Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.022%

Price spread now: Perpl against Ondo Perps+0.010%47s7-day average +0.045% · you sell dearer than you buy

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

Long on Ondo Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 7 days+0.309%+$31 · spread now +0.010%, 7d avg +0.045%

Together, before fees+0.361%+ Points / potential airdropOndo Perps: Active · Perpl: Active · farm board+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Perpl is 0.035% cheaper against Ondo Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.053% in total (about 2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,775.9	0.0100	pay 0.0013% / 1h	14m 29s	$2.9M	$16.6M	25x
Short	Perpl ETH	2,776.2	−0.0112	pay 0.0010% / 43m	1m 29s	$289K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Ondo 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 Ondo PerpsbpFee PerplbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$44.44
Price spread: +0.010% → +0.045%: −$3.51
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$66.76
Costs to cover: 0.188%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Perpl: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Ondo Perps and Perpl: 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 ETHshort	−0.0112%	43m	2,776.2	+0.010%	$289K	$6.9M	8.3x
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	+0.025%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.4	+0.054%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.5	+0.022%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,780	+0.148%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.4	+0.019%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777	+0.039%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,776.9	+0.035%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.5	+0.059%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,776.9	+0.035%	$267.4M	$66.0M	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	+0.0022%	8h	2,776.1	+0.005%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,777.5	+0.056%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,777.7	+0.063%	$8.8M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,776.6	+0.026%	$256.8M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,775.2	−0.026%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,776.7	+0.028%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,776.5	+0.021%	$6.45B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,776.6	+0.027%	$3.28B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,776.4	+0.018%	$2.10B	$3.13B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,778.6	+0.096%	$258.5M	$225.1M	50x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,776.8	+0.032%	$183K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,777.1	+0.042%	$115.1M	$514.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.6	+0.095%	$25.4M	$123.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.9	+0.037%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	+0.034%	$141.1M	$320.7M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.5	+0.021%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.9	+0.036%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.7	+0.029%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.5	+0.130%	$3.20B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	+0.047%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776	+0.003%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,775.9	long leg	$2.9M	$16.6M	25x
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.085%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.079%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.8	+0.032%	$422.8M	$742.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,776.5	+0.021%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.3	+0.051%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.2	+0.047%	$179.9M	$795.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.2	+0.119%	$161.6M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	+0.036%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.4	+0.053%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.3	+0.050%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.7	+0.064%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.2	+0.120%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.3	−0.023%	$972K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.9	+0.036%	$55.3M	$228.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,775.5	−0.016%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,775.8	−0.002%	$31.4M	$75.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.7	+0.102%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.1	+0.043%	$8.5M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.7	+0.138%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0172%	8h	2,776.9	+0.036%	$284.4M	$196.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,775.8	−0.005%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.3	+0.087%	$87.0M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0448%	1h	2,780	+0.146%	$282K	$1.5M	20x	as long as short