Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.011%

Price spread now: Derive against Orderly−0.050%7-day average −0.023% · you buy dearer than you sell

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

Long on Orderly Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$11 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.050%, 7d avg −0.023%

Together, before fees−0.078%−$8 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 Derive is 0.027% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,721.2	0.0189	pay 0.0189% / 8h	2h 31m	$32.0M	$11.4M	100x
Short	Derive ETH-PERP	2,719.9	0.0100	get 0.0013% / 1h	31m 48s	$40.8M	$30.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.050%Rate

Funding earned: −$18.59
Price spread: −0.050% → −0.023%: −$2.72
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Derive: 3 bp × 2 orders: −$6
Net: −$33.3
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Derive: 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 Orderly no order-book sample	—	—	—	—	—
Sell Derive no order-book sample	—	—	—	—	—

Orderly and Derive: 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	2,720.2	−0.036%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.2	−0.111%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718.4	−0.103%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.7	−0.057%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	+0.014%	$815K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,719.8	−0.054%	$30.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	+0.010%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0011%	1h	2,720.4	−0.030%	$10.7M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,719.7	−0.056%	$258.7M	$206.2M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,720.6	−0.023%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0033%	8h	2,718.2	−0.110%	—	$1.14B	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,717.5	−0.135%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,719.6	−0.058%	$953K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0070%	1h	2,719.1	−0.078%	$179K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,721.9	+0.024%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,718.4	−0.102%	$374.3M	$577.9M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,718.7	−0.094%	$251.5M	$843.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.9	−0.197%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,717.4	−0.140%	$1.66B	$10.77B	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,718.4	−0.105%	$6.29B	$16.07B	150x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,718.4	−0.104%	$1.56B	$2.58B	500x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,719.1	−0.079%	$262.8M	$64.3M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,719.2	−0.074%	$111.2M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720.7	−0.020%	$23.3M	$103.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,719.6	−0.060%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	+0.059%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720.2	−0.037%	$13.8M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721.3	+0.003%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,720.9	−0.012%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,718.6	−0.096%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,720.8	−0.016%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.083%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.3	−0.106%	$3.30B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,717.7	−0.130%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718.6	−0.096%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	+0.074%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	+0.106%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	+0.087%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,724.6	+0.123%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,718	−0.118%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,720.6	−0.023%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,720.9	−0.012%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.7	−0.055%	$22K	$21K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,719.9	−0.050%	$40.8M	$30.1M	15x
SoDEX ETH-USD	+0.0100%	1h	2,718.7	−0.093%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.8	−0.125%	$30.5M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.3	−0.033%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720.4	−0.032%	$49.7M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,720.8	−0.015%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,720	−0.045%	$6.5M	$691.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.4	−0.067%	$82.7M	$315.7M	100x	as long as short
Orderly PERP_ETH_USDClong	+0.0189%	8h	2,721.2	long leg	$32.0M	$11.4M	100x
Reya ETHRUSDPERP	+0.0201%	1h	2,718.3	−0.106%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	−0.030%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	−0.126%	$281.2M	$174.1M	150x	as long as short