Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.045%

Price spread now: Jupiter Perps against Katana Perps+0.091%7-day average +0.013% · you sell dearer than you buy

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

Long on Katana Perps Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.138%−$14 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now +0.091%, 7d avg +0.013%

Together, before fees−0.218%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Jupiter Perps is 0.078% dearer against Katana Perps than usual: you sell high and buy low (spread +0.091% now, against its 7-day average of +0.013%): +$8 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,768.9	0.0100	pay 0.0100% / 8h	2h 45m	$481K	$2.7M	50x
Short	Jupiter Perps ETH-PERP	2,771.4	L +0.0096% / S +0.0048%	pay 0.0006% / 1h	45m 45s	—	$41.9M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter 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 Jupiter PerpsbpOrdersPrice spread, now +0.091%Rate

Funding earned: −$31.04
Price spread: +0.091% → +0.013%: $7.82
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: −$39.02
Costs to cover: 0.158%
Break-even: never at this rate

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

Katana Perps and Jupiter 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	2,770.6	+0.062%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	+0.014%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	+0.065%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.8	+0.141%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.1	+0.079%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.8	+0.105%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,768.4	−0.019%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.7	+0.066%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.1	+0.078%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,769.8	+0.033%	$266.5M	$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	+0.0023%	8h	2,768.2	−0.026%	$1.70B	$11.83B	100x	as long as short
Aftermath Perps ETHUSD	+0.0025%	1h	2,772.5	+0.129%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,771	+0.076%	$13.1M	—	200x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,768	−0.033%	$5.0M	$636K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,770	+0.038%	$255.9M	$995.5M	200x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,768.3	−0.021%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0045%	8h	2,768.3	−0.021%	$6.43B	$17.18B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,770.4	+0.055%	$3.29B	$9.56B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,768.2	−0.027%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,770	+0.040%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	+0.034%	$141.1M	$319.9M	—	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,769.7	+0.029%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,769.6	+0.023%	$115.1M	$509.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.4	+0.092%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERPshort	L +0.0096% / S +0.0048%	1h	2,771.4	+0.091%	—	$41.9M	500x
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.1	−0.030%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,768.9	long leg	$481K	$2.7M	50x
Nado ETH-PERP	+0.0100%	1h	2,770.7	+0.064%	$16.1M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.1	+0.116%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.3	+0.015%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768	−0.031%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.2	−0.025%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.4	+0.054%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.070%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.7	+0.027%	$424.8M	$742.5M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,768.3	−0.021%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.1	+0.043%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	+0.017%	$178.2M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	+0.023%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	+0.083%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.5	+0.093%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.6	+0.098%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.4	+0.091%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.121%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.4	+0.019%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,769.5	+0.021%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.8	−0.041%	$31.5M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.6	+0.096%	$60.0M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,772	+0.112%	$8.6M	$670.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,773.1	+0.153%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0143%	1h	2,771.7	+0.103%	$259.0M	$223.0M	50x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,771.7	+0.100%	$287.0M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,769.4	+0.017%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.2	+0.082%	$88.4M	$329.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,773.5	+0.167%	$273K	$1.5M	20x	as long as short