Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h +0.007%

Price spread now: Deribit against Binance−0.048%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)+0.088%+$9 · spread now −0.048%, 7d avg +0.043%

Together, before fees+0.133%+$13 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: Deribit is 0.092% cheaper against Binance than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,747.9	0.0072	pay 0.0072% / 8h	6h 32m	$6.35B	$16.34B	150x
Short	Deribit ETH-PERPETUAL	2,746.6	0.0067	get 0.0008% / 1h	32m 56s	$258.5M	$202.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$1.03
Price spread: −0.048% → +0.043%: −$9.18
Slippage, 4 orders: −$1.28
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$28.49
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from Binance: live order book, 11 min ago; Deribit: live order book, 1 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 Binance live order book, 11 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.6 bp −$563	8.0 bp −$3,985
Sell Deribit live order book, 1 min ago	0.09 bp	3.8 bp −$4	6.3 bp −$63	11.6 bp −$1,159	22.7 bp −$11.3K

ETH on 54 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	2,745.8	−0.077%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.2	+0.011%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,744.8	−0.112%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.108%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.1	−0.064%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.054%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.8	−0.076%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.3	−0.060%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,745.3	−0.094%	$180K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,747.3	−0.020%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0042%	8h	2,748.5	+0.023%	$1.69B	$11.08B	100x	as long as short
HTX ETH-USDT	+0.0042%	8h	2,745.1	−0.103%	$1.06B	$1.22B	200x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,747.2	−0.027%	$253.4M	$863.0M	200x	as long as short
Deribit ETH-PERPETUALshort	+0.0067%	1h	2,746.6	−0.048%	$258.5M	$202.0M	50x
MEXC ETH_USDT	+0.0070%	8h	2,747.6	−0.011%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDTlong	+0.0072%	8h	2,747.9	long leg	$6.35B	$16.34B	150x
Aevo ETH-PERP	+0.0072%	1h	2,743.7	−0.151%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,746	−0.067%	$381.2M	$608.1M	100x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,748.2	+0.012%	$3.39B	$8.85B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.2	−0.062%	$58.8M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0089%	8h	2,747.8	−0.005%	$2.07B	$2.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.3	−0.096%	$112.7M	$442.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.5	−0.050%	$24.8M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	−0.072%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,749.5	+0.058%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.8	−0.149%	$467K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.8	−0.074%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.2	−0.024%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.5	−0.088%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748	+0.003%	$2.46B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.6	−0.156%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.1	−0.100%	$2.8M	$16.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.6	−0.119%	$15.0M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.6	−0.121%	$133.0M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.128%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.5	−0.087%	$159.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745	−0.105%	$21.2M	$67.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.1	−0.029%	—	$870K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.2	−0.098%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.8	−0.077%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	−0.060%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.3	−0.023%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.9	−0.111%	$963K	$12.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.6	−0.083%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.7	−0.115%	$266.8M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.144%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,746	−0.068%	$30K	$21K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.9	−0.037%	$30.4M	$74.9M	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,746.5	−0.051%	$7.8M	$674.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0167%	8h	2,748.3	+0.014%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,748.4	+0.019%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.7	−0.043%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,745.5	−0.089%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,745.7	−0.078%	$89.9M	$317.5M	100x	as long as short