Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.028%

Price spread now: SunX against gTrade (Gains Network)−0.008%7-day average −0.030% · 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−$17as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on gTrade (Gains Network)Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.075%+$7 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now −0.008%, 7d avg −0.030%

Together, before fees−0.019%−$2 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 SunX is 0.022% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) ETH/USD	2,751.8	L +0.0006% / S −0.0006%	pay 0.0001% / 1h	26m 58s	$22.2M	—	200x
Short	SunX ETH-USDT	2,751.6	0.0100	get 0.0100% / 8h	6h 26m	$964K	$12.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.008%Rate

Funding earned: $19.7
Price spread: −0.008% → −0.030%: $2.25
Slippage, 4 orders: −$4.39
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: $2.55
Costs to cover: 0.194%
Break-even: 6.1 days

Slippage from gTrade (Gains Network): virtual book (oracle venue), 2 min ago; SunX: live order book, 12 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), 2 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$500	8.9 bp −$4,444
Sell SunX live order book, 12 min ago	0.80 bp	4.8 bp −$5	5.4 bp −$54	7.8 bp −$779	doesn't fit

ETH on 54 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	2,753.1	+0.049%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,753.1	+0.048%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,752.7	+0.034%	$5.6M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751.9	+0.005%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.086%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,753.8	+0.073%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.049%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USDlong	L +0.0006% / S −0.0006%	1h	2,751.8	long leg	$22.2M	—	200x
01 Exchange ETHUSD	+0.0024%	1h	2,752.9	+0.041%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,750.6	−0.042%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,751.4	−0.015%	$1.69B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0052%	8h	2,750.7	−0.039%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,751.8	−0.001%	$253.2M	$857.6M	200x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,751.2	−0.021%	$380.4M	$607.1M	100x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,750.1	−0.062%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0075%	8h	2,750.8	−0.036%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0077%	8h	2,751	−0.029%	$6.36B	$16.21B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.1	+0.012%	$59.1M	$4.36B	50x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,750.9	−0.032%	$267.4M	$65.9M	150x	as long as short
Bitget ETHUSDT	+0.0092%	8h	2,751	−0.029%	$2.08B	$2.84B	150x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,751.2	−0.021%	$3.40B	$8.87B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,751.2	−0.021%	$113.1M	$442.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,752.5	+0.024%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.6	+0.066%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,758.3	+0.236%	$16.0M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.1	+0.012%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.4	−0.013%	$14.0M	$112.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.4	+0.059%	$3.13B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753.8	+0.073%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.5	−0.010%	$2.46B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,752	+0.008%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753	+0.046%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	−0.047%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.4	−0.158%	$133.1M	$346.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.1	−0.060%	$181.8M	$700.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.1	−0.133%	$159.8M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,750	−0.065%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.9	+0.040%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,752.6	+0.030%	$10.8M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,751.7	−0.003%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,752.2	+0.015%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.3	+0.056%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,751.6	−0.008%	$964K	$12.4M	100x
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.032%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.285%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,749.3	−0.091%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.7	−0.076%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0139%	1h	2,752.3	+0.018%	$258.5M	$200.2M	50x	as long as short
Kalshi KXETHPERP	+0.0141%	8h	2,752.6	+0.030%	$7.6M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0170%	8h	2,753.7	+0.070%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,751.7	−0.003%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.4	−0.123%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,751.7	−0.002%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	−0.003%	$90.0M	$316.4M	100x	as long as short