Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC+0.0537%/8h= +58.8% APRpaid last 24h +0.043%

Price spread now: Binance against Perpl+0.020%7-day average −0.018% · you sell dearer than you buy

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

Long on Perpl Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.124%−$12 on $10k

Price spread, last 7 days−0.013%−$1 · spread now +0.020%, 7d avg −0.018%

Together, before fees−0.137%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Binance is 0.038% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.018%. Mind the row above: over the last 7 days funding on this pair cost −0.124%, 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 -0.124% in total (about -6.5% 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	2,739.8	−0.0447	get 0.0040% / 43m	0m 26s	$300K	$5.5M	8.3x
Short	Binance ETHUSDT	2,740.3	0.0091	get 0.0091% / 8h	4h 55m	$6.36B	$15.70B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.020%Rate

Funding earned: $112.8
Price spread: +0.020% → −0.018%: $3.79
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Binance: 5 bp × 2 orders: −$10
Net: $92.79
Costs to cover: 0.238%
Break-even: 1.2 days

Slippage unknown: Perpl: no order-book sample; Binance: live order book, 4 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 Binance live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.5 bp −$552	8.2 bp −$4,123

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	2,739.8	long leg	$300K	$5.5M	8.3x
Injective ETH/USDC PERP	−0.0141%	1h	2,736.3	−0.127%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,742	+0.081%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.7	+0.034%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741	+0.046%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740.8	+0.038%	$182K	$834K	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.8	+0.036%	$25.4M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,739	−0.028%	$832K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,740.1	+0.012%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0067%	1h	2,740	+0.009%	$181K	$1.7M	20x	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	+0.0069%	8h	2,739.3	−0.017%	$1.69B	$10.60B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,740.4	+0.023%	$380.9M	$573.7M	100x	as long as short
SoDEX ETH-USD	+0.0073%	1h	2,741.3	+0.056%	$54.6M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,740.5	+0.027%	$253.5M	$840.5M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,739.8	+0.001%	$1.56B	$2.52B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.8	−0.034%	$4.9M	$154K	20x	as long as short
Binance ETHUSDTshort	+0.0091%	8h	2,740.3	+0.020%	$6.36B	$15.70B	150x
Lighter ETH	+0.0096%	1h	2,740.6	+0.031%	$112.4M	$430.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,742.2	+0.087%	$24.6M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741	+0.045%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,741.3	+0.056%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.6	+0.177%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.3	+0.019%	$500K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.3	+0.018%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.3	+0.056%	$3.11B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.9	+0.041%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,740.7	+0.034%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741	+0.045%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,741.3	+0.057%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.002%	$165.8M	$302.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.6	+0.028%	$3.39B	$8.67B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,740	+0.008%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.6	+0.066%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.043%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.9	−0.177%	$181.8M	$664.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.088%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.176%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742	+0.081%	$21.2M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.5	+0.026%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741.3	+0.056%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.2	+0.124%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.9	+0.042%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,741.5	+0.062%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.7	+0.069%	$266.4M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.6	−0.005%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,743.2	+0.125%	$53.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,740.4	+0.023%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0158%	8h	2,740.7	+0.034%	$7.6M	$672.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,743.1	+0.122%	$260.0M	$194.9M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,743.8	+0.148%	$32.3M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,737.7	−0.077%	$285.5M	$175.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.3	+0.091%	$86.0M	$309.8M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,739.1	−0.025%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.7	+0.107%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.4134%	1h	2,742.4	+0.096%	$21K	$20K	25x	as long as short