Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.025%

Price spread now: gTrade (Gains Network) against HTX+0.176%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$200.201% of the position

Long on HTX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.069%−$7 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now +0.176%, 7d avg +0.028%

Together, before fees−0.152%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. gTrade (Gains Network) is 0.148% dearer against HTX than usual: you sell high and buy low (spread +0.176% now, against its 7-day average of +0.028%): +$15 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,762.4	0.0088	pay 0.0088% / 8h	7h 18m	$1.07B	$1.25B	200x
Short	gTrade (Gains Network) ETH/USD	2,767.2	L +0.0006% / S −0.0006%	get 0.0001% / 1h	18m 46s	$22.4M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against HTX. 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 HTXbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.176%Rate

Funding earned: −$17.19
Price spread: +0.176% → +0.028%: $14.81
Slippage, 4 orders: −$1.12
Fee HTX: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$22.5
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; gTrade (Gains Network): virtual book (oracle venue), just now.

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 HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.2 bp −$715	10.3 bp −$5,140
Sell gTrade (Gains Network) virtual book (oracle venue), just now	0.54 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$501	8.9 bp −$4,451

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.527%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.7	+0.158%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.1	+0.171%	$326K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	+0.176%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,767.1	+0.172%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.349%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764.7	+0.086%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0006% / S −0.0006%	1h	2,767.2	+0.176%	$22.4M	—	200x
Bullet ETH-USD	+0.0019%	1h	2,766.7	+0.157%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,764.3	+0.071%	$1.70B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0028%	1h	2,763.7	+0.049%	$55.0M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,767.4	+0.182%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,762.6	+0.007%	$255.8M	$885.9M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,763.7	+0.049%	$3.38B	$9.05B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,764.6	+0.080%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,762.9	+0.021%	$6.46B	$16.27B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,763.4	+0.037%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0061%	1h	2,765.2	+0.103%	$259.1M	$204.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.1	+0.317%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,763.2	+0.030%	$2.09B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,765	+0.094%	$60.2M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,767.8	+0.198%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,764.3	+0.072%	$419.8M	$619.4M	100x	as long as short
HTX ETH-USDTlong	+0.0088%	8h	2,762.4	long leg	$1.07B	$1.25B	200x
Lighter ETH	+0.0096%	1h	2,764.3	+0.071%	$114.7M	$458.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,765.7	+0.119%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.211%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	+0.137%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.9	+0.165%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.1	+0.134%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.4	+0.147%	$3.16B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	+0.068%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,764.4	+0.072%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	+0.042%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	+0.070%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.380%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,763.2	+0.031%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.7	+0.047%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.224%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	+0.208%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.232%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.8	+0.197%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	+0.190%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766.4	+0.147%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.1	+0.172%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.3	+0.143%	$969K	$13.1M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,763.8	+0.053%	$269.0M	$67.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,762.7	+0.011%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	+0.242%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,767.4	+0.183%	$8.1M	$678.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,765.4	+0.112%	$97.7M	$320.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.250%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,768.6	+0.228%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	+0.043%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,767.6	+0.191%	$7.3M	$1.1M	25x	as long as short