Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.007%

Price spread now: Binance against Deribit−0.116%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 3 days (all we have)+0.083%+$8 · spread now −0.116%, 7d avg −0.043%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.073% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,770.3	0.0097	pay 0.0012% / 1h	20m 37s	$259.1M	$204.8M	50x
Short	Binance ETHUSDT	2,767.1	0.0060	get 0.0060% / 8h	7h 20m	$6.47B	$16.29B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$7.84
Price spread: −0.116% → −0.043%: −$7.32
Slippage, 4 orders: −$2.48
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$34.64
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Binance: live order book, 9 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 Deribit live order book, 4 min ago	0.09 bp	4.7 bp −$5	5.6 bp −$56	12.0 bp −$1,204	24.1 bp −$12.1K
Sell Binance live order book, 9 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.7 bp −$573	9.1 bp −$4,531

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.239%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,767.9	−0.088%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,768.3	−0.074%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.6	−0.025%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,767.9	−0.086%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.062%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.2	−0.039%	$12.2M	$43.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769	−0.047%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0020%	1h	2,768.2	−0.075%	$185K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,767.3	−0.106%	$1.71B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0034%	1h	2,768.7	−0.057%	$55.2M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,768.8	−0.052%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0049%	8h	2,768.5	−0.064%	$256.0M	$885.0M	200x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,768	−0.084%	$3.37B	$9.04B	200x	as long as short
Binance ETHUSDTshort	+0.0060%	8h	2,767.1	−0.116%	$6.47B	$16.29B	150x
MEXC ETH_USDT	+0.0061%	8h	2,766.9	−0.124%	$1.62B	$2.64B	500x	as long as short
Phemex ETHUSDT	+0.0062%	8h	2,768.1	−0.080%	$269.4M	$67.4M	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.4	−0.069%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,772.5	+0.080%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,767.9	−0.086%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,770	−0.009%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,769	−0.046%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,767.4	−0.105%	$420.0M	$619.9M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,767.8	−0.089%	$114.9M	$458.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.5	−0.029%	$25.6M	$111.7M	50x	as long as short
Deribit ETH-PERPETUALlong	+0.0097%	1h	2,770.3	long leg	$259.1M	$204.8M	50x
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	−0.014%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.9	−0.086%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.081%	$14.6M	$113.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.2	−0.003%	$3.17B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.8	−0.091%	$31.2M	$325.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.4	−0.105%	$2.51B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.8	−0.126%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.5	−0.065%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.092%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,767.8	−0.091%	—	$1.21B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.1	−0.079%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.063%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.9	+0.056%	$182.0M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.198%	$161.4M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.6	+0.049%	$8.7M	$32.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.8	+0.018%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,768.5	−0.065%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.9	−0.051%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.7	+0.016%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.5	−0.066%	$970K	$13.1M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.3	−0.073%	$1.08B	$1.25B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.2	−0.112%	$31.0M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.8	−0.019%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,769.8	−0.018%	$8.1M	$679.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,770.3	+0.001%	$95.9M	$319.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771	+0.025%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,771.3	+0.035%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,768.7	−0.057%	$287.1M	$181.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,768.3	−0.073%	$7.3M	$1.1M	25x	as long as short