Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0538%/8h= +58.9% APRpaid last 24h +0.010%

Price spread now: ApeX Omni against Perpl−0.172%7-day average −0.014% · you buy dearer than you sell

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 7 days+0.156%+$16 · spread now −0.172%, 7d avg −0.014%

Together, before fees−0.061%+ Points / potential airdropPerpl: Active · farm board−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.158% cheaper against Perpl than usual: you would sell low and buy high (spread −0.172% now, against its 7-day average of −0.014%). If the spread goes back, that is −$16 on $10k: about 23 hours of funding at the current rate (+$16 a day). Mind the row above: over the last 7 days funding on this pair cost −0.217%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.217% in total (about -11.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,778.4	−0.0447	get 0.0040% / 43m	35m 58s	$288K	$6.9M	8.3x
Short	ApeX Omni ETHUSDT	2,773.6	0.0091	get 0.0011% / 1h	22m 58s	$8.8M	$32.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. 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 PerplbpFee ApeX OmnibpOrdersPrice spread, now −0.172%Rate

Funding earned: $112.94
Price spread: −0.172% → −0.014%: −$15.75
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: $73.38
Costs to cover: 0.238%
Break-even: 2.5 days

Slippage unknown: Perpl: no order-book sample; ApeX Omni: 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 1 min ago	0.27 bp	6.5 bp −$6	8.3 bp −$83	29.5 bp −$2,949	86.5 bp −$43.3K

Perpl: 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 ETHlong	−0.0447%	43m	2,778.4	long leg	$288K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,777.2	−0.042%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.5	−0.032%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,771.8	−0.237%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,777.4	−0.035%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0025%	1h	2,775.1	−0.117%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.6	−0.027%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,773.9	−0.161%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.7	+0.012%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,777.1	−0.047%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0017%	8h	2,778.2	−0.008%	$270.1M	$68.7M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,776.7	−0.059%	$1.70B	$11.90B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,778.5	+0.003%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,777.9	−0.019%	$256.7M	$991.7M	200x	as long as short
Bullet ETH-USD	+0.0038%	1h	2,778.1	−0.011%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,777.2	−0.043%	$14.4M	$118.2M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,777	−0.049%	$1.62B	$2.67B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,777.3	−0.039%	$6.44B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,776.6	−0.063%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0070%	8h	2,776.9	−0.053%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.9	−0.052%	$3.29B	$9.63B	200x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,777.6	−0.028%	$55.3M	$228.9M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0085%	1h	2,779.1	+0.026%	$258.4M	$222.3M	50x	as long as short
ApeX Omni ETHUSDTshort	+0.0091%	1h	2,773.6	−0.172%	$8.8M	$32.6M	100x
Bybit ETHUSDT	+0.0093%	8h	2,777.3	−0.038%	$2.52B	$4.62B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,778	−0.014%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,778	−0.014%	$115.2M	$500.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.5	+0.041%	$25.4M	$121.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,776.5	−0.069%	—	$41.6M	500x	as long as short
KuCoin ETHUSDTM	+0.0097%	8h	2,777.2	−0.042%	$423.3M	$739.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,775.7	−0.095%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,777.5	−0.032%	$477K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.1	+0.062%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	−0.042%	$31.2M	$299.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.7	−0.096%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779	+0.021%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,767.4	−0.394%	$166.0M	$246.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778	−0.015%	$15.2M	$44.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.9	−0.233%	$137.1M	$324.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	−0.223%	$181.4M	$782.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,775	−0.121%	$161.4M	$91.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.7	−0.024%	$21.4M	$58.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.2	−0.007%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.5	+0.040%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.5	+0.004%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.7	+0.049%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,776.4	−0.070%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.4	−0.070%	$32.7M	$77.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779	+0.021%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,778	−0.014%	$8.4M	$678.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,780.2	+0.064%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778.9	+0.017%	$86.1M	$332.0M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,777.3	−0.039%	$285.7M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,777.7	−0.023%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,778.5	+0.004%	$271K	$1.5M	20x	as long as short