Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0071%/8h= −7.7% APRpaid last 24h −0.010%

Price spread now: SoDEX against edgeX−0.018%75s7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$180.182% of the position

Long on edgeX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now −0.018%, 7d avg +0.013%

Together, before fees−0.029%+ Points / potential airdropedgeX: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and SoDEX is 0.031% cheaper against edgeX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.013%). Swap the legs. The two prices were read 75 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	edgeX ETHUSDC	2,769.4	0.0100	pay 0.0050% / 4h	5m 53s	$181.8M	$784.3M	100x
Short	SoDEX ETH-USD	2,768.9	0.0029	get 0.0004% / 1h	5m 53s	$55.1M	$228.8M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against edgeX. 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 edgeXbpFee SoDEXbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$14.82
Price spread: −0.018% → +0.013%: −$3.13
Slippage, 4 orders: −$1.16
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$36.11
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; SoDEX: live order book, 3 min ago.

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 edgeX live order book, 3 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.0 bp −$503	6.2 bp −$3,090
Sell SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.8 bp −$577	31.4 bp −$15.7K

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	−0.0223%	43m	2,770.7	+0.047%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,769.8	+0.015%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.264%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.7	+0.047%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0016%	1h	2,769.8	+0.015%	$8.7M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770	+0.022%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771	+0.056%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.5	+0.076%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,769.5	+0.004%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,769.1	−0.012%	$1.71B	$11.87B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,769.3	−0.002%	$12.8M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0028%	1h	2,771.3	+0.069%	$29K	$22K	20x	as long as short
SoDEX ETH-USDshort	+0.0029%	1h	2,768.9	−0.018%	$55.1M	$228.8M	40x
Phemex ETHUSDT	+0.0030%	8h	2,769.8	+0.016%	$270.0M	$68.7M	150x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,770.3	+0.033%	$255.7M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0036%	1h	2,768.4	−0.036%	$181K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0055%	8h	2,768.9	−0.018%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0055%	8h	2,769.8	+0.014%	$6.45B	$17.30B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.7	−0.062%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,769.4	0.000%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,769.7	+0.011%	$3.29B	$9.70B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,770.3	+0.032%	$421.1M	$738.6M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,769.4	−0.001%	$2.50B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,769.2	−0.006%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,770.9	+0.055%	$60.2M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,769.2	−0.006%	$1.08B	$1.32B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0093%	1h	2,770.6	+0.042%	$259.1M	$222.2M	50x	as long as short
Nado ETH-PERP	+0.0095%	1h	2,769.4	+0.001%	$14.3M	$118.2M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,770	+0.023%	$115.0M	$501.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	+0.075%	$25.3M	$122.1M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,770	+0.022%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.3	−0.004%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.5	+0.004%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.8	+0.087%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.3	+0.033%	$31.2M	$316.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.5	+0.004%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	+0.038%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.4	0.000%	$169.4M	$262.8M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.9	+0.016%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.031%	$148.3M	$337.3M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,769.4	long leg	$181.8M	$784.3M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.9	+0.055%	$161.1M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.6	+0.043%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,769.6	+0.007%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.8	+0.013%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769	−0.015%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.2	+0.067%	$42.7M	$29.4M	15x	as long as short
Kalshi KXETHPERP	+0.0103%	8h	2,770.6	+0.043%	$8.2M	$688.2M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.7	+0.009%	$32.5M	$78.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.3	+0.070%	—	$43.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,771.1	+0.063%	$90.4M	$338.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,771.5	+0.076%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0175%	8h	2,770.1	+0.027%	$286.5M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0205%	1h	2,768.4	−0.034%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,773	+0.129%	$252K	$1.6M	20x	as long as short