Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.028%

Price spread now: gTrade (Gains Network) against Paradex−0.149%7-day average −0.045% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$140.145% of the position

Long on Paradex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.093%−$9 on $10k

Price spread, last 7 days+0.159%+$16 · spread now −0.149%, 7d avg −0.045%

Together, before fees+0.066%+ Points / potential airdropParadex: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.104% cheaper against Paradex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,731.9	0.0099	pay 0.0099% / 8h	4h 47m	$15.8M	$8.0M	50x
Short	gTrade (Gains Network) ETH/USD	2,727.9	L +0.0007% / S −0.0007%	get 0.0001% / 1h	47m 50s	$25.7M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.149%Rate

Funding earned: −$19.33
Price spread: −0.149% → −0.045%: −$10.39
Slippage, 4 orders: −$3.48
Fee Paradex: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 3.5 bp × 2 orders: −$7
Net: −$44.2
Costs to cover: 0.145%
Break-even: never at this rate

Slippage from Paradex: live order book, 1 min ago; gTrade (Gains Network): virtual book (oracle venue), 1 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, 1 min ago	1.19 bp	3.2 bp −$3	5.3 bp −$53	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	0.53 bp	4.0 bp −$4	4.1 bp −$41	5.0 bp −$501	8.9 bp −$4,459

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	2,727.7	−0.154%	$301K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.5	+0.131%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	+0.007%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	−0.149%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.5	−0.163%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,727.9	−0.147%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.340%	$834K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USDshort	L +0.0007% / S −0.0007%	1h	2,727.9	−0.149%	$25.7M	—	200x
Bullet ETH-USD	+0.0029%	1h	2,727.1	−0.178%	$180K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,725.3	−0.242%	$54.3M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0040%	1h	2,726.7	−0.191%	$260.1M	$196.7M	50x	as long as short
BingX ETH-USDC	+0.0056%	8h	2,724.6	−0.267%	—	$18.4M	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,725.4	−0.239%	$379.2M	$575.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,727.8	−0.150%	$1.66B	$10.67B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,726.9	−0.184%	$251.8M	$842.9M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,726.6	−0.196%	$4.9M	$154K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,727	−0.181%	$6.33B	$15.82B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,725.2	−0.246%	$1.53B	$2.54B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,725.5	−0.235%	$111.9M	$434.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727	−0.181%	$23.2M	$105.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,727.8	−0.152%	—	$30.4M	500x	as long as short
Bybit ETHUSDT	+0.0097%	8h	2,727.4	−0.165%	$2.38B	$4.32B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,729.8	−0.078%	$5.6M	$11.5M	25x	as long as short
Paradex ETH-USD-PERPlong	+0.0099%	8h	2,731.9	long leg	$15.8M	$8.0M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,728.3	−0.132%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.6	−0.158%	$13.8M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.2	−0.173%	$3.09B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.9	−0.148%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.4	−0.129%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.9	−0.074%	$2.8M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.324%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.1	−0.251%	$3.34B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.5	−0.272%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.247%	$14.9M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,734.9	+0.109%	$133.1M	$324.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738	+0.222%	$182.0M	$665.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739	+0.258%	$159.4M	$84.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,735.3	+0.124%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.1	+0.007%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.8	−0.079%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729	−0.107%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.4	−0.165%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,725.4	−0.240%	$955K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,724.7	−0.266%	$1.05B	$1.19B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725.8	−0.223%	$265.0M	$65.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.4	−0.276%	$30.4M	$72.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,726.7	−0.193%	$52.0M	$4.25B	50x	as long as short
Aftermath Perps ETHUSD	+0.0120%	1h	2,736.2	+0.156%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,729	−0.107%	$6.5M	$676.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,729.7	−0.082%	$32.1M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,728	−0.143%	$284.8M	$173.9M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0223%	1h	2,726	−0.218%	$84.5M	$313.3M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,726.7	−0.191%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,732.1	+0.008%	$254K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0895%	1h	2,728	−0.145%	$21K	$20K	25x	as long as short