Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0906%/8h= −99.2% APRpaid last 24h −0.055%

Price spread now: Injective against Orderly+0.191%58s7-day average −0.017% · you sell dearer than you buy

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

Long on Orderly Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.346%−$35 · spread now +0.191%, 7d avg −0.017%

Together, before fees−0.413%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 0.207% dearer against Orderly than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of −0.017%): +$21 on $10k if it goes back. Holding the pair costs −$27 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 7 days (−0.067% in total) that is about 22 days. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,771.6	0.0154	pay 0.0154% / 8h	7h 19m	$32.6M	$11.1M	100x
Short	Injective ETH/USDC PERP	2,776.9	−0.0752	pay 0.0094% / 1h	19m 51s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Orderly. 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 OrderlybpFee InjectivebpOrdersPrice spread, now +0.191%Rate

Funding earned: −$190.3
Price spread: +0.191% → −0.017%: $20.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$175.61
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Injective: 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 Orderly no order-book sample	—	—	—	—	—
Sell Injective live order book, 4 min ago	7.02 bp	52.4 bp −$52	54.0 bp −$540	54.3 bp −$5,433	doesn't fit

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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,776.9	+0.191%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,767.9	−0.135%	$5.6M	$11.1M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.9	−0.135%	$322K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.8	−0.138%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,767.9	−0.134%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.014%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,767.8	−0.137%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.9	−0.099%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,768.1	−0.129%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,766.3	−0.192%	$1.71B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0032%	1h	2,768.2	−0.123%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,768.7	−0.106%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0047%	8h	2,767	−0.167%	$255.9M	$884.9M	200x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,766.5	−0.184%	$3.37B	$9.05B	200x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,766.1	−0.198%	$6.47B	$16.28B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,767	−0.167%	$1.63B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.2	−0.124%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.8	+0.006%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,766.4	−0.187%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.4	−0.082%	$60.3M	$4.42B	50x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,768.3	−0.121%	$269.4M	$67.4M	150x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,768.3	−0.121%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,767.7	−0.140%	$420.0M	$619.7M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,766.5	−0.184%	$114.8M	$458.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,768.1	−0.127%	$25.6M	$111.7M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0097%	1h	2,769.7	−0.070%	$259.1M	$204.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	−0.062%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.9	−0.134%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767	−0.166%	$14.6M	$113.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,768.7	−0.105%	$3.17B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.8	−0.139%	$31.2M	$325.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,766.4	−0.190%	$2.51B	$4.34B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.8	−0.174%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.5	−0.113%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.044%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,766.4	−0.190%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.6	−0.147%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.111%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.9	+0.008%	$182.0M	$784.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775.8	+0.149%	$161.4M	$84.7M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.6	+0.001%	$8.7M	$32.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,768.8	−0.102%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.138%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.3	−0.082%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.4	−0.044%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.156%	$970K	$13.1M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768	−0.130%	$1.08B	$1.25B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.5	−0.184%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	−0.096%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,768.8	−0.102%	$8.0M	$679.1M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.6	−0.072%	$96.0M	$318.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771	−0.023%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDClong	+0.0154%	8h	2,771.6	long leg	$32.6M	$11.1M	100x
BloFin ETH-USDT	+0.0182%	8h	2,768.7	−0.105%	$287.1M	$181.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,767.5	−0.149%	$7.3M	$1.1M	25x	as long as short