Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Derive against Pacifica+0.006%7-day average +0.035% · you sell dearer than you buy

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

Long on Pacifica Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.121%+$12 on $10k

Price spread, last 4 days (all we have)+0.010%+$1 · spread now +0.006%, 7d avg +0.035%

Together, before fees+0.131%+ Points / potential airdropPacifica: Active · farm board+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.030% cheaper against Pacifica than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica ETH	2,737.8	0.0100	pay 0.0013% / 1h	34m 25s	$32.1M	$333.7M	50x
Short	Derive ETH-PERP	2,738	0.0100	get 0.0013% / 1h	34m 25s	$41.3M	$29.9M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Pacifica. 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 PacificabpFee DerivebpOrdersPrice spread, now +0.006%Rate

Funding earned: $0
Price spread: +0.006% → +0.035%: −$2.98
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$16.98
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 5 min ago; 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 Pacifica live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.5 bp −$45	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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	2,736.7	−0.040%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.7	−0.004%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.7	−0.042%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,738.9	+0.040%	$823K	$2.9M	25x	as long as short
HTX ETH-USDT	+0.0003%	8h	2,736.2	−0.057%	$1.06B	$1.20B	200x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,737.1	−0.026%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.7	−0.041%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,736.2	−0.058%	$180K	$1.7M	20x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,736.2	−0.057%	—	$1.15B	—	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,737.1	−0.026%	$259.5M	$200.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0042%	8h	2,736.1	−0.063%	$2.37B	$4.37B	150x	as long as short
ApeX Omni ETHUSDT	+0.0044%	1h	2,737.4	−0.015%	$8.7M	$31.2M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,737.1	−0.026%	$187K	$817K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736.9	−0.033%	$381.7M	$573.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,736	−0.064%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0083%	8h	2,736.4	−0.052%	$265.3M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.8	−0.037%	$251.4M	$842.3M	200x	as long as short
SunX ETH-USDT	+0.0086%	8h	2,736.1	−0.062%	$960K	$11.2M	100x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,736	−0.066%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0093%	8h	2,736.3	−0.056%	$6.36B	$15.89B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,737.7	−0.004%	$112.9M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,738.4	+0.022%	$23.4M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,737.2	−0.020%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.7	−0.040%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,737.8	0.000%	$117K	$22.5M	52x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,736.3	−0.055%	$54.5M	$187.7M	40x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.4	+0.094%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.3	−0.055%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.1	−0.025%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.6	+0.029%	$3.11B	$2.04B	25x	as long as short
Pacifica ETHlong	+0.0100%	1h	2,737.8	long leg	$32.1M	$333.7M	50x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.2	−0.058%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.3	−0.017%	$1.5M	$15.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.3	−0.056%	$3.34B	$8.88B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.9	−0.071%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.4	−0.052%	$15.2M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,735.4	−0.089%	$133.6M	$322.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.2	−0.022%	$184.1M	$670.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,735.9	−0.068%	$159.2M	$87.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.007%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.3	−0.017%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.6	−0.007%	$11.2M	$9.2M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737.2	−0.022%	$21K	$20K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,738	+0.006%	$41.3M	$29.9M	15x
Bulk ETH-USD	+0.0100%	1h	2,739.4	+0.057%	$170.6M	$337.3M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.3	−0.092%	$30.6M	$73.0M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,737.3	−0.020%	$5.6M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,737.6	−0.009%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,737.4	−0.014%	$51.1M	$4.28B	50x	as long as short
Kalshi KXETHPERP	+0.0139%	8h	2,737.2	−0.022%	$6.5M	$682.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,737.1	−0.025%	$83.4M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,738.5	+0.027%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0212%	1h	2,735.1	−0.099%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,737.3	−0.020%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0375%	8h	2,736.7	−0.042%	$283.5M	$175.3M	150x	as long as short