Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Derive against Katana Perps+0.163%7-day average +0.056% · you sell dearer than you buy

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

Long on Katana Perps Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.035%+$3 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.163%, 7d avg +0.056%

Together, before fees−0.091%−$9 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: Derive is 0.107% dearer against Katana Perps than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,764.2	0.0100	pay 0.0100% / 8h	7h 17m	$487K	$2.7M	50x
Short	Derive ETH-PERP	2,768.7	0.0100	get 0.0013% / 1h	17m 49s	$42.5M	$28.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.163%Rate

Funding earned: $0.04
Price spread: +0.163% → +0.056%: $10.73
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Derive: 3 bp × 2 orders: −$6
Net: $0.97
Costs to cover: 0.098%
Break-even: from the start

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

Katana Perps and Derive: 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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.459%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,763.6	−0.022%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,764.2	+0.001%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,764.2	0.000%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,764.2	0.000%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.282%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764.7	+0.019%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,766.7	+0.090%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,765.5	+0.047%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,768.2	+0.146%	$1.70B	$11.14B	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	2,766.6	+0.087%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.3	+0.077%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,766.8	+0.096%	$256.2M	$886.1M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,768.2	+0.145%	$3.38B	$9.06B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.9	+0.062%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,767.9	+0.135%	$6.47B	$16.26B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,767.4	+0.116%	$1.61B	$2.65B	500x	as long as short
Aftermath Perps ETHUSD	+0.0069%	1h	2,770	+0.209%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,768.2	+0.146%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769	+0.173%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,764.7	+0.019%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,767.8	+0.129%	$420.5M	$604.6M	100x	as long as short
HTX ETH-USDT	+0.0086%	8h	2,767	+0.102%	$1.07B	$1.25B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,768	+0.139%	$114.9M	$459.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.9	+0.168%	$25.6M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.144%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	+0.070%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,764.2	long leg	$487K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,763	−0.042%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,770.7	+0.235%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	+0.001%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.2	+0.145%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	−0.025%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	+0.003%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.024%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,767.3	+0.111%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.7	+0.127%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.157%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	+0.141%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.165%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.9	+0.134%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,764.4	+0.007%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.7	+0.127%	$21K	$22K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,768.7	+0.163%	$42.5M	$28.9M	15x
SunX ETH-USDT	+0.0100%	8h	2,765.3	+0.039%	$969K	$13.0M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,767.8	+0.132%	$269.4M	$67.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.9	+0.097%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,765.8	+0.056%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,765.7	+0.054%	$8.1M	$677.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.2	+0.179%	$97.8M	$320.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.183%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.8	+0.201%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.8	+0.165%	$259.1M	$203.4M	50x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	−0.024%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,764.4	+0.007%	$7.3M	$1.1M	25x	as long as short