Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.009%

Price spread now: StandX against Derive−0.003%49s7-day average −0.044% · you buy dearer than you sell

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

Long on Derive Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.003%, 7d avg −0.044%

Together, before fees−0.102%+ Points / potential airdropStandX: Active · farm board−$10 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: StandX is 0.042% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.044%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,773.9	0.0100	pay 0.0013% / 1h	51m 31s	$42.7M	$29.3M	15x
Short	StandX ETH-USD	2,773.8	0.0100	get 0.0013% / 1h	51m 31s	$21.4M	$57.9M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.003%Rate

Funding earned: $0
Price spread: −0.003% → −0.044%: $4.16
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee StandX: 4 bp × 2 orders: −$8
Net: −$9.84
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; StandX: 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 StandX live order book, 3 min ago	1.44 bp	5.9 bp −$6	7.1 bp −$71	11.1 bp −$1,112	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
Perpl ETH	−0.0447%	43m	2,771.6	−0.082%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770.6	−0.117%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	−0.075%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.2	−0.025%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.9	−0.107%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,772.3	−0.057%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.2	−0.097%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,772	−0.068%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	−0.058%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,771.3	−0.092%	—	$1.18B	—	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	2,770.3	−0.131%	$1.71B	$11.84B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,771.1	−0.100%	$267.0M	$65.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	−0.062%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,771.3	−0.093%	$256.3M	$993.1M	200x	as long as short
Nado ETH-PERP	+0.0038%	1h	2,771.1	−0.099%	$14.3M	$118.5M	50x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771	−0.105%	$182K	$1.8M	20x	as long as short
Hibachi ETH/USDT-P	+0.0048%	1h	2,773.9	0.000%	$288K	$1.5M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,771	−0.102%	$1.61B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0053%	8h	2,771.5	−0.085%	$6.43B	$17.17B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,770.2	−0.133%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,771.3	−0.093%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,770.7	−0.114%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,770.4	−0.126%	$3.29B	$9.54B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0093%	1h	2,773.2	−0.023%	$258.4M	$224.9M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.1	−0.101%	$114.9M	$495.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.2	−0.026%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	−0.061%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,771.1	−0.100%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.062%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,770	−0.140%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.2	−0.097%	$481K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.8	−0.039%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.1	−0.099%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.2	−0.096%	$2.51B	$4.61B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770	−0.140%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.4	−0.053%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.118%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.5	−0.121%	$423.8M	$740.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.1	−0.064%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.5	−0.049%	$179.7M	$779.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.081%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.8	−0.076%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USDshort	+0.0100%	1h	2,773.8	−0.003%	$21.4M	$57.9M	40x
Vest ETH-PERP	+0.0100%	1h	2,771.4	−0.088%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.6	−0.046%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	−0.066%	$21K	$25K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,773.9	long leg	$42.7M	$29.3M	15x
SunX ETH-USDT	+0.0100%	8h	2,772.2	−0.060%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.9	−0.142%	$31.4M	$75.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.4	−0.053%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,772.3	−0.057%	$8.5M	$673.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,773.7	−0.007%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772.3	−0.057%	$86.1M	$330.8M	100x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,770.8	−0.111%	$286.0M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,770.9	−0.108%	$7.3M	$1.1M	25x	as long as short