Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h −0.005%

Price spread now: RISEx against Bybit−0.017%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Bybit Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 7 days+0.015%+$2 · spread now −0.017%, 7d avg +0.008%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.024% cheaper against Bybit than usual: you would sell low and buy high (spread −0.017% now, against its 7-day average of +0.008%). If the spread goes back, that is −$2 on $10k: about 30 hours of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.026% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,727.2	0.0043	pay 0.0043% / 8h	2h 20m	$2.35B	$4.41B	150x
Short	RISEx ETH/USDC	2,726.8	0.0108	get 0.0013% / 1h	20m 56s	$5.6M	$11.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.017%Rate

Funding earned: $13.61
Price spread: −0.017% → +0.008%: −$2.45
Slippage, 4 orders: −$1.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$6.97
Costs to cover: 0.181%
Break-even: 10.6 days

Slippage from Bybit: live order book, 3 min ago; RISEx: live order book, 3 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 Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.0 bp −$602	8.1 bp −$4,039
Sell RISEx live order book, 3 min ago	0.02 bp	3.0 bp −$3	4.6 bp −$46	doesn't fit	doesn't fit

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 ETH	−0.0447%	43m	2,726.5	−0.026%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	−0.041%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.4	−0.068%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.265%	$814K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0008%	8h	2,724.7	−0.093%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,725.4	−0.066%	$32.6M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,725.8	−0.054%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.371%	$117K	$22.5M	52x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,726.3	−0.033%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,726.8	−0.016%	$192K	$831K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDTlong	+0.0043%	8h	2,727.2	long leg	$2.35B	$4.41B	150x
SunX ETH-USDT	+0.0071%	8h	2,725.7	−0.057%	$957K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,725.8	−0.052%	$180K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,727.1	−0.004%	$374.2M	$577.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0080%	1h	2,721.7	−0.202%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,727.4	+0.006%	$252.3M	$845.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.7	−0.167%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,728.2	+0.035%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,727.8	+0.020%	$6.32B	$16.09B	150x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,725	−0.081%	$262.6M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.3	−0.071%	$112.1M	$435.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.6	−0.022%	$23.5M	$103.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,727.7	+0.015%	$1.66B	$10.84B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.253%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.8	−0.052%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.5	+0.046%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.3	−0.036%	$13.8M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.2	+0.072%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.6	−0.023%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.1	−0.041%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.8	−0.017%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.173%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727	−0.008%	$3.30B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.2	+0.036%	$2.09B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.9	−0.085%	$14.9M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.101%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,720	−0.264%	$184.3M	$677.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.248%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.115%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.1	−0.004%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.8	+0.021%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,725.6	−0.061%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.4	−0.032%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,724.8	−0.089%	$54.3M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.4	+0.007%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.7	−0.020%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.2	−0.038%	$49.7M	$4.30B	50x	as long as short
RISEx ETH/USDCshort	+0.0108%	1h	2,726.8	−0.017%	$5.6M	$11.8M	25x
Deribit ETH-PERPETUAL	+0.0124%	1h	2,725.9	−0.050%	$259.3M	$207.9M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,726	−0.045%	$6.8M	$692.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,725.3	−0.069%	$82.9M	$311.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,727.1	−0.004%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,725.8	−0.054%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,724.9	−0.086%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0369%	8h	2,725	−0.081%	$280.9M	$174.3M	150x	as long as short