Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.020%

Price spread now: Orderly against Derive+0.021%7-day average +0.023% · you sell dearer than you buy

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.120%+$12 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.021%, 7d avg +0.023%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, 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	2,781.4	0.0100	pay 0.0013% / 1h	16m 38s	$42.8M	$29.4M	15x
Short	Orderly PERP_ETH_USDC	2,782	0.0134	get 0.0134% / 8h	2h 16m	$32.6M	$12.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.021%Rate

Funding earned: $7.18
Price spread: +0.021% → +0.023%: −$0.25
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$5.08
Costs to cover: 0.120%
Break-even: 12.0 days

Slippage unknown: Derive: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Derive and Orderly: 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	2,777.7	−0.134%	$290K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.174%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.7	−0.098%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,778.3	−0.113%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,778.2	−0.116%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,777.8	−0.130%	$5.8M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,776.1	−0.193%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.8	−0.059%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,779.7	−0.062%	$22.5M	—	200x	as long as short
Phemex ETHUSDT	+0.0013%	8h	2,779.2	−0.080%	$267.6M	$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	2,778.7	−0.098%	$1.71B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,779.6	−0.064%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0040%	1h	2,777.7	−0.135%	$8.8M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0040%	8h	2,778.9	−0.093%	$257.0M	$995.5M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,777.7	−0.133%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0050%	8h	2,779.2	−0.082%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0050%	8h	2,779.2	−0.080%	$6.45B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0074%	8h	2,778.9	−0.093%	$3.28B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,777.6	−0.139%	$2.10B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,779	−0.088%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0096%	8h	2,776.8	−0.168%	$141.1M	$320.7M	—	as long as short
Lighter ETH	+0.0096%	1h	2,779.6	−0.065%	$115.3M	$514.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,781	−0.017%	$25.4M	$122.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.7	−0.062%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,779.1	−0.083%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	−0.120%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.8	−0.168%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,781.8	+0.013%	$3.21B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.6	−0.066%	$31.4M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,778.9	−0.092%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777	−0.160%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.6	−0.068%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	−0.120%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,779.2	−0.082%	$423.3M	$741.8M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,778.8	−0.096%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,779.6	−0.065%	$15.4M	$42.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.9	−0.198%	$179.9M	$794.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.7	−0.208%	$161.4M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.8	−0.167%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.5	−0.106%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.6	−0.066%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,779.5	−0.071%	$21K	$25K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,781.4	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,778.3	−0.111%	$974K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,779.1	−0.084%	$55.3M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,778.6	−0.101%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777	−0.159%	$31.4M	$75.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,780.6	−0.029%	$60.1M	$4.64B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0106%	1h	2,780.8	−0.022%	$258.5M	$225.1M	50x	as long as short
Kalshi KXETHPERP	+0.0121%	8h	2,778.6	−0.102%	$8.6M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0134%	8h	2,782	+0.021%	$32.6M	$12.0M	100x
BloFin ETH-USDT	+0.0170%	8h	2,778.9	−0.091%	$284.7M	$196.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,778.1	−0.120%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,780.5	−0.034%	$86.9M	$330.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0448%	1h	2,778.4	−0.110%	$283K	$1.5M	20x	as long as short