Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: Nado against Derive+0.011%7-day average −0.057% · you sell dearer than you buy

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

Long on Derive Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.032%−$3 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.011%, 7d avg −0.057%

Together, before fees−0.059%+ Points / potential airdropNado: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.068% dearer against Derive than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,778.6	0.0100	pay 0.0013% / 1h	15m 44s	$42.7M	$29.4M	15x
Short	Nado ETH-PERP	2,778.9	0.0100	get 0.0012% / 1h	15m 44s	$15.3M	$117.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.057%: $6.78
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$6.22
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Nado: 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 Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	4.8 bp −$484	12.6 bp −$6,296

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	−0.0112%	43m	2,777.6	−0.036%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.071%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.2	−0.013%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,777.9	−0.024%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	−0.013%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,777.8	−0.027%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	0.0000%	1h	2,776.7	−0.068%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.8	+0.045%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.8	−0.064%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0014%	8h	2,776.4	−0.079%	$267.4M	$66.0M	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-SWAP	+0.0022%	8h	2,775.7	−0.104%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,777.2	−0.050%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.032%	$8.8M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,776.2	−0.084%	$256.8M	$995.6M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0042%	1h	2,777.9	−0.026%	$258.5M	$225.0M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,774.9	−0.132%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,776	−0.092%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0050%	8h	2,776	−0.092%	$6.44B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,775.8	−0.100%	$3.28B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,776	−0.092%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.4	−0.078%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.065%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,776.7	−0.066%	$115.1M	$514.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.2	−0.015%	$25.4M	$123.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.9	−0.059%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,779.1	+0.020%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778	−0.020%	$488K	$2.7M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,778.9	+0.011%	$15.3M	$117.6M	50x
Hyperliquid ETH	+0.0100%	1h	2,778.8	+0.008%	$3.20B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.6	+0.037%	$31.4M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,775.9	−0.095%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	−0.056%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.6	+0.035%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	−0.017%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776	−0.091%	$423.2M	$741.8M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,775.8	−0.098%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.2	−0.084%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.9	−0.094%	$179.9M	$794.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.105%	$161.4M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	−0.064%	$21.4M	$57.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.4	−0.006%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.5	−0.040%	$21K	$25K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,778.6	long leg	$42.7M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,778.3	−0.011%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.2	−0.085%	$55.3M	$228.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776	−0.092%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.2	−0.015%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.2	−0.122%	$31.4M	$75.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.6	−0.034%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,779.8	+0.044%	$8.5M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.2	+0.024%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0170%	8h	2,778.9	+0.012%	$284.7M	$196.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,776.6	−0.070%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,777.5	−0.037%	$86.8M	$330.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0448%	1h	2,780	+0.050%	$282K	$1.5M	20x	as long as short