Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h +0.003%

Price spread now: Paradex against Coinbase International−0.152%7-day average +0.068% · 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−$208as in the Price arb table

costs, in and out, $10k−$1861.858% of the position

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.015%−$2 on $10k

Price spread, last 3 days (all we have)+0.317%+$32 · spread now −0.152%, 7d avg +0.068%

Together, before fees+0.301%+ Points / potential airdropParadex: Active · farm board+$30 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: Paradex is 0.220% cheaper against Coinbase International than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,768.3	0.0104	pay 0.0013% / 1h	36m 23s	$60.2M	$4.62B	50x
Short	Paradex ETH-USD-PERP	2,764	0.0100	get 0.0100% / 8h	2h 36m	$15.9M	$10.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Coinbase International. 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 Coinbase InternationalbpFee ParadexbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$0.93
Price spread: −0.152% → +0.068%: −$21.99
Slippage, 4 orders: −$171.84
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$208.76
Costs to cover: 1.858%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Paradex: 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 Coinbase International live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.3 bp −$53	7.9 bp −$790	20.0 bp −$9,990
Sell Paradex live order book, 3 min ago	85.90 bp	87.9 bp −$88	87.9 bp −$879	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	−0.0112%	43m	2,765.4	−0.104%	$288K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.078%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.157%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.109%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,764.5	−0.135%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	−0.038%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,764.6	−0.134%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.6	−0.097%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,764	−0.154%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,762.7	−0.200%	$1.70B	$11.81B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.6	−0.022%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,764.3	−0.141%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,767	−0.045%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,764.2	−0.145%	$255.6M	$995.3M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,763.7	−0.164%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,768.6	+0.012%	$258.4M	$224.4M	50x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,763.2	−0.183%	$6.41B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.1	−0.115%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,763.7	−0.165%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,764.3	−0.142%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,763.8	−0.161%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.104%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,764.6	−0.130%	$115.1M	$511.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,766	−0.081%	$25.3M	$122.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.2	−0.110%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERPshort	+0.0100%	8h	2,764	−0.152%	$15.9M	$10.9M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,764.6	−0.132%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,764	−0.154%	$14.7M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.8	−0.052%	$3.18B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.9	−0.121%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,762.9	−0.194%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.9	−0.121%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,766.4	−0.066%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.098%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,764.4	−0.140%	$424.0M	$741.5M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,763.3	−0.178%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.2	−0.038%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.157%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.092%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.4	−0.031%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,765.7	−0.093%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,765.7	−0.092%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.4	−0.138%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.5	+0.046%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.2	−0.073%	$971K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,766.8	−0.052%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.6	−0.060%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,763.7	−0.166%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0104%	1h	2,768.3	long leg	$60.2M	$4.62B	50x
Kalshi KXETHPERP	+0.0118%	8h	2,768.5	+0.009%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0130%	8h	2,765.8	−0.090%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	−0.056%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,763.1	−0.186%	$7.4M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768	−0.008%	$87.9M	$329.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,769.3	+0.039%	$272K	$1.5M	20x	as long as short