Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Katana Perps−0.011%57s7-day average — · you buy dearer than you sell

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

Long on Katana Perps Short on Hotstuff

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—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 57 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	2,774.2	0.0100	pay 0.0100% / 8h	7h 42m	$487K	$2.8M	50x
Short	Hotstuff ETH-PERP	2,773.9	−0.0080	pay 0.0010% / 1h	42m 40s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$37.76
Price spread: −0.011% → 0.000%: −$1.08
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$47.64
Costs to cover: 0.088%
Break-even: never at this rate

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

Katana Perps and Hotstuff: 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	2,770.4	−0.137%	$119K	$22.5M	52x	as long as short
Phemex ETHUSDT	−0.0162%	8h	2,773.7	−0.020%	$270.1M	$67.6M	150x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,774.1	−0.002%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,773.2	−0.035%	$284K	$6.5M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,773.9	−0.011%	$5K	$1K	50x
01 Exchange ETHUSD	−0.0032%	1h	2,773.4	−0.029%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.8	−0.087%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.4	+0.007%	$12.2M	$46.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775	+0.028%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0021%	1h	2,774.1	−0.004%	$183K	$1.7M	20x	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	2,773.7	−0.019%	$1.71B	$11.39B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774.8	+0.022%	$12.7M	—	200x	as long as short
Gate ETH_USDT	+0.0033%	8h	2,774.2	+0.001%	$3.36B	$8.95B	200x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,774.1	−0.005%	$257.0M	$900.4M	200x	as long as short
Aftermath Perps ETHUSD	+0.0047%	1h	2,772.3	−0.069%	$31K	$23K	20x	as long as short
SoDEX ETH-USD	+0.0049%	1h	2,774.2	0.000%	$55.3M	$208.4M	40x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,773	−0.044%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,773.8	−0.015%	$1.63B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,773.8	−0.015%	$6.48B	$16.65B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,774.3	+0.004%	$2.10B	$2.92B	150x	as long as short
HTX ETH-USDT	+0.0071%	8h	2,773.9	−0.009%	$1.08B	$1.28B	200x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	−0.057%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.2	+0.036%	$60.5M	$4.51B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,773.9	−0.012%	$420.7M	$646.2M	100x	as long as short
Vest ETH-PERP	+0.0087%	1h	2,773.8	−0.016%	—	$887K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,773.9	−0.011%	$115.3M	$456.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.7	+0.017%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.5	−0.025%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,774.2	long leg	$487K	$2.8M	50x
Nado ETH-PERP	+0.0100%	1h	2,774.3	+0.002%	$14.5M	$116.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775.1	+0.032%	$3.18B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.3	+0.004%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,774	−0.007%	$2.51B	$4.46B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.6	−0.022%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775	+0.030%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.154%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,774.3	+0.002%	—	$1.22B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.2	−0.037%	$15.2M	$42.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.141%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.4	−0.102%	$181.9M	$787.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.4	−0.063%	$161.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	−0.058%	$21.4M	$59.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.2	0.000%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.7	+0.019%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.5	+0.084%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.8	−0.015%	$972K	$13.5M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.7	−0.019%	$32.5M	$73.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,773.7	−0.019%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,773.6	−0.022%	$8.1M	$687.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.4	+0.043%	$93.4M	$323.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,777.1	+0.106%	$32.7M	$11.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0150%	1h	2,776	+0.066%	$259.1M	$211.5M	50x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,773.2	−0.035%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,774.3	+0.004%	$287.9M	$188.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,774	−0.006%	$7.4M	$1.2M	25x	as long as short