Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.017%

Price spread now: Nado against OKX−0.025%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.025%, 7d avg +0.020%

Together, before fees+0.060%+ Points / potential airdropNado: Active · farm board+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.045% cheaper against OKX than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.020%). If the spread goes back, that is −$5 on $10k: about 3.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,780.9	0.0018	pay 0.0018% / 8h	57m 13s	$1.70B	$11.89B	100x
Short	Nado ETH-PERP	2,780.2	0.0062	get 0.0008% / 1h	57m 13s	$14.3M	$118.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against OKX. 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 OKXbpFee NadobpOrdersPrice spread, now −0.025%Rate

Funding earned: $9.22
Price spread: −0.025% → +0.020%: −$4.53
Slippage, 4 orders: −$0.4
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$12.7
Costs to cover: 0.174%
Break-even: 16.6 days

Slippage from OKX: live order book, 2 min ago; Nado: live order book, 2 min ago.

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 OKX live order book, 2 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$510	6.8 bp −$3,422
Sell Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.6 bp −$555	13.8 bp −$6,915

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	2,779.7	−0.041%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,779.8	−0.040%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,777.7	−0.114%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,779.7	−0.042%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,780.4	−0.017%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,779.4	−0.052%	$12.7M	$45.8M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.7	−0.078%	$881K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0001%	1h	2,777.9	−0.106%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,781.4	+0.019%	$22.5M	—	200x	as long as short
BingX ETH-USDT	+0.0014%	8h	2,780.8	−0.003%	—	$1.21B	—	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-SWAPlong	+0.0018%	8h	2,780.9	long leg	$1.70B	$11.89B	100x
Phemex ETHUSDT	+0.0022%	8h	2,780.5	−0.012%	$270.9M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,781.3	+0.016%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0028%	1h	2,780.5	−0.013%	$182K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,780.3	−0.022%	$254.9M	$996.0M	200x	as long as short
ApeX Omni ETHUSDT	+0.0049%	1h	2,776.4	−0.163%	$8.8M	$32.7M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0056%	1h	2,782.1	+0.045%	$258.7M	$222.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,780.8	−0.003%	$6.45B	$17.23B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,780.8	−0.003%	$1.60B	$2.62B	500x	as long as short
Nado ETH-PERPshort	+0.0062%	1h	2,780.2	−0.025%	$14.3M	$118.2M	50x
Bitget ETHUSDT	+0.0064%	8h	2,780.7	−0.005%	$2.10B	$3.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,779.4	−0.052%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0070%	8h	2,780.8	−0.004%	$3.30B	$9.56B	200x	as long as short
SoDEX ETH-USD	+0.0084%	1h	2,780.7	−0.006%	$55.4M	$229.0M	40x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,780.3	−0.021%	$1.08B	$1.32B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,782	+0.042%	$60.2M	$4.61B	50x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,780.9	+0.001%	$2.52B	$4.63B	150x	as long as short
KuCoin ETHUSDTM	+0.0092%	8h	2,780.2	−0.024%	$423.7M	$739.4M	100x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,780.5	−0.012%	—	$1.1M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,781	+0.003%	$115.3M	$492.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,782.6	+0.063%	$25.5M	$120.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,779.2	−0.059%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,779.9	−0.035%	$478K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,783.2	+0.083%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,779.7	−0.043%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,779	−0.068%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,781.1	+0.006%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	−0.106%	$168.1M	$250.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,779.6	−0.047%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.9	−0.178%	$147.5M	$336.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.8	−0.145%	$181.7M	$779.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.9	−0.143%	$161.5M	$90.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,779.1	−0.064%	$21.5M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,782	+0.040%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,780.7	−0.006%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,782.9	+0.074%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,780.1	−0.029%	$974K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,780.2	−0.023%	$32.6M	$77.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,781.3	+0.015%	—	$41.8M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,781.9	+0.038%	$86.6M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,780.7	−0.006%	$8.3M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,783.5	+0.093%	$32.7M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,780.3	−0.019%	$285.2M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0196%	1h	2,780.7	−0.008%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0296%	1h	2,780.2	−0.024%	$270K	$1.5M	20x	as long as short