Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0140%/8h= −15.4% APRpaid last 24h −0.027%

Price spread now: Injective against Paradex−0.097%7-day average −0.036% · 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−$235as in the Price arb table

costs, in and out, $10k−$2282.284% of the position

Long on Paradex Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.023%−$2 on $10k

Price spread, last 3 days (all we have)−0.217%−$22 · spread now −0.097%, 7d avg −0.036%

Together, before fees−0.240%+ Points / potential airdropParadex: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Injective is 0.061% cheaper against Paradex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,776.5	0.0100	pay 0.0100% / 8h	1h 53m	$16.0M	$10.7M	50x
Short	Injective ETH/USDC PERP	2,773.8	−0.0041	pay 0.0005% / 1h	53m 50s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.097%Rate

Funding earned: −$29.48
Price spread: −0.097% → −0.036%: −$6.15
Slippage, 4 orders: −$224.38
Fee Paradex: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$264.03
Costs to cover: 2.284%
Break-even: never at this rate

Slippage from Paradex: live order book, just now; Injective: live order book, just now.

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, just now	68.60 bp	97.7 bp −$98	105.5 bp −$1,055	doesn't fit	doesn't fit
Sell Injective live order book, just now	14.58 bp	45.5 bp −$45	46.5 bp −$465	46.6 bp −$4,663	doesn't fit

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	2,775.2	−0.046%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,776.2	−0.011%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.7	+0.007%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERPshort	−0.0041%	1h	2,773.8	−0.097%	$119K	$22.5M	52x
01 Exchange ETHUSD	−0.0040%	1h	2,776.2	−0.011%	$169K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,775.6	−0.032%	$886K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.2	+0.025%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0006%	1h	2,772.8	−0.132%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.3	−0.080%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,772.8	−0.132%	—	$1.19B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado ETH-PERP	+0.0018%	1h	2,775.5	−0.035%	$14.3M	$118.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,772.5	−0.144%	$1.71B	$11.88B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,773.2	−0.120%	$267.2M	$65.9M	150x	as long as short
Hibachi ETH/USDT-P	+0.0024%	1h	2,778.4	+0.069%	$277K	$1.5M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,774.4	−0.077%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.4	−0.112%	$256.5M	$993.8M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0042%	1h	2,774.9	−0.058%	$258.4M	$225.0M	50x	as long as short
Bullet ETH-USD	+0.0050%	1h	2,773.7	−0.101%	$182K	$1.8M	20x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,773	−0.126%	$1.61B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,772.8	−0.134%	$6.43B	$17.20B	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772.2	−0.154%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,772.7	−0.138%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,773.4	−0.112%	$3.28B	$9.53B	200x	as long as short
SoDEX ETH-USD	+0.0092%	1h	2,773.2	−0.119%	$55.2M	$228.6M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,773.2	−0.120%	$115.0M	$494.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	−0.069%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.8	+0.011%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.157%	$135.2M	$326.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,773.5	−0.110%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,776.5	long leg	$16.0M	$10.7M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,776.3	−0.007%	$482K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,775	−0.054%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.1	+0.023%	$31.3M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.7	−0.137%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	−0.011%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.7	+0.080%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.200%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,772.9	−0.131%	$424.1M	$740.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.2	−0.120%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.2	−0.300%	$179.4M	$778.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	−0.206%	$161.2M	$96.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,767.8	−0.312%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777	+0.018%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,775.7	−0.028%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,776.4	−0.004%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,774.7	−0.065%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.8	−0.024%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.9	−0.057%	$972K	$14.1M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,772.6	−0.142%	$31.4M	$75.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774.5	−0.072%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,776.8	+0.011%	$8.6M	$673.7M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,776.2	−0.011%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,774.1	−0.087%	$86.2M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,775.7	−0.030%	$286.5M	$195.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,774.5	−0.071%	$7.4M	$1.1M	25x	as long as short