Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0043%/8h= −4.7% APRpaid last 24h −0.034%

Price spread now: Bulk against Orderly+0.027%7-day average −0.062% · you sell dearer than you buy

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

Long on Orderly Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 3 days (all we have)−0.075%−$7 · spread now +0.027%, 7d avg −0.062%

Together, before fees−0.151%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bulk is 0.089% dearer against Orderly than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.062%): +$9 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,772.2	0.0143	pay 0.0143% / 8h	12m 07s	$32.6M	$12.2M	100x
Short	Bulk ETH-USD	2,773	0.0100	get 0.0013% / 1h	12m 07s	$170.1M	$265.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Orderly. 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 OrderlybpFee BulkbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$8.93
Price spread: +0.027% → −0.062%: $8.9
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$13.03
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 2 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 Orderly no order-book sample	—	—	—	—	—
Sell Bulk live order book, 2 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	4.1 bp −$408	5.5 bp −$2,755

Orderly: 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	−0.0223%	43m	2,771.4	−0.030%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770.7	−0.054%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.365%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	−0.062%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0022%	1h	2,771.4	−0.029%	$8.7M	$33.0M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.9	−0.048%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.2	+0.001%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.8	−0.015%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.8	−0.051%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.2	−0.072%	$1.70B	$11.88B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,770.9	−0.048%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,770.2	−0.074%	$270.0M	$68.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0030%	1h	2,772	−0.010%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,769.8	−0.088%	$255.6M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0035%	1h	2,769.3	−0.105%	$55.1M	$228.9M	40x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,770	−0.079%	$182K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,771	−0.045%	$259.0M	$222.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.8	−0.160%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.2	−0.109%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,769.9	−0.085%	$6.45B	$17.30B	150x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,769.9	−0.084%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,769.5	−0.098%	$3.29B	$9.68B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.7	−0.089%	$420.8M	$739.3M	100x	as long as short
Bybit ETHUSDT	+0.0088%	8h	2,770.3	−0.069%	$2.50B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0088%	8h	2,769.7	−0.090%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.1	−0.041%	$60.2M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,770.5	−0.061%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770	−0.080%	$115.2M	$500.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	−0.028%	$25.3M	$121.9M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,771.1	−0.039%	—	$1.1M	50x	as long as short
Nado ETH-PERP	+0.0098%	1h	2,770.6	−0.058%	$14.3M	$118.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.3	−0.068%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.073%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.2	−0.001%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.6	−0.023%	$31.2M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.8	−0.051%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.7	−0.019%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USDshort	+0.0100%	1h	2,773	+0.027%	$170.1M	$265.7M	25x
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.092%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.7	+0.018%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.6	−0.023%	$182.0M	$785.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.1	−0.039%	$161.1M	$90.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	−0.030%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.9	−0.048%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.7	−0.057%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	−0.045%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772	−0.008%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769	−0.115%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.5	−0.061%	—	$43.7M	500x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,771	−0.044%	$8.1M	$687.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,770.7	−0.054%	$90.3M	$338.3M	100x	as long as short
Orderly PERP_ETH_USDClong	+0.0143%	8h	2,772.2	long leg	$32.6M	$12.2M	100x
BloFin ETH-USDT	+0.0178%	8h	2,770	−0.080%	$286.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,770.3	−0.069%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,772.1	−0.005%	$252K	$1.6M	20x	as long as short