Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0147%/8h= −16.1% APRpaid last 24h −0.017%

Price spread now: OKX against Deribit−0.009%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on Deribit Short on OKX

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)+0.079%+$8 · spread now −0.009%, 7d avg −0.051%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.042% dearer against Deribit than usual: you sell high and buy low (spread −0.009% now, against its 7-day average of −0.051%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.045% in total) that is about 6.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,771.7	0.0169	pay 0.0021% / 1h	48m 47s	$259.0M	$223.4M	50x
Short	OKX ETH-USDT-SWAP	2,771.5	0.0022	get 0.0022% / 8h	2h 48m	$1.70B	$11.86B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$30.85
Price spread: −0.009% → −0.051%: $4.15
Slippage, 4 orders: −$1.35
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$45.05
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; OKX: live order book, 5 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, just now	0.09 bp	4.6 bp −$5	5.2 bp −$52	9.4 bp −$943	16.0 bp −$7,993
Sell OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.9 bp −$694	9.1 bp −$4,557

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	2,769.8	−0.068%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.088%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.036%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,769.9	−0.065%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,769.7	−0.073%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.180%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.8	−0.069%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.029%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.6	−0.040%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,769.8	−0.070%	$266.5M	$65.9M	150x	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-SWAPshort	+0.0022%	8h	2,771.5	−0.009%	$1.70B	$11.86B	100x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.5	−0.044%	$13.0M	—	200x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,767.6	−0.149%	$5.0M	$636K	20x	as long as short
Aftermath Perps ETHUSD	+0.0040%	1h	2,774.1	+0.086%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.8	+0.002%	$255.9M	$997.1M	200x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.8	−0.033%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.8	+0.003%	$6.44B	$17.26B	150x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,771	−0.027%	$3.28B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.4	−0.011%	$2.09B	$3.14B	150x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,769.8	−0.069%	$55.2M	$228.6M	40x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,769.7	−0.073%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.068%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.018%	$115.2M	$508.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.5	+0.063%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.3	−0.086%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.1	−0.095%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.1	−0.058%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.4	−0.118%	$16.1M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.2	+0.090%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.025%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	−0.001%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.1	−0.130%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	−0.006%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.032%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.6	−0.041%	$426.2M	$745.1M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.7	−0.035%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.027%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.044%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	−0.064%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.018%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.5	−0.042%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.2	−0.018%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.1	−0.057%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.020%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.3	−0.125%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.102%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.052%	$31.5M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.5	−0.009%	$60.0M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,770.4	−0.047%	$8.6M	$670.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,772.6	+0.032%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,769.8	−0.068%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUALlong	+0.0169%	1h	2,771.7	long leg	$259.0M	$223.4M	50x
Reya ETHRUSDPERP	+0.0192%	1h	2,769.1	−0.096%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.3	−0.014%	$88.4M	$330.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0376%	1h	2,771.8	+0.001%	$273K	$1.5M	20x	as long as short