Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.004%

Price spread now: SunX against Deribit−0.031%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)−0.069%−$7 · spread now −0.031%, 7d avg −0.061%

Together, before fees−0.025%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and SunX is 0.030% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.061%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,729.2	0	get 0.0000% / 1h	52m 51s	$262.4M	$212.9M	50x
Short	SunX ETH-USDT	2,728.4	0.0100	get 0.0100% / 8h	52m 51s	$957K	$10.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.031%Rate

Funding earned: $21
Price spread: −0.031% → −0.061%: $3.05
Slippage, 4 orders: −$4.57
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $4.48
Costs to cover: 0.196%
Break-even: 5.5 days

Slippage from Deribit: live order book, 1 min ago; SunX: live order book, 6 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, 1 min ago	0.09 bp	4.5 bp −$4	5.4 bp −$54	11.3 bp −$1,133	27.7 bp −$13.8K
Sell SunX live order book, 6 min ago	0.35 bp	4.3 bp −$4	4.8 bp −$48	7.3 bp −$729	9.5 bp −$4,726

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
ApeX Omni ETHUSDT	−0.0132%	1h	2,727.7	−0.055%	$8.6M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.6	+0.015%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,730	+0.029%	$812K	$3.0M	25x	as long as short
BloFin ETH-USDT	−0.0011%	8h	2,728.3	−0.035%	$281.5M	$177.2M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.6	−0.024%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.6	+0.050%	$10.5M	$42.7M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.3	+0.004%	$6.5M	$681.1M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,728.1	−0.040%	$287K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUALlong	0.0000%	1h	2,729.2	long leg	$262.4M	$212.9M	50x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.7	−0.019%	$32.9M	—	200x	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	+0.0020%	8h	2,728.9	−0.012%	—	$1.10B	—	as long as short
Bybit ETHUSDT	+0.0024%	8h	2,728.7	−0.020%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,727.9	−0.049%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,729.7	+0.018%	$192K	$891K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,731.1	+0.070%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,728.9	−0.010%	$82.0M	$309.7M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,729.4	+0.007%	$384.9M	$577.7M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,728.7	−0.019%	$1.65B	$10.85B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,729	−0.007%	$252.8M	$849.3M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,728.9	−0.011%	$1.54B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,729.3	+0.003%	$6.31B	$16.15B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.2	+0.001%	$112.5M	$428.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.4	+0.043%	$23.5M	$101.8M	50x	as long as short
Hibachi ETH/USDT-P	+0.0096%	1h	2,731.5	+0.084%	$242K	$1.4M	20x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.8	−0.126%	$4.9M	$179K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729	−0.007%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.7	+0.164%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.9	−0.011%	$14.0M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731	+0.066%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730	+0.030%	$32.2M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	+0.048%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.7	+0.019%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.4	+0.008%	$3.31B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.9	−0.011%	$2.11B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.6	−0.023%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.9	−0.084%	$133.9M	$319.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.059%	$185.5M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.3	+0.003%	$158.6M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.1	−0.004%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.3	+0.041%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	+0.026%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728	−0.044%	$185K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.9	−0.012%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.5	+0.048%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,728.4	−0.031%	$957K	$10.9M	100x
SoDEX ETH-USD	+0.0100%	1h	2,728.3	−0.033%	$54.4M	$187.2M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.9	−0.010%	$262.9M	$64.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	−0.008%	$162.7M	$352.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,729.9	+0.026%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.1	−0.040%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,729.3	+0.005%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.3	+0.005%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,729.6	+0.016%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,730.3	+0.039%	$32.2M	$11.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,727.3	−0.070%	$7.3M	$975K	25x	as long as short