Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h −0.036%

Price spread now: Gate against Deribit−0.038%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

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

costs, in and out, $10k−$220.222% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now −0.038%, 7d avg −0.048%

Together, before fees−0.069%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.087%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,777.7	0.0016	pay 0.0002% / 1h	1m 44s	$258.7M	$222.7M	50x
Short	Gate ETH_USDT	2,776.6	0.0073	get 0.0073% / 8h	1h 01m	$3.30B	$9.69B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.038%Rate

Funding earned: $11.97
Price spread: −0.038% → −0.048%: $1
Slippage, 4 orders: −$0.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$9.24
Costs to cover: 0.222%
Break-even: 12.4 days

Slippage from Deribit: live order book, 2 min ago; Gate: live order book, 2 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, 2 min ago	0.09 bp	3.6 bp −$4	4.3 bp −$43	8.8 bp −$883	16.9 bp −$8,434
Sell Gate live order book, 2 min ago	0.02 bp	7.5 bp −$8	8.1 bp −$81	11.4 bp −$1,141	21.1 bp −$10.6K

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	2,776.6	−0.037%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.8	−0.066%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777	−0.024%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.7	−0.215%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.5	−0.042%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.1	−0.022%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	−0.074%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,775.7	−0.072%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777	−0.023%	$22.4M	—	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0016%	1h	2,777.7	long leg	$258.7M	$222.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0018%	8h	2,775.7	−0.070%	$1.70B	$11.87B	100x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,776.2	−0.053%	$182K	$1.7M	20x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,776.3	−0.048%	$270.5M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,776.9	−0.028%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,776.4	−0.044%	$254.7M	$995.3M	200x	as long as short
ApeX Omni ETHUSDT	+0.0047%	1h	2,770.8	−0.247%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0056%	1h	2,776	−0.061%	$14.3M	$118.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773.9	−0.137%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,775.8	−0.069%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,775.9	−0.065%	$6.44B	$17.23B	150x	as long as short
SoDEX ETH-USD	+0.0061%	1h	2,776.1	−0.056%	$55.3M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,776.6	−0.039%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDTshort	+0.0073%	8h	2,776.6	−0.038%	$3.30B	$9.69B	200x
HTX ETH-USDT	+0.0088%	8h	2,775.8	−0.066%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,776	−0.062%	$2.52B	$4.62B	150x	as long as short
BingX ETH-USDC	+0.0092%	8h	2,776.2	−0.053%	—	$17.4M	—	as long as short
KuCoin ETHUSDTM	+0.0093%	8h	2,776.6	−0.038%	$422.4M	$739.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,776.8	−0.030%	$115.2M	$503.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.1	+0.014%	$25.5M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,776.8	−0.032%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.1	−0.055%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.5	−0.042%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.059%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,776.8	−0.032%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.8	−0.067%	$2.8M	$17.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.4	−0.011%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.246%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.4	−0.046%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.7	−0.142%	$147.3M	$337.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	−0.125%	$181.6M	$781.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.071%	$161.4M	$90.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.027%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	−0.017%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.1	−0.021%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.6	+0.033%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.085%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776	−0.059%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,776.8	−0.029%	—	$41.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.5	−0.008%	$60.0M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0127%	8h	2,777.1	−0.020%	$8.4M	$681.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.1	+0.050%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.3	−0.012%	$86.4M	$332.5M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,776.5	−0.040%	$284.8M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,775.8	−0.065%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,778.3	+0.023%	$270K	$1.5M	20x	as long as short