Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.026%

Price spread now: Katana Perps against GMX−0.014%7-day average −0.029% · you buy dearer than you sell

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

Long on GMX Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%−$1 on $10k

Price spread, last 3 days (all we have)−0.055%−$5 · spread now −0.014%, 7d avg −0.029%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX ETH/USD [ETH-USDC]	2,765.9	L +0.0028% / S +0.0009%	pay 0.0003% / 1h	35m 19s	$13.1M	—	200x
Short	Katana Perps ETH-USD	2,765.5	0.0100	get 0.0100% / 8h	2h 35m	$479K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against GMX. 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 GMXbpFee Katana PerpsbpOrdersPrice spread, now −0.014%Rate

Funding earned: $15.1
Price spread: −0.014% → −0.029%: $1.46
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $0.76
Costs to cover: 0.158%
Break-even: 6.6 days

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Katana Perps no order-book sample	—	—	—	—	—

GMX and 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
Perpl ETH	−0.0112%	43m	2,765.3	−0.021%	$288K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	+0.008%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,764.5	−0.050%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,765.4	−0.018%	$172K	$1.2M	50x	as long as short
ApeX Omni ETHUSDT	−0.0052%	1h	2,767.5	+0.060%	$8.8M	$32.5M	100x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.047%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,765.2	−0.026%	$5.8M	$11.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.6	−0.009%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,765.9	+0.001%	$22.3M	—	200x	as long as short
BingX ETH-USDC	+0.0016%	8h	2,765.3	−0.022%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,764.8	−0.040%	$1.70B	$11.82B	100x	as long as short
Aftermath Perps ETHUSD	+0.0025%	1h	2,767.2	+0.047%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]long	L +0.0028% / S +0.0009%	1h	2,765.9	long leg	$13.1M	—	200x
Phemex ETHUSDT	+0.0034%	8h	2,763.6	−0.084%	$265.9M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0037%	8h	2,765.3	−0.023%	$255.6M	$995.1M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,767.1	+0.045%	$258.4M	$224.5M	50x	as long as short
MEXC ETH_USDT	+0.0046%	8h	2,765.2	−0.025%	$1.61B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,765.4	−0.017%	$6.42B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,763.5	−0.087%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0063%	8h	2,765.6	−0.010%	$3.28B	$9.61B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,765.2	−0.025%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,765.1	−0.029%	$184K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,764	−0.067%	$140.6M	$319.6M	—	as long as short
Lighter ETH	+0.0096%	1h	2,765.6	−0.012%	$115.2M	$511.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,766.9	+0.037%	$25.3M	$122.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.8	−0.004%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,764.9	−0.037%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,765.5	−0.014%	$479K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,764.6	−0.045%	$14.7M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,767.8	+0.069%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,765.5	−0.015%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,765.3	−0.023%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.4	−0.054%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767	+0.042%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.013%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,765.2	−0.024%	$424.2M	$741.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,764	−0.070%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.072%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,767.6	+0.062%	$160.9M	$97.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,765.2	−0.025%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,765.9	+0.001%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,766.8	+0.033%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766	+0.005%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768	+0.077%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,764.2	−0.060%	$970K	$14.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,765.2	−0.025%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,762.8	−0.112%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,764.9	−0.037%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,764.7	−0.045%	$60.1M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,765.4	−0.018%	$8.6M	$672.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0131%	8h	2,768.2	+0.082%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	+0.029%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,764.2	−0.060%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,767	+0.041%	$87.9M	$329.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,766.2	+0.011%	$280K	$1.5M	20x	as long as short