Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.009%

Price spread now: Paradex against Derive−0.138%7-day average +0.037% · you buy dearer than you sell

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

Long on Derive Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.036%−$4 on $10k

Price spread, last 3 days (all we have)+0.192%+$19 · spread now −0.138%, 7d avg +0.037%

Together, before fees+0.156%+ Points / potential airdropParadex: Active · farm board+$16 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: Paradex is 0.175% cheaper against Derive than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,774.2	0.0100	pay 0.0013% / 1h	40m 57s	$42.7M	$29.0M	15x
Short	Paradex ETH-USD-PERP	2,770.4	0.0099	get 0.0099% / 8h	7h 40m	$15.9M	$9.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$0.17
Price spread: −0.138% → +0.037%: −$17.49
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$27.66
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Paradex: 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 Paradex live order book, 3 min ago	77.57 bp	79.6 bp −$80	79.6 bp −$796	doesn't fit	doesn't fit

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
Injective ETH/USDC PERP	−0.0752%	1h	2,773.2	−0.037%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.4	−0.102%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,770.7	−0.128%	$301K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	−0.094%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.4	−0.101%	$168K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0013%	8h	2,771.7	−0.091%	$269.9M	$67.6M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,774.6	+0.014%	$879K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.4	−0.102%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772	−0.079%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.5	−0.099%	$1.71B	$11.37B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0022%	1h	2,771.3	−0.106%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,771.1	−0.112%	$3.35B	$8.96B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.8	−0.086%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,771.9	−0.083%	$55.2M	$208.4M	40x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.5	−0.099%	$256.8M	$899.1M	200x	as long as short
Aftermath Perps ETHUSD	+0.0050%	1h	2,772.5	−0.062%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.168%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,771.4	−0.100%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,771	−0.116%	$6.47B	$16.58B	150x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,771.8	−0.087%	$1.08B	$1.27B	200x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,771.5	−0.097%	$2.10B	$2.92B	150x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	−0.057%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	−0.040%	$60.4M	$4.49B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,771.5	−0.097%	$420.5M	$642.5M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,772.1	−0.075%	—	$880K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.6	−0.095%	$115.2M	$456.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.4	−0.029%	$25.3M	$110.1M	50x	as long as short
Paradex ETH-USD-PERPshort	+0.0099%	8h	2,770.4	−0.138%	$15.9M	$9.1M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,771.3	−0.105%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.5	−0.097%	$14.8M	$116.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.3	−0.033%	$3.17B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	−0.076%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	−0.090%	$2.51B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.6	−0.130%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.7	−0.089%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.154%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.8	−0.122%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.1	−0.111%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.8	−0.086%	$148.1M	$340.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.071%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.003%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.2	−0.001%	$21.5M	$60.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.3	−0.105%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.6	−0.057%	$21K	$22K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,774.2	long leg	$42.7M	$29.0M	15x
SunX ETH-USDT	+0.0100%	8h	2,770.9	−0.120%	$972K	$13.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,773.4	−0.028%	$259.1M	$210.5M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.8	−0.122%	$32.5M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.9	−0.085%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0107%	8h	2,773.3	−0.033%	$8.1M	$686.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.3	−0.033%	$93.4M	$322.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,774.8	+0.021%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,775.5	+0.045%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.2	−0.108%	$287.5M	$187.8M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,771.3	−0.104%	$7.3M	$1.2M	25x	as long as short