Funding arb · Price arb / Crypto

ETH

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LONGAvantis▾Hibachi −0.0296%HTX −0.0050%Phemex −0.0028%Bullet −0.0014%Phoenix −0.0006%Kalshi 0.0000%Perpl 0.0000%Gate +0.0010%N1 +0.0024%KuCoin +0.0028%SunX +0.0044%MEXC +0.0054%Binance +0.0054%Aevo +0.0056%Deribit +0.0063%gTrade (Gains Network) +0.0066%GMX +0.0066%Aster +0.0070%OKX +0.0089%Nado +0.0091%dYdX +0.0092%Lighter +0.0096%Lighter RH +0.0096%Popdex +0.0096%Avantis +0.0096%Variational Omni +0.0097%Paradex +0.0098%Bybit +0.0099%Katana Perps +0.0100%Hyperliquid +0.0100%Pacifica +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bulk +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%edgeX +0.0100%GRVT +0.0100%ApeX Omni +0.0100%StandX +0.0100%Vest Markets +0.0100%Polymarket Perps +0.0100%Bluefin +0.0100%SoDEX +0.0100%Extended +0.0104%Jupiter Perps +0.0104%RISEx +0.0109%Kraken Futures +0.0133%BloFin +0.0174%Orderly +0.0202%Reya +0.0289%Aftermath Perps +0.0380%Coinbase International +0.0464%Injective +0.0579%

⇄⇅

SHORTDerive▾Injective +0.0579%Coinbase International +0.0464%Aftermath Perps +0.0380%Reya +0.0289%Orderly +0.0202%BloFin +0.0174%Kraken Futures +0.0133%RISEx +0.0109%Extended +0.0104%Hyperliquid +0.0100%Pacifica +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bulk +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%edgeX +0.0100%GRVT +0.0100%ApeX Omni +0.0100%StandX +0.0100%Vest Markets +0.0100%Polymarket Perps +0.0100%Bluefin +0.0100%SoDEX +0.0100%Katana Perps +0.0100%Bybit +0.0099%Paradex +0.0098%Variational Omni +0.0097%Popdex +0.0096%Lighter +0.0096%Lighter RH +0.0096%dYdX +0.0092%Nado +0.0091%OKX +0.0089%Aster +0.0070%Deribit +0.0063%Aevo +0.0056%Binance +0.0054%MEXC +0.0054%SunX +0.0044%GMX −0.0035%KuCoin +0.0028%N1 +0.0024%gTrade (Gains Network) −0.0022%Gate +0.0010%Kalshi 0.0000%Perpl 0.0000%Phoenix −0.0006%Bullet −0.0014%Phemex −0.0028%Jupiter Perps +0.0048%HTX −0.0050%Derive −0.0249%Hibachi −0.0296%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	AvantisETH/USD	2,711.7	L +0.0096S −0.0097	pay 0.0012% / 1h	34m 02s	$3.5M	—	50x	Long Avantis
SHORT	DeriveETH-PERP	2,708.4	−0.0249	pay 0.0031% / 1h	34m 02s	$42.6M	$50.0M	15x	Short Derive

Price gap−0.121%

Funding gap−0.0345% /8h

Both sides work against this direction now: funding costs $10 a day on $10k and the gap is 0.114% under its 7d average. Swap the legs.

The current funding rate is far below what this pair has been paying: over the last 7 days it paid 0.000% in total, about 0.0000%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

PRICE SPREAD · 7D

Now−0.121%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

AvantisDerive

ETH on 56 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• i
  Note: Order book unknown—

  No order-book sample for Avantis and Derive: its slippage is not counted.
• i
  Note: Margin at max leverage$200 + $660

  Avantis 50x, Derive 15x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Avantis · 1h−$2.88

  Short Derive · 1h−$7.48

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: −$10.36Long Avantis: 24 payments, −$2.88; short Derive: 24 payments, −$7.48.
• !
  Watch: Gap narrower than usual−0.121% vs −0.008%

  Less room for the price leg to pay you. If it goes back to average, the short loses.
• !
  Watch: Long leg is thinner$3.5M vs $42.6M OI

  Avantis sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legAvantis Season 3

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legAvantis No · Derive No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned0.0000%/8h × 21 periods+$0.04

Price spread−0.121% → −0.008% (7d avg)−$11.36

Slippage, 4 ordersno data for Avantis and Derive—

Fee Avantis bp × 2 orders−$9.00

Fee Derive bp × 2 orders−$6.00

Net, fees only · 7 days · $10k−$26.33

Costs to cover0.150%Break-even5056.4 days

Slippage: Avantis: no order-book sample; Derive: no order-book sample

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGAvantis—————

SELL · SHORTDerive—————

Closing costs about the same again.
Avantis and Derive: no data.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

ETH news

posts that mention ETH, from every exchangeSearch all news →

09-30 18:40	Hotstuff	Listing	ETH-PERP no longer reported ($ETH) seen by our collector
09-30 09:00	KuCoin	Other	📢 World Premiere:@ConcreteXYZ (CT) Listed on #KuCoin! Concrete (CT) is the full-stack institutional operating system for on-chain finance. From crypto to RWAs, it provides the infrastructure to launch products, embed yield, and unlock new assets on-chain. 📅 Trading starts: 10:00 on September 30, 2026 (UTC) 💰 Deposits: Open Now (ETH-ERC20) 🔁 Pair: CT/USDT Details: #KuListing #CT @kucoincom on X ↗
09-30 08:00	KuCoin	Other	Think Ethereum = crypto and nothing else? Think again! Behind the price chart sits a full ecosystem — thousands of apps, from lending platforms to games, all running on ETH. @kucoincom on X ↗
09-30 06:30	KuCoin	Other	📢 World Premiere: @ConcreteXYZ (CT) Listed on #KuCoin! Concrete (CT) is the full-stack institutional operating system for on-chain finance. From crypto to RWAs, it provides the infrastructure to launch products, embed yield, and unlock new assets on-chain. 📅 Trading starts: 10:00 on September 30, 2026 (UTC) 💰 Deposits: Open Now (ETH-ERC20) 🔁 Pair: CT/USDT Details: #KuListing #CT @kucoincom on X ↗
09-30 06:00	Gate	Other	Holding $ETH? Don’t just hold it. Put it to work. Long-term ETH doesn’t have to sit idle. With Gate ETH Staking, you can earn on-chain yield while keeping the flexibility to redeem anytime. Start with as little as 0.00000001 ETH, with an indicative APY of around 4%. Your ETH can do more than wait for the next pump. Read more: @Gate on X ↗
09-30 03:58	HTX	Token	10 trades. 3 alpha setups 👀 $ETH → ETF flows strong despite the chop $NVDA → Added $150B stock buyback plan $MU → Memory cycle heats up, earnings tonight which one has your eyes? Trade TradFi 24/7 on @HTXFutures @HTX_Global on X ↗