leg	$253.1M	$840.5M	200x
Bullet ETH-USD	+0.0084%	1h	2,737.8	+0.073%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,735.3	−0.017%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,734.3	−0.054%	$1.56B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,735.4	−0.015%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.2	+0.015%	$112.3M	$429.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.1	+0.050%	$24.5M	$102.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.7	+0.181%	—	$30.4M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.4	−0.013%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,738.2	+0.087%	$15.9M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734	−0.064%	$499K	$3.1M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,736.7	+0.034%	$1.06B	$1.18B	200x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.7	−0.039%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,737.5	+0.063%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.2	+0.016%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,735.9	+0.006%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.4	−0.050%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.3	−0.018%	$2.8M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	+0.145%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735	−0.027%	$3.38B	$8.65B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.9	−0.033%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.5	−0.009%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739	+0.117%	$133.0M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	+0.109%	$182.0M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.8	+0.110%	$159.2M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.8	+0.111%	$21.2M	$69.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	+0.137%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	+0.129%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.1	+0.122%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.5	+0.065%	$960K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,736.8	+0.039%	$265.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.8	−0.071%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,739	+0.117%	$54.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0137%	1h	2,740.7	+0.180%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0137%	1h	2,738.6	+0.104%	$260.0M	$194.8M	50x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,739.6	+0.140%	$7.6M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,739.7	+0.143%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,739.4	+0.133%	$285.5M	$177.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	+0.071%	$86.0M	$309.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.1	+0.048%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.1	+0.123%	$251K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.3321%	1h	2,765.3	+1.079%	$21K	$20K	25x	as long as short