Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.015%

Price spread now: 01 Exchange against Katana Perps−0.037%7-day average +0.032% · you buy dearer than you sell

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

Long on Katana Perps Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.067%−$7 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.037%, 7d avg +0.032%

Together, before fees−0.017%−$2 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 01 Exchange is 0.069% cheaper against Katana Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,729.1	0.0100	pay 0.0100% / 8h	4h 47m	$498K	$3.2M	50x
Short	01 Exchange ETHUSD	2,728.1	0	get 0.0000% / 1h	47m 38s	$188K	$843K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.037%Rate

Funding earned: −$20.96
Price spread: −0.037% → +0.032%: −$6.88
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$38.63
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; 01 Exchange: live order book, 12 min ago. 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 01 Exchange live order book, 12 min ago	0.18 bp	8.6 bp −$9	11.1 bp −$111	doesn't fit	doesn't fit

Katana 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	2,727.7	−0.051%	$301K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.235%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,725.3	−0.139%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	−0.046%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.5	−0.060%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSDshort	0.0000%	1h	2,728.1	−0.037%	$188K	$843K	50x
Phoenix ETH	0.0000%	1h	2,741.2	+0.443%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.9	−0.045%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0029%	1h	2,727.1	−0.074%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,725.3	−0.139%	$54.3M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0040%	1h	2,726.7	−0.088%	$260.1M	$196.7M	50x	as long as short
BingX ETH-USDT	+0.0056%	8h	2,729.1	+0.001%	—	$1.14B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,727.5	−0.060%	$379.5M	$575.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,728.3	−0.030%	$1.66B	$10.67B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,726.6	−0.091%	$251.8M	$843.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.6	−0.093%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,727.4	−0.062%	$1.53B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727.4	−0.061%	$6.33B	$15.82B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,725.5	−0.132%	$111.9M	$434.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	−0.078%	$23.2M	$105.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.8	−0.048%	—	$30.4M	500x	as long as short
Bybit ETHUSDT	+0.0097%	8h	2,727.5	−0.060%	$2.38B	$4.32B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,730.3	+0.043%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,730.3	+0.045%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,729.1	long leg	$498K	$3.2M	50x
Nado ETH-PERP	+0.0100%	1h	2,727.5	−0.060%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	−0.070%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.9	−0.045%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,727.4	−0.062%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	+0.030%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.427%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.5	+0.015%	$3.35B	$8.76B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.7	−0.013%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.144%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.212%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.7	+0.132%	$181.8M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.003%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.109%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728	−0.040%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.9	−0.009%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729	−0.004%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.4	−0.062%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.4	−0.137%	$955K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,724.7	−0.163%	$1.05B	$1.19B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.8	−0.120%	$265.0M	$65.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.7	−0.053%	$30.4M	$72.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.7	−0.090%	$52.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,736.2	+0.260%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,729	−0.004%	$6.5M	$676.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,729.7	+0.021%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.040%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0223%	1h	2,726	−0.115%	$84.5M	$313.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,726.7	−0.087%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.1	+0.111%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0895%	1h	2,728	−0.042%	$21K	$20K	25x	as long as short