Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: SunX against Derive−0.085%7-day average −0.077% · you buy dearer than you sell

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

Long on Derive Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now −0.085%, 7d avg −0.077%

Together, before fees−0.117%−$12 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,779.2	0.0100	pay 0.0013% / 1h	59m 16s	$42.8M	$29.4M	15x
Short	SunX ETH-USDT	2,776.9	0.0100	get 0.0100% / 8h	59m 16s	$974K	$13.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.085%Rate

Funding earned: $0
Price spread: −0.085% → −0.077%: −$0.84
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$14.84
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; SunX: live order book, 10 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 SunX live order book, 10 min ago	0.61 bp	5.1 bp −$5	5.3 bp −$53	6.9 bp −$687	8.8 bp −$4,400

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	2,777.1	−0.077%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,776.3	−0.105%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,777.3	−0.069%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.4	−0.066%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,777.2	−0.073%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0004%	1h	2,776.8	−0.088%	$29K	$22K	20x	as long as short
Bullet ETH-USD	−0.0001%	1h	2,776.8	−0.087%	$181K	$1.7M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.9	−0.048%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,777.6	−0.059%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.7	−0.054%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0014%	8h	2,776.7	−0.093%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0018%	8h	2,776.9	−0.083%	$1.70B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,777.1	−0.077%	$270.5M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,777.7	−0.056%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,777.1	−0.078%	$254.7M	$995.7M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0034%	1h	2,778.5	−0.025%	$258.7M	$222.8M	50x	as long as short
SoDEX ETH-USD	+0.0042%	1h	2,776.9	−0.084%	$55.3M	$229.0M	40x	as long as short
ApeX Omni ETHUSDT	+0.0058%	1h	2,777.6	−0.060%	$8.8M	$32.7M	100x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,776.9	−0.084%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.8	−0.088%	$6.44B	$17.24B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.5	−0.171%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,776.8	−0.088%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,777	−0.080%	$3.30B	$9.55B	200x	as long as short
HTX ETH-USDT	+0.0087%	8h	2,776.6	−0.094%	$1.08B	$1.32B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,778.1	−0.040%	$60.1M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,777	−0.079%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0092%	8h	2,776.8	−0.087%	$423.3M	$739.5M	100x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,777.5	−0.063%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,777.3	−0.068%	$115.3M	$491.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.8	−0.014%	$25.4M	$120.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,776.8	−0.089%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.1	−0.077%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.5	−0.100%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.003%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.7	−0.055%	$31.2M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.7	−0.091%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778	−0.045%	$2.7M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.046%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778	−0.046%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.9	−0.119%	$147.5M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777	−0.079%	$181.7M	$781.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.9	−0.084%	$161.5M	$90.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,778.5	−0.026%	$21.5M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.8	−0.051%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.1	−0.041%	$21K	$24K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,779.2	long leg	$42.8M	$29.4M	15x
SunX ETH-USDTshort	+0.0100%	8h	2,776.9	−0.085%	$974K	$13.9M	100x
Extended ETH-USD	+0.0104%	1h	2,776.3	−0.104%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,777.4	−0.065%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,778.2	−0.038%	$86.5M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,777.8	−0.051%	$8.3M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.7	+0.018%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,776.8	−0.088%	$285.0M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,776.4	−0.102%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,777.5	−0.062%	$270K	$1.5M	20x	as long as short