Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0453%/8h= −49.6% APRpaid last 24h +0.007%

Price spread now: Perpl against gTrade (Gains Network)+0.034%7-day average +0.003% · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.110%−$11 · spread now +0.034%, 7d avg +0.003%

Together, before fees−0.039%+ Points / potential airdropPerpl: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.031% dearer against gTrade (Gains Network) than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of +0.003%): +$3 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 3 days funding on this pair paid +0.071%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.071% in total (about 8.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ETH/USD	2,774.3	L +0.0006% / S −0.0006%	pay 0.0001% / 1h	54m 05s	$22.4M	—	200x
Short	Perpl ETH	2,775.2	−0.0447	pay 0.0040% / 43m	24m 05s	$290K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.034%Rate

Funding earned: −$95.07
Price spread: +0.034% → +0.003%: $3.1
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$112.77
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): virtual book (oracle venue), 5 min ago; Perpl: 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 gTrade (Gains Network) virtual book (oracle venue), 5 min ago	0.54 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,453
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 ETHshort	−0.0447%	43m	2,775.2	+0.034%	$290K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,776.2	+0.069%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.7	+0.088%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.8	−0.017%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,776.2	+0.070%	$169K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.6	+0.048%	$886K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.2	+0.106%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,772.8	−0.051%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0006% / S −0.0006%	1h	2,774.3	long leg	$22.4M	—	200x
BingX ETH-USDT	+0.0018%	8h	2,772.6	−0.062%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ETH-PERP	+0.0018%	1h	2,775.5	+0.046%	$14.3M	$118.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.5	−0.064%	$1.71B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,773.2	−0.040%	$267.2M	$65.9M	150x	as long as short
Hibachi ETH/USDT-P	+0.0024%	1h	2,778.4	+0.150%	$277K	$1.5M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.4	+0.003%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.4	−0.031%	$256.5M	$993.8M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0042%	1h	2,774.9	+0.022%	$258.4M	$225.0M	50x	as long as short
Bullet ETH-USD	+0.0050%	1h	2,773.7	−0.021%	$182K	$1.8M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,772.6	−0.062%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,772.7	−0.057%	$6.43B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.2	−0.074%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,773	−0.045%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,772.7	−0.058%	$3.28B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,773.2	−0.039%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,773.2	−0.040%	$115.0M	$494.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	+0.011%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	+0.092%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.076%	$135.2M	$326.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,773.5	−0.030%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.5	+0.080%	$16.0M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	+0.073%	$482K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.026%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.1	+0.103%	$31.3M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.7	−0.057%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	+0.070%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.7	+0.160%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.119%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772.6	−0.060%	$424.0M	$740.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.2	−0.040%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.220%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	−0.126%	$161.2M	$96.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,767.8	−0.232%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	+0.098%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.7	+0.052%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.4	+0.077%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.7	+0.015%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	+0.056%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.9	+0.023%	$972K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.7	−0.056%	$31.4M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.5	+0.008%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,776.8	+0.091%	$8.6M	$673.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.2	+0.069%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.1	−0.007%	$86.2M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,775.7	+0.050%	$286.5M	$195.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,774.5	+0.009%	$7.4M	$1.1M	25x	as long as short