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% APRnext payment +$0.00 per $10,000 · paid last 24h −0.011%

Price spread now: SoDEX against Ondo Perps−0.139%7-day average +0.008% · you buy dearer than you sell

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

Long on Ondo Perps Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.139%, 7d avg +0.008%

Together, before fees+0.120%+ Points / potential airdropOndo Perps: Active · farm board+$12 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: SoDEX is 0.147% cheaper against Ondo Perps than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps ETH-USD.P	2,728.6	0.0100	pay 0.0013% / 1h	20m 30s	$2.7M	$16.7M	25x
Short	SoDEX ETH-USD	2,724.8	0.0100	get 0.0013% / 1h	20m 30s	$54.3M	$187.7M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SoDEXbpOrdersPrice spread, now −0.139%Rate

Funding earned: $0
Price spread: −0.139% → +0.008%: −$14.74
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$27.74
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; SoDEX: live order book, 4 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell SoDEX live order book, 4 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	6.1 bp −$608	35.7 bp −$17.8K

Ondo 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	2,728	−0.023%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.6	+0.037%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,729.5	+0.032%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.315%	$814K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0008%	8h	2,724.7	−0.143%	$1.05B	$1.22B	200x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,729.7	+0.040%	$32.8M	—	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,729	+0.015%	$10.4M	$42.6M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.421%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,729.5	+0.032%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,729.4	+0.029%	$192K	$831K	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	+0.0043%	8h	2,729.3	+0.024%	$2.35B	$4.40B	150x	as long as short
SunX ETH-USDT	+0.0071%	8h	2,725.7	−0.107%	$957K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,729	+0.015%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,729.1	+0.017%	$374.4M	$577.3M	100x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,729.1	+0.019%	$252.5M	$845.7M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.7	−0.218%	$4.9M	$155K	20x	as long as short
Aftermath Perps ETHUSD	+0.0089%	1h	2,722.9	−0.208%	$30K	$20K	20x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,729.1	+0.018%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,729.6	+0.036%	$6.32B	$16.10B	150x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,725	−0.131%	$262.6M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.6	+0.037%	$112.3M	$435.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.8	+0.082%	$23.5M	$103.9M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,729.5	+0.032%	$1.67B	$10.86B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.303%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.1	+0.018%	$504K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732.4	+0.139%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.9	+0.010%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.9	+0.084%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.8	+0.043%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.Plong	+0.0100%	1h	2,728.6	long leg	$2.7M	$16.7M	25x
Arcus ETH-USD	+0.0100%	1h	2,729.8	+0.045%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.223%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.5	+0.033%	$3.30B	$9.01B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.9	+0.010%	$2.09B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,724.9	−0.135%	$14.9M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,724.5	−0.151%	$133.3M	$327.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,720	−0.314%	$184.3M	$677.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.298%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.3	−0.084%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.7	+0.040%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730.2	+0.059%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.6	+0.037%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,726.4	−0.082%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USDshort	+0.0100%	1h	2,724.8	−0.139%	$54.3M	$187.7M	40x
Extended ETH-USD	+0.0104%	1h	2,728.4	−0.008%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,729.3	+0.024%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.2	−0.088%	$49.7M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,729.7	+0.042%	$5.6M	$11.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0124%	1h	2,725.9	−0.100%	$259.3M	$207.9M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,726	−0.095%	$6.8M	$692.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,725.3	−0.119%	$82.9M	$311.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,731.6	+0.108%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0199%	1h	2,728.2	−0.016%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,724.9	−0.136%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0369%	8h	2,725	−0.131%	$280.9M	$174.3M	150x	as long as short