Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.003%

Price spread now: HTX against Deribit−0.059%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.059%, 7d avg −0.058%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.058%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,773.4	0.0100	pay 0.0013% / 1h	40m 27s	$259.1M	$210.5M	50x
Short	HTX ETH-USDT	2,771.8	0.0066	get 0.0066% / 8h	7h 40m	$1.08B	$1.27B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$7.19
Price spread: −0.059% → −0.058%: −$0.14
Slippage, 4 orders: −$2.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$28.75
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; HTX: live order book, 4 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	0.99 bp	4.6 bp −$5	5.6 bp −$56	10.6 bp −$1,064	23.6 bp −$11.8K
Sell HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$686	10.0 bp −$4,999

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	2,773.2	−0.009%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,773.6	+0.004%	$5.6M	$11.3M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.101%	$301K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	−0.066%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,773.9	+0.017%	$168K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0013%	8h	2,771.7	−0.063%	$269.9M	$67.6M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,774.6	+0.042%	$879K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.1	−0.014%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772	−0.051%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,771.3	−0.078%	$184K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0023%	8h	2,773.7	+0.008%	$1.71B	$11.34B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.8	−0.058%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0041%	8h	2,773.4	−0.002%	$257.0M	$893.2M	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,771.9	−0.056%	$55.2M	$208.4M	40x	as long as short
Aftermath Perps ETHUSD	+0.0050%	1h	2,772.5	−0.034%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.140%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,772.4	−0.039%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,773.4	−0.001%	$6.48B	$16.56B	150x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,773.8	+0.014%	$3.36B	$8.96B	200x	as long as short
HTX ETH-USDTshort	+0.0066%	8h	2,771.8	−0.059%	$1.08B	$1.27B	200x
Bitget ETHUSDT	+0.0069%	8h	2,774	+0.021%	$2.10B	$2.91B	150x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	−0.030%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	−0.012%	$60.4M	$4.49B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,772.3	−0.043%	$420.6M	$642.5M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,773.5	+0.003%	—	$880K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,772.8	−0.023%	$115.3M	$456.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774	+0.022%	$25.4M	$110.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.4	−0.002%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.6	+0.006%	$486K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,773.8	+0.013%	$14.9M	$116.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.3	+0.103%	$3.18B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	+0.002%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,773.8	+0.012%	$2.51B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.041%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.4	+0.034%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.126%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,773.1	−0.011%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	−0.083%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.8	−0.059%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.044%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.031%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772	−0.052%	$21.4M	$60.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.8	+0.013%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	−0.029%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.2	+0.028%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.9	−0.092%	$972K	$13.4M	100x	as long as short
Deribit ETH-PERPETUALlong	+0.0100%	1h	2,773.4	long leg	$259.1M	$210.5M	50x
Extended ETH-USD	+0.0104%	1h	2,773.1	−0.014%	$32.5M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	−0.057%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0107%	8h	2,773.3	−0.005%	$8.1M	$686.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.3	−0.005%	$93.4M	$322.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,774.8	+0.049%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,775.5	+0.073%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.2	−0.080%	$287.5M	$187.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,773.6	+0.006%	$7.4M	$1.2M	25x	as long as short