Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.008%

Price spread now: 01 Exchange against OKX+0.003%7-day average +0.033% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on OKX Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.042%+$4 · spread now +0.003%, 7d avg +0.033%

Together, before fees+0.028%+$3 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 0.030% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX ETH-USDT-SWAP	2,771.7	0.0022	pay 0.0022% / 8h	2h 47m	$1.70B	$11.85B	100x
Short	01 Exchange ETHUSD	2,771.8	−0.0072	pay 0.0009% / 1h	47m 05s	$172K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.003%Rate

Funding earned: −$19.78
Price spread: +0.003% → +0.033%: −$3
Slippage, 4 orders: −$11.14
Fee OKX: 5 bp × 2 orders: −$10
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$50.92
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; 01 Exchange: 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	5.5 bp −$549	7.4 bp −$3,712
Sell 01 Exchange live order book, 2 min ago	0.18 bp	9.7 bp −$10	12.4 bp −$124	doesn't fit	doesn't fit

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	2,771.7	0.000%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.088%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.037%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772	+0.010%	$5K	$2K	50x	as long as short
01 Exchange ETHUSDshort	−0.0072%	1h	2,771.8	+0.003%	$172K	$1.2M	50x
Phoenix ETH	−0.0023%	1h	2,771.8	+0.003%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.9	+0.005%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.028%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	+0.021%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0018%	8h	2,771.7	−0.003%	$266.7M	$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-SWAPlong	+0.0022%	8h	2,771.7	long leg	$1.70B	$11.85B	100x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.2	+0.015%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0031%	1h	2,772.8	+0.038%	$29K	$21K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.5	−0.080%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.9	+0.006%	$1.59B	$2.63B	500x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.4	−0.011%	$255.9M	$996.3M	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.7	0.000%	$6.44B	$17.18B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,772.1	+0.013%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.8	+0.001%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,771.3	−0.016%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.069%	$141.1M	$319.9M	—	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,771.6	−0.005%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.018%	$115.2M	$508.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.6	+0.066%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	+0.017%	—	$41.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771.6	−0.006%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.8	+0.003%	$481K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	−0.018%	$16.1M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.5	+0.100%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772	+0.010%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.7	−0.001%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	−0.030%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.8	+0.073%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.032%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772	+0.008%	$425.2M	$744.0M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,771.7	−0.003%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.4	+0.023%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	−0.085%	$178.2M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.079%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	−0.019%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.1	+0.013%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.8	+0.039%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.3	+0.019%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.9	+0.077%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.3	−0.053%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,770.6	−0.041%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.4	−0.011%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.3	+0.057%	$60.1M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.5	+0.028%	$8.6M	$670.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,774.6	+0.104%	$32.5M	$11.8M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,771.7	−0.002%	$287.0M	$195.7M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,773.7	+0.071%	$259.0M	$223.0M	50x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	−0.038%	$7.5M	$1.0M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773	+0.045%	$88.5M	$329.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	−0.030%	$273K	$1.5M	20x	as long as short