Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: Katana Perps against Deribit−0.064%7-day average −0.040% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 3 days (all we have)+0.048%+$5 · spread now −0.064%, 7d avg −0.040%

Together, before fees+0.042%+$4 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: Katana Perps is 0.024% cheaper against Deribit than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,774.5	0.0096	pay 0.0012% / 1h	29m 15s	$259.0M	$222.3M	50x
Short	Katana Perps ETH-USD	2,772.7	0.0100	get 0.0100% / 8h	29m 15s	$477K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Katana PerpsbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0.8
Price spread: −0.064% → −0.040%: −$2.38
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$12.38
Costs to cover: 0.108%
Break-even: 115.9 days

Slippage unknown: Deribit: live order book, 5 min ago; Katana Perps: no order-book sample. Net counts fees only.

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, 5 min ago	0.09 bp	4.4 bp −$4	5.6 bp −$56	10.4 bp −$1,039	20.5 bp −$10.2K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0223%	43m	2,773.3	−0.042%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,772.6	−0.067%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.267%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.050%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	−0.011%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.2	−0.046%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.2	−0.046%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	+0.040%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.2	−0.046%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0014%	1h	2,775.6	+0.042%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0016%	8h	2,772.2	−0.083%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,772.3	−0.079%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,773.1	−0.050%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,772.4	−0.077%	$256.3M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0033%	8h	2,772.7	−0.064%	$270.3M	$69.0M	150x	as long as short
SoDEX ETH-USD	+0.0041%	1h	2,772.7	−0.064%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,772.3	−0.077%	$183K	$1.7M	20x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,772.3	−0.078%	$6.45B	$17.28B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,772.3	−0.079%	$1.60B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.3	−0.150%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,772.2	−0.081%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,772.3	−0.077%	$3.29B	$9.64B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,772.8	−0.059%	$420.9M	$739.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774	−0.018%	$59.9M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,772.4	−0.076%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,773.1	−0.052%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773	−0.054%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,772.9	−0.059%	$115.9M	$497.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.3	−0.008%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	−0.033%	—	$42.0M	500x	as long as short
Deribit ETH-PERPETUALlong	+0.0096%	1h	2,774.5	long leg	$259.0M	$222.3M	50x
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.085%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,772.7	−0.064%	$477K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,772.5	−0.073%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.8	+0.012%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773	−0.052%	$31.3M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.079%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.7	−0.028%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	−0.057%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	−0.071%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	−0.043%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	−0.033%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.1	−0.013%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.9	−0.057%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	−0.053%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.9	−0.021%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.7	+0.045%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.8	−0.096%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.2	−0.081%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,773.4	−0.039%	$8.3M	$685.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.8	−0.026%	$86.5M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,775.9	+0.051%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,772.3	−0.079%	$286.4M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,772.3	−0.079%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,774.5	+0.002%	$252K	$1.6M	20x	as long as short