Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0034%/8h= −3.8% APRpaid last 24h −0.025%

Price spread now: Deribit against Orderly−0.038%7-day average −0.038% · you buy dearer than you sell

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.227%−$23 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.038%, 7d avg −0.038%

Together, before fees−0.215%−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,736.9	0.0197	pay 0.0197% / 8h	4h 04m	$32.2M	$11.7M	100x
Short	Deribit ETH-PERPETUAL	2,735.9	0.0163	get 0.0020% / 1h	4m 04s	$259.6M	$196.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$7.21
Price spread: −0.038% → −0.038%: $0.07
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$20.14
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 5 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 Deribit live order book, 5 min ago	0.55 bp	4.4 bp −$4	5.5 bp −$55	11.8 bp −$1,177	22.0 bp −$11.0K

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	−0.0447%	43m	2,733	−0.142%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.098%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.8	−0.113%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.6	−0.084%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.2	−0.098%	$187K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	−0.109%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.142%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,734.7	−0.080%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,734.2	−0.097%	$179K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,733.3	−0.133%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0044%	8h	2,734.8	−0.077%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,735	−0.068%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,732.3	−0.169%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,735.3	−0.059%	$380.5M	$573.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,735.2	−0.063%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,735.3	−0.060%	$265.8M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,735	−0.068%	$251.1M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,735.4	−0.056%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,735.3	−0.057%	$6.36B	$15.87B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,735.7	−0.043%	$112.8M	$441.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.9	0.000%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,733.6	−0.119%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732	−0.179%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,737.1	+0.007%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,734.4	−0.090%	$5.6M	$11.7M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.5	−0.123%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.4	−0.126%	$13.6M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,737.2	+0.012%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	−0.091%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.153%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.4	−0.091%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.117%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.3	−0.058%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.3	−0.058%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.5	−0.087%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.179%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.165%	$183.8M	$670.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.6	−0.121%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,733.5	−0.123%	$21.1M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,734.8	−0.076%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736	−0.032%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.2	−0.097%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736	−0.030%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,732.5	−0.160%	$957K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,734.5	−0.087%	$54.5M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.6	−0.121%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,736.5	−0.015%	$51.2M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0117%	1h	2,734	−0.105%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,734.2	−0.098%	$6.6M	$678.8M	4.9x	as long as short
Deribit ETH-PERPETUALshort	+0.0163%	1h	2,735.9	−0.038%	$259.6M	$196.3M	50x
Orderly PERP_ETH_USDClong	+0.0197%	8h	2,736.9	long leg	$32.2M	$11.7M	100x
Reya ETHRUSDPERP	+0.0216%	1h	2,733.6	−0.119%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.8	−0.039%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,734.2	−0.099%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0378%	8h	2,733.5	−0.125%	$283.3M	$175.7M	150x	as long as short