Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.036%

Price spread now: OKX against Derive−0.068%7-day average −0.066% · you buy dearer than you sell

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

Long on Derive Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$17 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.068%, 7d avg −0.066%

Together, before fees−0.130%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.066%, so right now this pair is about funding alone: −$1 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	2,730.1	0.0100	pay 0.0013% / 1h	13m 13s	$41.0M	$29.9M	15x
Short	OKX ETH-USDT-SWAP	2,728.3	0.0078	get 0.0078% / 8h	3h 13m	$1.67B	$10.74B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$4.6
Price spread: −0.068% → −0.066%: −$0.13
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$20.74
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; OKX: live order book, 6 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 OKX live order book, 6 min ago	0.02 bp	5.2 bp −$5	5.6 bp −$56	6.7 bp −$666	8.7 bp −$4,331

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	−0.0335%	43m	2,728.6	−0.057%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.2	+0.002%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0017%	8h	2,727.9	−0.084%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.050%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	−0.042%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.3	−0.031%	$6.2M	$686.2M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,729.5	−0.023%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.9	−0.044%	$28.0M	—	200x	as long as short
BingX ETH-USDT	+0.0027%	8h	2,728.3	−0.068%	—	$1.14B	—	as long as short
Bullet ETH-USD	+0.0031%	1h	2,728.4	−0.065%	$178K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,728.1	−0.075%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,729	−0.042%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0062%	8h	2,727.6	−0.093%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,728.4	−0.064%	$377.3M	$575.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,729.4	−0.027%	$258.6M	$202.4M	50x	as long as short
OKX ETH-USDT-SWAPshort	+0.0078%	8h	2,728.3	−0.068%	$1.67B	$10.74B	100x
Aevo ETH-PERP	+0.0080%	1h	2,725.9	−0.155%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,728.5	−0.059%	$250.8M	$840.3M	200x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,728.5	−0.059%	$264.4M	$64.8M	150x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,728.3	−0.066%	$6.32B	$15.94B	150x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,728.3	−0.068%	$1.56B	$2.58B	500x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,728.3	−0.067%	$54.3M	$187.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,731	+0.031%	$8.6M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.7	−0.054%	$112.3M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	−0.007%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.3	−0.030%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.024%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.7	−0.053%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.4	+0.009%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.6	−0.057%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.6	+0.017%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.8	−0.011%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729	−0.042%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.4	−0.026%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.070%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.4	−0.064%	$3.33B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.3	−0.069%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.2	−0.072%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	−0.048%	$134.7M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.5	−0.024%	$183.6M	$673.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730	−0.004%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730	−0.005%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.5	−0.024%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.1	−0.001%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.3	−0.033%	$21K	$20K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,730.1	long leg	$41.0M	$29.9M	15x
Aftermath Perps ETHUSD	+0.0101%	1h	2,730.4	+0.009%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.4	−0.101%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,729.3	−0.029%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729.7	−0.018%	$50.5M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,729.1	−0.037%	$83.6M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,730.6	+0.017%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,727.8	−0.085%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,731.3	+0.044%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0347%	8h	2,728.2	−0.070%	$282.3M	$174.6M	150x	as long as short