Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0507%/8h= −55.6% APRpaid last 24h −0.025%

Price spread now: Perpl against Binance−0.004%7-day average +0.019% · you buy dearer than you sell

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

Long on Binance Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.004%, 7d avg +0.019%

Together, before fees+0.153%+ Points / potential airdropPerpl: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Perpl is 0.023% cheaper against Binance than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.019%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.140%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance ETHUSDT	2,778.5	0.0061	pay 0.0061% / 8h	1h 00m	$6.44B	$17.23B	150x
Short	Perpl ETH	2,778.3	−0.0447	pay 0.0040% / 43m	13m 30s	$288K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$106.54
Price spread: −0.004% → +0.019%: −$2.32
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$132.65
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 14 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 Binance live order book, 14 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.0 bp −$599	8.2 bp −$4,081
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
Perpl ETHshort	−0.0447%	43m	2,778.3	−0.004%	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,778.3	−0.007%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,779.3	+0.030%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.243%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778.3	−0.006%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,776.4	−0.073%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.4	+0.033%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.103%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.5	−0.035%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0014%	8h	2,777.8	−0.024%	—	$17.4M	—	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	+0.0018%	8h	2,778.4	−0.004%	$1.70B	$11.88B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,778.3	−0.007%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.9	−0.057%	$270.5M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.2	−0.044%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,778.3	−0.006%	$254.8M	$995.6M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0034%	1h	2,778.1	−0.014%	$258.7M	$222.7M	50x	as long as short
Nado ETH-PERP	+0.0054%	1h	2,778.4	−0.002%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.2	−0.154%	$5.0M	$636K	20x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	−0.033%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,778.3	−0.006%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDTlong	+0.0061%	8h	2,778.5	long leg	$6.44B	$17.23B	150x
SoDEX ETH-USD	+0.0061%	1h	2,776.5	−0.071%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,778.4	−0.001%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,778.4	−0.004%	$3.30B	$9.69B	200x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,776.4	−0.075%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,778.6	+0.003%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0093%	8h	2,778.3	−0.005%	$422.6M	$739.5M	100x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,778.5	+0.002%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,778.3	−0.007%	$115.3M	$503.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.6	+0.039%	$25.4M	$122.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,777.5	−0.035%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.4	−0.002%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.1	+0.095%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.1	−0.013%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	−0.045%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.7	+0.044%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.019%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.6	+0.006%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.171%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.051%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.100%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.3	−0.078%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.8	+0.048%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.3	−0.041%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.9	+0.017%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.5	−0.108%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777.7	−0.026%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777	−0.054%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.7	−0.029%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0126%	8h	2,776.8	−0.060%	$8.4M	$681.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.4	+0.033%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.6	−0.031%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.5	−0.072%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,778.3	−0.006%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.5	−0.034%	$270K	$1.5M	20x	as long as short