Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h 0.000%

Price spread now: Deribit against Paradex+0.035%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1561.556% of the position

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.197%−$20 · spread now +0.035%, 7d avg −0.057%

Together, before fees−0.193%+ Points / potential airdropParadex: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Deribit is 0.092% dearer against Paradex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,770.8	0.0100	pay 0.0100% / 8h	2h 45m	$15.9M	$10.9M	50x
Short	Deribit ETH-PERPETUAL	2,771.7	0.0143	get 0.0018% / 1h	45m 53s	$259.0M	$223.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.035%Rate

Funding earned: $9.1
Price spread: +0.035% → −0.057%: $9.18
Slippage, 4 orders: −$144.61
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$137.32
Costs to cover: 1.556%
Break-even: 112.6 days

Slippage from Paradex: live order book, 3 min ago; Deribit: live order book, 3 min ago.

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 Paradex live order book, 3 min ago	71.65 bp	73.6 bp −$74	73.6 bp −$736	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.09 bp	3.7 bp −$4	4.6 bp −$46	10.8 bp −$1,076	21.5 bp −$10.7K

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	2,770.6	−0.005%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.054%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.003%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.8	+0.073%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.1	+0.011%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,771.8	+0.037%	$796K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.1	+0.011%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.062%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.1	+0.010%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0019%	8h	2,769.8	−0.035%	$266.5M	$65.9M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,769.3	−0.054%	$1.70B	$11.84B	100x	as long as short
Aftermath Perps ETHUSD	+0.0025%	1h	2,772.5	+0.061%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,771	+0.008%	$13.1M	—	200x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,768	−0.101%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.4	−0.013%	$1.59B	$2.63B	500x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,770.1	−0.025%	$255.9M	$995.6M	200x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,769.9	−0.033%	$6.44B	$17.18B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,770.4	−0.013%	$3.29B	$9.56B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,769.5	−0.048%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,770	−0.028%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.034%	$141.1M	$319.9M	—	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,769.7	−0.039%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,770.4	−0.013%	$115.1M	$508.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.8	+0.037%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.4	+0.023%	—	$41.9M	500x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,770.8	long leg	$15.9M	$10.9M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,771.4	+0.022%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,770.7	−0.004%	$16.1M	$114.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	+0.062%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.4	+0.021%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.4	−0.052%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.2	−0.021%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.2	+0.086%	$2.8M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.002%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.2	−0.021%	$424.9M	$743.2M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.3	−0.017%	—	$1.19B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.1	−0.025%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.4	−0.051%	$178.2M	$790.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.5	−0.045%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.2	+0.015%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771.5	+0.025%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.6	+0.030%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.4	+0.023%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.053%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.4	−0.049%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,769.5	−0.047%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.6	−0.043%	$31.4M	$76.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.6	+0.028%	$60.0M	$4.64B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,772	+0.044%	$8.6M	$670.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0129%	8h	2,773.1	+0.085%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUALshort	+0.0143%	1h	2,771.7	+0.035%	$259.0M	$223.0M	50x
BloFin ETH-USDT	+0.0164%	8h	2,771.7	+0.032%	$287.0M	$195.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,769.4	−0.051%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.2	+0.014%	$88.4M	$329.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0392%	1h	2,773.5	+0.099%	$273K	$1.5M	20x	as long as short