Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.002%

Price spread now: Katana Perps against dYdX+0.009%7-day average −0.030% · you sell dearer than you buy

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

Long on dYdX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.245%−$25 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.009%, 7d avg −0.030%

Together, before fees−0.308%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Katana Perps is 0.039% dearer against dYdX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.030%. Mind the row above: over the last 4 days funding on this pair cost −0.245%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX ETH-USD	2,731.2	0	get 0.0000% / 1h	39m 05s	$10.6M	$41.9M	50x
Short	Katana Perps ETH-USD	2,731.4	0.0100	get 0.0100% / 8h	7h 39m	$499K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against dYdX. 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 dYdXbpFee Katana PerpsbpOrdersPrice spread, now +0.009%Rate

Funding earned: $20.96
Price spread: +0.009% → −0.030%: $3.87
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $11.03
Costs to cover: 0.138%
Break-even: 3.3 days

Slippage unknown: dYdX: live order book, 20 min ago; Katana Perps: 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 dYdX live order book, 20 min ago	2.02 bp	8.3 bp −$8	20.0 bp −$200	40.4 bp −$4,039	80.3 bp −$40.1K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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
BloFin ETH-USDT	−0.0180%	8h	2,730	−0.042%	$280.5M	$177.6M	150x	as long as short
Perpl ETH	−0.0112%	43m	2,731.1	−0.002%	$277K	$5.7M	8.3x	as long as short
HTX ETH-USDT	−0.0081%	8h	2,730	−0.044%	$1.05B	$1.21B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.4	−0.064%	$5K	$1K	50x	as long as short
Phemex ETHUSDT	−0.0045%	8h	2,730.4	−0.030%	$263.1M	$63.8M	150x	as long as short
Bybit ETHUSDT	−0.0028%	8h	2,729.3	−0.068%	$2.32B	$4.30B	150x	as long as short
Phoenix ETH	−0.0012%	1h	2,731.6	+0.016%	$806K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.1	−0.003%	$11.9M	—	200x	as long as short
dYdX ETH-USDlong	0.0000%	1h	2,731.2	long leg	$10.6M	$41.9M	50x
Kalshi KXETHPERP	0.0000%	8h	2,731.4	+0.009%	$6.7M	$670.8M	4.9x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	0.0000%	1h	2,731.1	−0.001%	$264.6M	$219.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.1	−0.002%	$33.0M	—	200x	as long as short
SunX ETH-USDT	+0.0015%	8h	2,730.8	−0.014%	$940K	$10.7M	100x	as long as short
ApeX Omni ETHUSDT	+0.0033%	1h	2,729	−0.079%	$8.4M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,731.6	+0.016%	$191K	$884K	50x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,730.1	−0.039%	$54.4M	$182.5M	40x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,729.4	−0.065%	$3.28B	$8.25B	200x	as long as short
Hibachi ETH/USDT-P	+0.0064%	1h	2,730.7	−0.018%	$237K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,729.4	−0.063%	$1.65B	$10.72B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,729.5	−0.061%	$252.6M	$848.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0084%	8h	2,729.6	−0.055%	$383.1M	$575.5M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,728.2	−0.107%	$4.9M	$195K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,729.5	−0.059%	$6.31B	$16.05B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,729.4	−0.063%	$1.57B	$2.55B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,730.6	−0.019%	$112.5M	$401.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.9	+0.027%	$23.7M	$95.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,731.4	+0.009%	—	$30.4M	500x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,730.6	−0.022%	$177K	$1.7M	20x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,731.4	+0.009%	$499K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.5	+0.123%	$15.4M	$7.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.1	−0.001%	$14.3M	$100.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,731.7	+0.020%	$3.11B	$2.03B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.6	+0.053%	$32.1M	$333.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731.4	+0.009%	$2.7M	$16.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	+0.024%	$1.6M	$15.8M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.8	−0.051%	$2.11B	$2.75B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,729.3	−0.067%	—	$1.05B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,729.9	−0.048%	$15.2M	$39.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.7	−0.089%	$131.4M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.6	−0.056%	$185.7M	$682.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730.9	−0.009%	$158.8M	$79.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730.8	−0.013%	$21.0M	$70.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.3	+0.041%	—	$441K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.3	+0.042%	$11.2M	$9.3M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.1	−0.003%	$40.6M	$29.2M	15x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,730.8	−0.013%	$162.8M	$334.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.7	−0.055%	$30.5M	$71.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,730.8	−0.012%	$81.9M	$309.6M	100x	as long as short
Aftermath Perps ETHUSD	+0.0117%	1h	2,731.5	+0.014%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.5	+0.013%	$46.2M	$4.24B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,732	+0.033%	$5.7M	$11.4M	25x	as long as short
Reya ETHRUSDPERP	+0.0173%	1h	2,729.6	−0.056%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,732.9	+0.065%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,730.3	−0.031%	$117K	$20.2M	52x	as long as short
Bluefin ETH-PERP	+0.2462%	1h	2,731.5	+0.011%	$20K	$23K	25x	as long as short