Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.028%

Price spread now: Nado against Orderly−0.050%7-day average −0.082% · you buy dearer than you sell

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

Long on Orderly Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.065%−$6 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.050%, 7d avg −0.082%

Together, before fees−0.070%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.032% dearer against Orderly than usual: you sell high and buy low (spread −0.050% now, against its 7-day average of −0.082%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,730.3	0.0185	pay 0.0185% / 8h	52m 48s	$32.2M	$11.3M	100x
Short	Nado ETH-PERP	2,728.9	0.0100	get 0.0012% / 1h	52m 48s	$14.0M	$104.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.050%Rate

Funding earned: −$17.78
Price spread: −0.050% → −0.082%: $3.18
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$27.61
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 1 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 Nado live order book, 1 min ago	0.18 bp	3.7 bp −$4	3.8 bp −$38	6.1 bp −$608	14.3 bp −$7,160

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
ApeX Omni ETHUSDT	−0.0132%	1h	2,727.7	−0.094%	$8.6M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,729.6	−0.024%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,730	−0.010%	$812K	$3.0M	25x	as long as short
BloFin ETH-USDT	−0.0011%	8h	2,728.3	−0.074%	$281.5M	$177.2M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.6	−0.063%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.6	+0.011%	$10.5M	$42.7M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.3	−0.035%	$6.5M	$681.1M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,728.1	−0.078%	$287K	$5.8M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,729.2	−0.039%	$262.4M	$212.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.7	−0.058%	$32.9M	—	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-USDT	+0.0020%	8h	2,728.9	−0.051%	—	$1.10B	—	as long as short
Bybit ETHUSDT	+0.0024%	8h	2,728.7	−0.059%	$2.33B	$4.38B	150x	as long as short
HTX ETH-USDT	+0.0030%	8h	2,727.9	−0.088%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,729.7	−0.021%	$192K	$891K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,731.1	+0.031%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,728.9	−0.048%	$82.0M	$309.7M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,729.4	−0.032%	$384.9M	$577.7M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0077%	8h	2,728.7	−0.058%	$1.65B	$10.85B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,729	−0.045%	$252.8M	$849.3M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,728.9	−0.050%	$1.54B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,729.3	−0.036%	$6.31B	$16.15B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,729.2	−0.038%	$112.5M	$428.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.4	+0.004%	$23.5M	$101.8M	50x	as long as short
Hibachi ETH/USDT-P	+0.0096%	1h	2,731.5	+0.045%	$242K	$1.4M	20x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,725.8	−0.165%	$4.9M	$179K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729	−0.046%	$502K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,733.7	+0.125%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,728.9	−0.050%	$14.0M	$104.8M	50x
Hyperliquid ETH	+0.0100%	1h	2,731	+0.027%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730	−0.009%	$32.2M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.5	+0.009%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.7	−0.019%	$1.5M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.4	−0.030%	$3.31B	$8.84B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.9	−0.050%	$2.11B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.6	−0.062%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.9	−0.123%	$133.9M	$319.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.098%	$185.5M	$682.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.3	−0.035%	$158.6M	$83.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.1	−0.042%	$21.0M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.3	+0.002%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	−0.013%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,728	−0.082%	$185K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,728.9	−0.051%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.5	+0.009%	$40.9M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,728.4	−0.070%	$957K	$10.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,728.3	−0.072%	$54.4M	$187.2M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.9	−0.049%	$262.9M	$64.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729	−0.047%	$162.7M	$352.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,729.9	−0.013%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.1	−0.079%	$30.4M	$72.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,729.3	−0.034%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729.3	−0.034%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,729.6	−0.023%	$5.6M	$11.6M	25x	as long as short
Orderly PERP_ETH_USDClong	+0.0185%	8h	2,730.3	long leg	$32.2M	$11.3M	100x
Reya ETHRUSDPERP	+0.0185%	1h	2,727.3	−0.108%	$7.3M	$975K	25x	as long as short