Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h +0.030%

Price spread now: Aftermath Perps against Katana Perps+0.158%7-day average — · you sell dearer than you buy

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

Long on Katana Perps Short on Aftermath Perps

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—needs both histories

The price spread pays, funding is against you. Aftermath Perps is 0.158% dearer against Katana Perps than usual: you sell high and buy low (spread +0.158% now, against zero (this spread has no 7-day history yet)): +$16 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,773.4	0.0100	pay 0.0100% / 8h	2h 52m	$493K	$2.7M	50x
Short	Aftermath Perps ETHUSD	2,777.8	0.0032	get 0.0004% / 1h	52m 58s	$29K	$22K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Katana 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 Katana PerpsbpFee Aftermath PerpsbpOrdersPrice spread, now +0.158%Rate

Funding earned: −$14.19
Price spread: +0.158% → 0.000%: $15.83
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$11.16
Costs to cover: 0.128%
Break-even: from the start

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

Katana Perps and Aftermath 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	2,773.7	+0.012%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.005%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	+0.047%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.1	−0.047%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,772.7	−0.025%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.119%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773.8	+0.014%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.7	+0.045%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	0.000%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0022%	8h	2,771.9	−0.054%	$266.7M	$65.9M	150x	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	+0.0022%	8h	2,771.6	−0.065%	$1.70B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.3	−0.005%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSDshort	+0.0032%	1h	2,777.8	+0.158%	$29K	$22K	20x
MEXC ETH_USDT	+0.0043%	8h	2,770.4	−0.109%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,770.8	−0.095%	$6.45B	$17.27B	150x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,771.6	−0.064%	$256.2M	$999.3M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.147%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,772.1	−0.047%	$3.29B	$9.53B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,773.6	+0.007%	$258.9M	$223.5M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,771.7	−0.061%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.3	−0.078%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,772.7	−0.026%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.084%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.4	−0.036%	$115.2M	$507.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.8	+0.014%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	+0.028%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.6	+0.042%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,773.4	long leg	$493K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,772.8	−0.023%	$16.2M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	+0.058%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	+0.004%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.8	−0.094%	$2.51B	$4.66B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.4	0.000%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.8	+0.088%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.256%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.7	−0.061%	$426.7M	$745.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.7	−0.098%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.022%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.5	+0.039%	$177.5M	$786.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.131%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	−0.014%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.6	+0.043%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773	−0.016%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.4	+0.037%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	−0.045%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.5	−0.067%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.1	+0.024%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	−0.075%	$31.6M	$76.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.2	−0.006%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,773.9	+0.018%	$8.6M	$671.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.6	+0.043%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,773.2	−0.009%	$287.2M	$197.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,772.6	−0.029%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.1	−0.010%	$88.6M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0360%	1h	2,773.8	+0.013%	$273K	$1.5M	20x	as long as short