Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.016%

Price spread now: Binance against Derive−0.123%46s7-day average −0.058% · you buy dearer than you sell

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

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.155%−$15 on $10k

Price spread, last 3 days (all we have)+0.068%+$7 · spread now −0.123%, 7d avg −0.058%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.066% cheaper against Derive than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.058%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,748.2	0.0100	pay 0.0013% / 1h	11m 38s	$41.7M	$29.5M	15x
Short	Binance ETHUSDT	2,744.9	0.0082	get 0.0082% / 8h	6h 11m	$6.38B	$16.20B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now −0.123%Rate

Funding earned: −$3.87
Price spread: −0.123% → −0.058%: −$6.58
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Binance: live order book, 3 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.3 bp −$532	8.3 bp −$4,156

Derive: 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 54 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	−0.0112%	43m	2,746.8	−0.053%	$310K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.1	−0.078%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,745.1	−0.113%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747	−0.046%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.5	+0.009%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.2	−0.109%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.3	−0.036%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0038%	8h	2,744.8	−0.126%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746	−0.082%	$182K	$1.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0051%	8h	2,745	−0.118%	$1.69B	$10.92B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0062%	1h	2,748	−0.009%	$8.8M	$31.5M	100x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,746.6	−0.061%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,745.6	−0.097%	$371.2M	$609.4M	100x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,745.6	−0.096%	$253.6M	$858.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.1	−0.115%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,744.8	−0.124%	$1.57B	$2.57B	500x	as long as short
Binance ETHUSDTshort	+0.0082%	8h	2,744.9	−0.123%	$6.38B	$16.20B	150x
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,747.4	−0.032%	$58.7M	$4.33B	50x	as long as short
Gate ETH_USDT	+0.0090%	8h	2,744.8	−0.125%	$3.39B	$8.93B	200x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,748.5	+0.009%	$30K	$20K	20x	as long as short
Lighter ETH	+0.0096%	1h	2,745.4	−0.105%	$112.9M	$444.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.1	−0.040%	$24.8M	$107.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747	−0.047%	—	$35.6M	500x	as long as short
Bitget ETHUSDT	+0.0098%	8h	2,744.7	−0.129%	$2.08B	$2.83B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,749.3	+0.038%	$16.3M	$8.1M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.6	−0.060%	$182K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	−0.140%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.8	−0.127%	$14.0M	$112.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.5	−0.026%	$3.13B	$2.11B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.6	−0.096%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.1	−0.113%	$2.46B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.8	−0.125%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.5	−0.099%	$2.8M	$16.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.086%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.1	−0.042%	$133.1M	$345.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.2	−0.074%	$181.6M	$705.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	−0.040%	$159.8M	$82.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.8	−0.016%	$21.3M	$69.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.2	−0.038%	$10.7M	$8.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.1	−0.041%	$21K	$21K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,748.2	long leg	$41.7M	$29.5M	15x
SunX ETH-USDT	+0.0100%	8h	2,746.8	−0.051%	$963K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.3	−0.071%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.5	−0.063%	$267.3M	$66.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	−0.021%	$164.0M	$301.0M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.7	−0.019%	—	$865K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.9	−0.159%	$30.5M	$73.4M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,747.5	−0.027%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0175%	8h	2,749.4	+0.042%	$32.3M	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0176%	1h	2,747.9	−0.014%	$258.6M	$200.0M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.5	−0.063%	$118K	$22.5M	52x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,748.1	−0.004%	$250K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,746.4	−0.067%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747	−0.046%	$88.6M	$317.0M	100x	as long as short