Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Katana Perps against Bybit−0.071%7-day average −0.036% · you buy dearer than you sell

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

Long on Bybit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.071%, 7d avg −0.036%

Together, before fees+0.060%+$6 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 0.035% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,751.2	0.0100	pay 0.0100% / 8h	6h 30m	$2.46B	$4.33B	150x
Short	Katana Perps ETH-USD	2,749.2	0.0100	get 0.0100% / 8h	6h 30m	$468K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Bybit. 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 BybitbpFee Katana PerpsbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$0.04
Price spread: −0.071% → −0.036%: −$3.5
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$18.34
Costs to cover: 0.148%
Break-even: never at this rate

Slippage unknown: Bybit: 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 Bybit live order book, 4 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.4 bp −$736	9.3 bp −$4,635
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	−0.0447%	43m	2,749.7	−0.055%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.067%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	−0.036%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.226%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750	−0.043%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.173%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748	−0.114%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,750.2	−0.036%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.4	−0.027%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,751.4	+0.008%	—	$1.19B	—	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	+0.0044%	8h	2,751.4	+0.010%	$1.69B	$11.03B	100x	as long as short
HTX ETH-USDT	+0.0046%	8h	2,749.9	−0.046%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0063%	8h	2,750.6	−0.019%	$253.1M	$859.0M	200x	as long as short
MEXC ETH_USDT	+0.0072%	8h	2,751.8	+0.022%	$1.57B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,748.3	−0.102%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,751	−0.006%	$381.5M	$605.9M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,751.2	+0.003%	$6.36B	$16.23B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.9	+0.028%	$59.1M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,751.6	+0.016%	$2.08B	$2.85B	150x	as long as short
Gate ETH_USDT	+0.0095%	8h	2,751.6	+0.017%	$3.40B	$8.86B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,750.9	−0.010%	$112.9M	$442.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.3	+0.042%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.7	−0.088%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753.3	+0.080%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,749.2	−0.071%	$468K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,748.5	−0.097%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.2	+0.075%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.7	−0.053%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,751.2	long leg	$2.46B	$4.33B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748	−0.114%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.5	−0.024%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.6	−0.019%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.135%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.247%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.194%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749	−0.078%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.056%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.7	−0.053%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.6	−0.019%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.9	+0.026%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	−0.079%	$963K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.5	−0.024%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,750.4	−0.027%	$267.3M	$66.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.262%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.4	−0.026%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,747.3	−0.139%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.7	−0.015%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,749.9	−0.045%	$7.9M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,752.9	+0.065%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,750.7	−0.016%	$250K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,752	+0.032%	$258.5M	$200.4M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.104%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.4	−0.062%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	+0.019%	$90.0M	$316.5M	100x	as long as short