Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0267%/8h= −29.2% APRpaid last 24h −0.082%

Price spread now: Hotstuff against Orderly−0.181%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Hotstuff is 0.181% cheaper against Orderly than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,743.9	0.0187	pay 0.0187% / 8h	5h 46m	$32.3M	$11.0M	100x
Short	Hotstuff ETH-PERP	2,738.9	−0.0080	pay 0.0010% / 1h	46m 00s	$5K	$1K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.181%Rate

Funding earned: −$56.05
Price spread: −0.181% → 0.000%: −$18.15
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$85.2
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Hotstuff: 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 Hotstuff no order-book sample	—	—	—	—	—

Orderly and Hotstuff: 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	−0.0112%	43m	2,740	−0.141%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERPshort	−0.0080%	1h	2,738.9	−0.181%	$5K	$1K	50x
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.030%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.4	−0.090%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.1	−0.174%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.7	−0.081%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,741.9	−0.072%	$845K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0046%	8h	2,741.1	−0.100%	—	$18.4M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,740.9	−0.109%	$182K	$916K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,740.9	−0.108%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0064%	8h	2,740.7	−0.117%	$377.1M	$597.6M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,741.3	−0.095%	$251.8M	$841.3M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,740.4	−0.128%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,738.7	−0.190%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,741.5	−0.087%	$1.57B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,741.7	−0.080%	$6.38B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0095%	1h	2,741	−0.106%	$181K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.9	−0.110%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.4	−0.091%	$112.7M	$431.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.7	−0.044%	$24.6M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,738.1	−0.210%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.8	−0.076%	$59.0M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743.3	−0.021%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.5	−0.160%	$473K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.9	−0.110%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743.7	−0.007%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.9	−0.145%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740.9	−0.109%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739	−0.178%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.4	−0.127%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.3	−0.021%	$163.1M	$304.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.9	−0.074%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.1	−0.102%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.7	−0.114%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.127%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.1	−0.100%	$181.5M	$691.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.6	+0.136%	$159.8M	$81.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,740.9	−0.108%	$8.7M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.8	−0.149%	$21.2M	$69.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741.4	−0.090%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.5	−0.087%	$10.7M	$8.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.2	−0.099%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.1	−0.028%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.7	−0.116%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.9	−0.109%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.8	−0.111%	$266.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,740.6	−0.121%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0131%	1h	2,743.1	−0.029%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0144%	1h	2,742.1	−0.065%	$258.8M	$195.6M	50x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,741.1	−0.101%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0187%	8h	2,743.9	long leg	$32.3M	$11.0M	100x
BloFin ETH-USDT	+0.0207%	8h	2,737.8	−0.220%	—	$176.6M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.4	−0.092%	$87.3M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,740.7	−0.118%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,740.9	−0.110%	$249K	$1.4M	20x	as long as short