Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Nado+0.009%7-day average −0.053% · you sell dearer than you buy

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

Long on Nado Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.051%−$5 · spread now +0.009%, 7d avg −0.053%

Together, before fees−0.051%+ Points / potential airdropNado: Active · farm board−$5 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: Katana Perps is 0.062% dearer against Nado than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,722.8	0.0100	pay 0.0012% / 1h	37m 37s	$13.7M	$105.0M	50x
Short	Katana Perps ETH-USD	2,723	0.0100	get 0.0100% / 8h	2h 37m	$498K	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Nado. 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 NadobpFee Katana PerpsbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$0.04
Price spread: +0.009% → −0.053%: $6.23
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$4.62
Costs to cover: 0.108%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 2 min ago; Katana 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 Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.3 bp −$526	12.5 bp −$6,231
Sell Katana Perps no order-book sample	—	—	—	—	—

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	2,720.6	−0.080%	$284K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721.7	−0.039%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0013%	8h	2,719.7	−0.114%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,720.4	−0.088%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,724.5	+0.064%	$817K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,720.3	−0.089%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,719.1	−0.134%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0013%	1h	2,722.2	−0.021%	$10.8M	$42.3M	50x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,722.2	−0.021%	—	$18.5M	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,723.3	+0.020%	$186K	$785K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0041%	8h	2,722.6	−0.005%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0061%	1h	2,723.3	+0.019%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0066%	8h	2,720.3	−0.092%	$954K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0067%	1h	2,720	−0.101%	$178K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,722.4	−0.012%	$375.5M	$578.3M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,719.5	−0.121%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,722.8	0.000%	$252.0M	$845.1M	200x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,723.1	+0.012%	$1.56B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,722.9	+0.004%	$6.31B	$16.08B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,721.9	−0.033%	$258.8M	$205.0M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,722.8	+0.002%	$1.65B	$10.81B	100x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,720.5	−0.083%	$263.0M	$64.3M	150x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,717.2	−0.205%	$8.6M	$31.3M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,723.2	+0.015%	$111.3M	$432.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,724.3	+0.057%	$23.4M	$103.1M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,723	+0.009%	$498K	$3.4M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,725.4	+0.097%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,722.8	long leg	$13.7M	$105.0M	50x
Hyperliquid ETH	+0.0100%	1h	2,724.6	+0.068%	$3.08B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,723.6	+0.029%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722.8	+0.001%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,723.6	+0.029%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	+0.039%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,723.1	+0.013%	$3.30B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,723.1	+0.014%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,720	−0.102%	$14.9M	$43.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,720.3	−0.090%	$133.3M	$326.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,717.9	−0.179%	$184.1M	$675.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,719.5	−0.119%	$158.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,720.7	−0.076%	$20.9M	$72.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,723.5	+0.028%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,722.3	−0.017%	$11.2M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,720.7	−0.077%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,721.8	−0.037%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,720.5	−0.083%	$54.2M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.2	−0.021%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.8	−0.071%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,721.9	−0.031%	$49.8M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,723.8	+0.040%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,720.8	−0.072%	$6.3M	$691.3M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,721.4	−0.051%	$82.8M	$316.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,722.6	−0.008%	$32.0M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,720.2	−0.092%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0247%	8h	2,719	−0.137%	$281.7M	$174.2M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,719.3	−0.126%	$248K	$1.4M	20x	as long as short