Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0492%/8h= −53.8% APRpaid last 24h −0.035%

Price spread now: Perpl against Deribit−0.006%7-day average −0.029% · you buy dearer than you sell

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

Long on Deribit Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.086%+$9 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.006%, 7d avg −0.029%

Together, before fees+0.092%+ Points / potential airdropPerpl: Active · farm board+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.023% dearer against Deribit than usual: you sell high and buy low (spread −0.006% now, against its 7-day average of −0.029%): +$2 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 4 hours. Mind the row above: over the last 7 days funding on this pair paid +0.086%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.086% in total (about 4.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,776	0.0045	pay 0.0006% / 1h	34m 39s	$259.0M	$222.4M	50x
Short	Perpl ETH	2,775.9	−0.0447	pay 0.0040% / 43m	30m 39s	$286K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$103.22
Price spread: −0.006% → −0.029%: $2.26
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$121.76
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 5 min ago; Perpl: 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	4.6 bp −$5	5.6 bp −$56	10.3 bp −$1,029	22.1 bp −$11.0K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0447%	43m	2,775.9	−0.006%	$286K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,775.5	−0.019%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.212%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776	−0.001%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,776.9	+0.032%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,775.9	−0.004%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.1	+0.002%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.093%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.5	−0.019%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0007%	1h	2,779	+0.106%	$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	2,774.3	−0.061%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,774.3	−0.062%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.7	−0.013%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,774.5	−0.054%	$270.5M	$69.0M	150x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,774.6	−0.052%	$256.5M	$1.00B	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0045%	1h	2,776	long leg	$259.0M	$222.4M	50x
Bullet ETH-USD	+0.0049%	1h	2,774.8	−0.044%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0053%	1h	2,774.1	−0.069%	$55.2M	$229.1M	40x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,774.6	−0.053%	$1.59B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,774.5	−0.056%	$6.46B	$17.29B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,772.1	−0.140%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774.6	−0.052%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,774.8	−0.046%	$3.30B	$9.63B	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,774.9	−0.042%	$421.8M	$739.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775.4	−0.022%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,774.5	−0.055%	$2.51B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,775	−0.037%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,775.9	−0.005%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,775.5	−0.019%	$116.0M	$497.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,776.6	+0.022%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.5	+0.019%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,774.1	−0.068%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,775.7	−0.012%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,775.4	−0.022%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,777.4	+0.050%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775	−0.037%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.2	−0.066%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.7	−0.010%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.067%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,775	−0.036%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	−0.010%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.025%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.017%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.5	+0.053%	$21.5M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.7	−0.012%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.6	−0.014%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,777	+0.037%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775	−0.037%	$973K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,774.3	−0.061%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,776.1	+0.003%	$8.3M	$685.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,775.3	−0.025%	$86.5M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,777.2	+0.041%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0184%	8h	2,775	−0.037%	$286.5M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0200%	1h	2,774.7	−0.047%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,777.2	+0.042%	$252K	$1.6M	20x	as long as short