Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0367%/8h= −40.1% APRpaid last 24h +0.033%

Price spread now: Perpl against Hotstuff−0.012%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Perpl: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff ETH-PERP	2,768	−0.0080	get 0.0010% / 1h	56m 58s	$5K	$2K	50x
Short	Perpl ETH	2,767.7	−0.0447	pay 0.0040% / 43m	26m 58s	$289K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Hotstuff. 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 HotstuffbpFee PerplbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$76.97
Price spread: −0.012% → 0.000%: −$1.16
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$96.92
Costs to cover: 0.188%
Break-even: never at this rate

Slippage unknown: Hotstuff: no order-book sample; 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Hotstuff and 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	2,767.7	−0.012%	$289K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,768	+0.001%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERPlong	−0.0080%	1h	2,768	long leg	$5K	$2K	50x
01 Exchange ETHUSD	−0.0056%	1h	2,768.6	+0.022%	$169K	$1.2M	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,768.7	+0.025%	$119K	$22.5M	52x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.5	+0.090%	$884K	$3.6M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770	+0.073%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,770.7	+0.097%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.2	+0.116%	$22.4M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0008%	1h	2,770.8	+0.100%	$279K	$1.5M	20x	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	+0.0010%	1h	2,768.2	+0.005%	$14.3M	$118.8M	50x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,773.2	+0.186%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,774.3	+0.229%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771.1	+0.111%	$13.2M	—	200x	as long as short
Bullet ETH-USD	+0.0031%	1h	2,769.9	+0.069%	$183K	$1.8M	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,773.7	+0.207%	$256.5M	$994.0M	200x	as long as short
ApeX Omni ETHUSDT	+0.0034%	1h	2,770.6	+0.094%	$8.7M	$32.6M	100x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,771	+0.108%	$266.9M	$65.9M	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.5	+0.018%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,773.6	+0.201%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,773.7	+0.207%	$6.44B	$17.20B	150x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,772.9	+0.176%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,773.6	+0.203%	$3.28B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0087%	1h	2,770.4	+0.087%	$55.2M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,770.6	+0.093%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	+0.124%	$114.8M	$494.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.7	+0.171%	$25.4M	$120.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,768.5	+0.019%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	+0.104%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.6	+0.022%	$15.9M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768.8	+0.029%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.253%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.2	+0.044%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774	+0.217%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.5	−0.018%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.8	+0.064%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	+0.107%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773.4	+0.194%	$422.6M	$741.3M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.6	+0.201%	$15.2M	$43.8M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	+0.006%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.126%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.7	+0.061%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,769.5	+0.052%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.1	+0.112%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.5	+0.126%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.5	+0.200%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.5	−0.017%	$971K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.5	+0.161%	$31.5M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	+0.143%	$59.9M	$4.61B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0107%	1h	2,772.3	+0.155%	$258.4M	$225.1M	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,770.8	+0.101%	$8.6M	$673.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774	+0.218%	$32.5M	$12.1M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,772	+0.144%	$86.1M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,770.6	+0.095%	$285.9M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,770	+0.072%	$7.3M	$1.1M	25x	as long as short