Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Jupiter Perps−0.073%7-day average −0.012% · you buy dearer than you sell

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

Long on Jupiter Perps Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.073%, 7d avg −0.012%

Together, before fees−0.024%−$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Katana Perps is 0.061% cheaper against Jupiter Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Jupiter Perps ETH-PERP	2,774.9	L +0.0096% / S +0.0048%	pay 0.0012% / 1h	54m 18s	—	$42.8M	500x
Short	Katana Perps ETH-USD	2,772.9	0.0100	get 0.0100% / 8h	2h 54m	$493K	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Jupiter Perps. 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 Jupiter PerpsbpFee Katana PerpsbpOrdersPrice spread, now −0.073%Rate

Funding earned: $0.8
Price spread: −0.073% → −0.012%: −$6.08
Slippage, 4 orders: no order book: not counted
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$21.09
Costs to cover: 0.158%
Break-even: 192.5 days

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

Jupiter Perps 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	−0.0447%	43m	2,773.1	−0.066%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.060%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.008%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.066%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0056%	1h	2,771.7	−0.116%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0032%	1h	2,776.7	+0.064%	$799K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,772.7	−0.080%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,775.4	+0.017%	$13.0M	$45.3M	50x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,774.3	−0.023%	$259.0M	$223.4M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.8	−0.077%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,772.1	−0.104%	—	$1.20B	—	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.6	−0.119%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,771.7	−0.116%	$266.7M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.9	−0.072%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0031%	1h	2,778.6	+0.133%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.6	−0.193%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.5	−0.124%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,772	−0.105%	$6.45B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,771.5	−0.123%	$256.2M	$997.6M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,771.8	−0.111%	$3.29B	$9.52B	200x	as long as short
SoDEX ETH-USD	+0.0070%	1h	2,771.6	−0.120%	$55.2M	$228.5M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.2	−0.133%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,771.3	−0.130%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.030%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	−0.018%	$115.2M	$507.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.1	+0.005%	$25.5M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERPlong	L +0.0096% / S +0.0048%	1h	2,774.9	long leg	—	$42.8M	500x
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.3	−0.057%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,772.9	−0.073%	$493K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,771.5	−0.124%	$16.2M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774	−0.033%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774	−0.034%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.6	−0.121%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.094%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	−0.009%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.201%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772.3	−0.094%	$426.3M	$746.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.1	+0.114%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.2	+0.010%	$177.5M	$786.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.6	+0.025%	$161.5M	$98.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.6	+0.096%	$21.4M	$57.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.2	−0.062%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.5	−0.051%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.3	−0.094%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.9	−0.036%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.8	−0.113%	$972K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.4	−0.126%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771	−0.143%	$31.6M	$76.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.3	−0.060%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,776.6	+0.060%	$8.5M	$671.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.3	−0.024%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,777.1	+0.077%	$287.5M	$197.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,770.8	−0.148%	$7.5M	$995K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773	−0.069%	$88.6M	$331.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0352%	1h	2,775	+0.002%	$273K	$1.5M	20x	as long as short