Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: Katana Perps against Bullet−0.022%48s7-day average −0.050% · you buy dearer than you sell

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

Long on Bullet Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.050%+$5 on $10k

Price spread, last 7 days−0.008%−$1 · spread now −0.022%, 7d avg −0.050%

Together, before fees+0.042%+$4 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: Katana Perps is 0.028% dearer against Bullet than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.050%. The two prices were read 48 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	Bullet ETH-USD	2,747	0.0100	pay 0.0013% / 1h	5m 36s	$182K	$1.7M	20x
Short	Katana Perps ETH-USD	2,746.4	0.0100	get 0.0100% / 8h	6h 05m	$477K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bullet. 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 BulletbpFee Katana PerpsbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$0.04
Price spread: −0.022% → −0.050%: $2.83
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$9.01
Costs to cover: 0.118%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 4 min ago; Katana Perps: 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 Bullet live order book, 4 min ago	0.55 bp	5.4 bp −$5	9.0 bp −$90	doesn't fit	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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 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	−0.0112%	43m	2,746.7	−0.012%	$310K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.6	+0.022%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.9	−0.002%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.9	−0.005%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.051%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	−0.024%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.1	+0.002%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.2	+0.008%	$181K	$1.0M	50x	as long as short
BingX ETH-USDT	+0.0041%	8h	2,746.4	−0.020%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,747	−0.002%	$1.70B	$10.80B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.4	−0.023%	$370.1M	$605.8M	100x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,746.5	−0.017%	$253.0M	$850.5M	200x	as long as short
HTX ETH-USDT	+0.0073%	8h	2,746.7	−0.011%	$1.06B	$1.19B	200x	as long as short
ApeX Omni ETHUSDT	+0.0077%	1h	2,745.4	−0.057%	$8.7M	$31.4M	100x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,746.5	−0.016%	$1.57B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.3	−0.063%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,746.4	−0.020%	$6.38B	$16.01B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,747.8	+0.031%	$58.7M	$4.31B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,747	0.000%	$113.1M	$445.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.2	+0.045%	$24.8M	$108.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.2	+0.009%	—	$31.7M	500x	as long as short
Gate ETH_USDT	+0.0097%	8h	2,746.7	−0.011%	$3.40B	$8.95B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.7	+0.134%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,746.4	−0.022%	$477K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,745.9	−0.041%	$13.9M	$108.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.1	+0.077%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	+0.004%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.6	−0.016%	$2.46B	$4.25B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.3	−0.025%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.1	+0.005%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747	0.000%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.8	−0.043%	$15.0M	$41.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.2	−0.030%	$132.8M	$343.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.3	−0.063%	$181.9M	$700.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.135%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	+0.004%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.8	+0.029%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.6	+0.022%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USDlong	+0.0100%	1h	2,747	long leg	$182K	$1.7M	20x
Bluefin ETH-PERP	+0.0100%	1h	2,747.6	+0.021%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749	+0.073%	$41.7M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.7	−0.011%	$963K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.7	−0.011%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747	+0.001%	$267.5M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.028%	$164.3M	$302.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,746.8	−0.007%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.7	−0.046%	$30.5M	$73.0M	50x	as long as short
Kalshi KXETHPERP	+0.0147%	8h	2,747.6	+0.022%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0179%	8h	2,749.6	+0.094%	$32.3M	$11.1M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.083%	$118K	$22.5M	52x	as long as short
Deribit ETH-PERPETUAL	+0.0220%	1h	2,748.3	+0.046%	$258.8M	$198.3M	50x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,746.7	−0.011%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,748.2	+0.044%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.3	+0.012%	$88.2M	$315.1M	100x	as long as short