Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h −0.019%

Price spread now: Bybit against Derive−0.075%7-day average −0.057% · you buy dearer than you sell

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

Long on Derive Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.075%, 7d avg −0.057%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,738	0.0100	pay 0.0013% / 1h	34m 05s	$41.3M	$29.9M	15x
Short	Bybit ETHUSDT	2,735.9	0.0042	get 0.0042% / 8h	3h 34m	$2.37B	$4.37B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$12.27
Price spread: −0.075% → −0.057%: −$1.85
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.12
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	7.2 bp −$717	9.5 bp −$4,736

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 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	2,736.7	−0.046%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.7	−0.009%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.7	−0.047%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,738.9	+0.035%	$823K	$2.9M	25x	as long as short
HTX ETH-USDT	+0.0002%	8h	2,735.2	−0.102%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.1	−0.032%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.7	−0.046%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,736.2	−0.064%	$180K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,735.7	−0.082%	—	$18.5M	—	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,737.1	−0.031%	$259.5M	$200.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDTshort	+0.0042%	8h	2,735.9	−0.075%	$2.37B	$4.37B	150x
ApeX Omni ETHUSDT	+0.0044%	1h	2,737.4	−0.020%	$8.7M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,737.1	−0.031%	$187K	$817K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736	−0.070%	$381.6M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,735.7	−0.082%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0079%	8h	2,735.9	−0.074%	$265.3M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.3	−0.060%	$251.3M	$842.4M	200x	as long as short
SunX ETH-USDT	+0.0086%	8h	2,736.1	−0.068%	$960K	$11.2M	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,735.9	−0.075%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,736.1	−0.069%	$6.36B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,736.3	−0.059%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,737.5	−0.016%	$23.4M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.2	−0.026%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.7	−0.046%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,737.8	−0.006%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,735.8	−0.079%	$54.5M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.4	+0.088%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.3	−0.060%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.1	−0.031%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.4	+0.016%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737.8	−0.006%	$32.1M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.2	−0.064%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.3	−0.023%	$1.5M	$15.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736	−0.070%	$3.34B	$8.88B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736	−0.071%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.5	−0.088%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,735.4	−0.094%	$133.6M	$322.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.2	−0.028%	$184.1M	$670.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.9	−0.074%	$159.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.002%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.3	−0.023%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	−0.013%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.2	−0.027%	$21K	$20K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,738	long leg	$41.3M	$29.9M	15x
Bulk ETH-USD	+0.0100%	1h	2,739.4	+0.051%	$170.6M	$337.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735	−0.109%	$30.6M	$73.0M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.3	−0.025%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,737.6	−0.014%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,736.6	−0.049%	$51.0M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0142%	8h	2,737.4	−0.020%	$6.5M	$682.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,736.3	−0.059%	$83.4M	$315.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,738.5	+0.021%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,735.1	−0.104%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,737.3	−0.025%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,736.7	−0.048%	$283.5M	$175.3M	150x	as long as short