Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.036%

Price spread now: GMX against Katana Perps+0.008%45s7-day average +0.029% · you sell dearer than you buy

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

Long on Katana Perps Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now +0.008%, 7d avg +0.029%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and GMX is 0.021% cheaper against Katana Perps than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.029%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,784.2	0.0100	pay 0.0100% / 8h	54m 40s	$479K	$2.7M	50x
Short	GMX ETH/USD [ETH-USDC]	2,784.4	L +0.0026% / S +0.0009%	pay 0.0001% / 1h	54m 40s	$12.9M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$22.87
Price spread: +0.008% → +0.029%: −$2.12
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$40.8
Costs to cover: 0.158%
Break-even: never at this rate

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

Katana Perps and GMX: 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	2,784	−0.006%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,784	−0.005%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDT	−0.0131%	1h	2,779.8	−0.157%	$8.8M	$32.7M	100x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.061%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,784.3	+0.004%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,784.1	−0.004%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,779.5	−0.167%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.4	+0.007%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.7	−0.198%	$881K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.5	+0.010%	$22.5M	—	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	+0.0015%	8h	2,783.3	−0.032%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.5	−0.026%	$1.71B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,783.8	−0.015%	$271.2M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]short	L +0.0026% / S +0.0009%	1h	2,784.4	+0.008%	$12.9M	—	200x
Aster ETHUSDT	+0.0037%	8h	2,783.6	−0.021%	$255.2M	$998.3M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0052%	1h	2,784.8	+0.021%	$258.8M	$222.5M	50x	as long as short
Bullet ETH-USD	+0.0057%	1h	2,783.7	−0.017%	$182K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0062%	8h	2,782.3	−0.068%	$1.60B	$2.62B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,782.1	−0.074%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0064%	8h	2,784	−0.009%	$6.46B	$17.25B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,784.3	+0.002%	$2.11B	$3.10B	150x	as long as short
Nado ETH-PERP	+0.0066%	1h	2,784.1	−0.004%	$14.4M	$118.2M	50x	as long as short
Gate ETH_USDT	+0.0071%	8h	2,784.2	0.000%	$3.31B	$9.57B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,784.4	+0.006%	$60.3M	$4.62B	50x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,783.1	−0.040%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.9	−0.009%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,783	−0.045%	$424.1M	$739.3M	100x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,783.6	−0.022%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,783.6	−0.020%	$116.4M	$494.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,784.4	+0.006%	$25.4M	$120.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783	−0.043%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,784.2	long leg	$479K	$2.7M	50x
Hyperliquid ETH	+0.0100%	1h	2,786.3	+0.075%	$3.20B	$2.34B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.7	−0.019%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,782.5	−0.061%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,785.4	+0.045%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.225%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783.1	−0.038%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.100%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,779	−0.186%	$181.9M	$779.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,780.8	−0.123%	$161.7M	$90.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	−0.007%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.7	+0.018%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784	−0.009%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,785.7	+0.054%	$42.9M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,783.1	−0.041%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.1	−0.040%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,783.8	−0.014%	$32.7M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.1	−0.002%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.3	+0.003%	$86.8M	$332.7M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,783.6	−0.022%	$8.4M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.5	+0.081%	$32.7M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,783.7	−0.018%	$285.4M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,783.3	−0.033%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0296%	1h	2,781.9	−0.084%	$271K	$1.5M	20x	as long as short