Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h +0.009%

Price spread now: OKX against gTrade (Gains Network)−0.043%7-day average −0.011% · 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−$21as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on gTrade (Gains Network)Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.043%, 7d avg −0.011%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.033% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of −0.011%). If the spread goes back, that is −$3 on $10k: about 38 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ETH/USD	2,738.2	L +0.0007% / S −0.0007%	pay 0.0001% / 1h	59m 06s	$28.1M	—	200x
Short	OKX ETH-USDT-SWAP	2,737	0.0075	get 0.0075% / 8h	3h 59m	$1.67B	$10.74B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OKXbpOrdersPrice spread, now −0.043%Rate

Funding earned: $14.35
Price spread: −0.043% → −0.011%: −$3.26
Slippage, 4 orders: −$1.13
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.03
Costs to cover: 0.181%
Break-even: 10.4 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 5 min ago; OKX: live order book, 5 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,453
Sell OKX live order book, 5 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$536	7.6 bp −$3,810

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	2,738.1	−0.004%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.7	+0.055%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.4	+0.007%	$11.9M	—	200x	as long as short
Phoenix ETH	0.0000%	1h	2,737.3	−0.033%	$827K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,739.5	+0.049%	$10.7M	$41.9M	50x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,738	−0.009%	$180K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0007% / S −0.0007%	1h	2,738.2	long leg	$28.1M	—	200x
SoDEX ETH-USD	+0.0008%	1h	2,737.7	−0.018%	$54.5M	$187.7M	40x	as long as short
HTX ETH-USDT	+0.0024%	8h	2,737.5	−0.025%	$1.06B	$1.20B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.2	+0.037%	$187K	$821K	50x	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	+0.0043%	8h	2,737.3	−0.031%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0053%	8h	2,737	−0.044%	$2.38B	$4.36B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,736.1	−0.077%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,737.8	−0.015%	$380.1M	$573.7M	100x	as long as short
OKX ETH-USDT-SWAPshort	+0.0075%	8h	2,737	−0.043%	$1.67B	$10.74B	100x
Phemex ETHUSDT	+0.0079%	8h	2,737.8	−0.015%	$265.9M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0091%	8h	2,739.1	+0.034%	$251.2M	$842.2M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738.1	−0.004%	$113.2M	$429.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.5	+0.046%	$23.5M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,739.7	+0.053%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.3	−0.106%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,747.1	+0.325%	$118K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,737.1	−0.041%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,737.7	−0.018%	$6.36B	$15.89B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0099%	1h	2,736.5	−0.062%	$15.2M	$40.7M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,743.9	+0.209%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.6	+0.015%	$499K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.2	+0.038%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.2	+0.037%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	+0.075%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.2	0.000%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.5	+0.046%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.165%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.3	−0.034%	$3.34B	$8.81B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.3	−0.034%	$2.07B	$2.73B	150x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.3	−0.032%	$134.0M	$324.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737	−0.043%	$184.1M	$671.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.6	−0.059%	$159.2M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.9	+0.026%	$21.1M	$68.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	+0.047%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740	+0.066%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738.9	+0.024%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.6	+0.052%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.7	−0.018%	$961K	$11.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.8	−0.052%	$30.4M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,739.5	+0.046%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,736.7	−0.054%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,738.7	+0.018%	$51.3M	$4.27B	50x	as long as short
Kalshi KXETHPERP	+0.0129%	8h	2,739.2	+0.037%	$6.8M	$679.7M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,739.2	+0.036%	$260.3M	$197.3M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,738.4	+0.009%	$83.5M	$315.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,740.1	+0.071%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,737.4	−0.031%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,739.2	+0.036%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0394%	8h	2,737.7	−0.018%	$283.5M	$175.9M	150x	as long as short