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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0192%/8h= +21.0% APRpaid last 24h +0.035%
Price spread now: Coinbase International against Perpl+0.064%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 PerplShort on Coinbase International
What this pair did over the last
the charts below follow
Funding, last 7 days−0.035%−$4 on $10k
Price spread, last 3 days (all we have)−0.055%−$5 · spread now +0.064%, 7d avg +0.018%
Together, before fees−0.090%+ Points / potential airdropPerpl: Active · farm board−$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Coinbase International is 0.046% dearer against Perpl than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.018%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.035% in total (about -1.8% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPerpl ETH2,768.3−0.0112get 0.0010% / 43m42m 57s$322K$6.2M8.3x
ShortCoinbase International ETH-PERP-INTX2,7700.0080get 0.0010% / 1h20m 57s$60.3M$4.42B50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Coinbase International against Perpl. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$40.24
Price spread: +0.064% → +0.018%
$4.59
Slippage, 4 orders
no order book: not counted
Fee Perpl: 6.9 bp × 2 orders
−$13.8
Fee Coinbase International: 5 bp × 2 orders
−$10
Net
$21.03
Costs to cover
0.238%
Break-even
3.3 days
Slippage unknown: Perpl: no order-book sample; Coinbase International: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Perpl no order-book sample—————
Sell Coinbase International live order book, 3 min ago0.02 bp5.0 bp −$55.2 bp −$528.0 bp −$79819.2 bp −$9,622
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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective ETH/USDC PERP−0.0752%1h2,776.9+0.312%$119K$22.5M52xas long as short
RISEx ETH/USDC−0.0128%1h2,768.2−0.001%$5.6M$11.1M25xas long as short
Perpl ETHlong−0.0112%43m2,768.3long leg$322K$6.2M8.3x
Hotstuff ETH-PERP−0.0080%1h2,769.6+0.049%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0040%1h2,768.3+0.002%$169K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,772+0.135%$873K$3.7M25xas long as short
dYdX ETH-USD0.0000%1h2,769.2+0.035%$12.2M$43.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,769+0.027%$22.4M—200xas long as short
Bullet ETH-USD+0.0020%1h2,768.2−0.002%$185K$1.7M20xas long as short
OKX ETH-USDT-SWAP+0.0028%8h2,768.5+0.010%$1.71B$11.14B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
SoDEX ETH-USD+0.0034%1h2,768.7+0.016%$55.2M$188.0M40xas long as short
GMX ETH/USD [ETH-USDC]L +0.0043% / S −0.0009%1h2,768.8+0.021%$12.7M—200xas long as short
Aster ETHUSDT+0.0049%8h2,769+0.026%$256.1M$885.2M200xas long as short
Gate ETH_USDT+0.0058%8h2,768−0.009%$3.37B$9.04B200xas long as short
Phemex ETHUSDT+0.0062%8h2,768.1−0.006%$269.4M$67.4M150xas long as short
Binance ETHUSDT+0.0062%8h2,767.7−0.018%$6.48B$16.28B150xas long as short
MEXC ETH_USDT+0.0063%8h2,767.8−0.015%$1.62B$2.64B500xas long as short
Aevo ETH-PERP+0.0064%1h2,768.4+0.005%$5.0M$165K20xas long as short
Aftermath Perps ETHUSD+0.0071%1h2,772.5+0.154%$31K$21K20xas long as short
Bitget ETHUSDT+0.0075%8h2,768.9+0.022%$2.10B$2.87B150xas long as short
Coinbase International ETH-PERP-INTXshort+0.0080%1h2,770+0.064%$60.3M$4.42B50x
Vest ETH-PERP+0.0083%1h2,769+0.027%—$876K50xas long as short
KuCoin ETHUSDTM+0.0085%8h2,768.3+0.002%$420.1M$619.9M100xas long as short
Lighter ETH+0.0096%1h2,769.3+0.039%$114.9M$458.4M50xas long as short
Lighter RH ETH+0.0096%1h2,769.8+0.055%$25.6M$111.7M50xas long as short
Deribit ETH-PERPETUAL+0.0097%1h2,770.3+0.074%$259.1M$204.8M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,770.6+0.084%$15.9M$8.6M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,768.6+0.013%$488K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,768−0.007%$14.6M$113.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,770.5+0.081%$3.17B$2.18B25xas long as short
Pacifica ETH+0.0100%1h2,768.7+0.016%$31.2M$325.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,768.3+0.002%$2.51B$4.36B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,767.3−0.034%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,768.8+0.018%$2.8M$16.9M25xas long as short
Bulk ETH-USD+0.0100%1h2,772.8+0.166%$170.3M$276.6M25xas long as short
BingX ETH-USDC+0.0100%8h2,767.5−0.027%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,768.1−0.005%$15.2M$42.0M50xas long as short
Variational Omni ETH+0.0100%8h2,768.5+0.011%$137.0M$344.9M—as long as short
edgeX ETHUSDC+0.0100%4h2,771.9+0.130%$182.0M$784.8M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,775.8+0.271%$161.4M$84.7M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,771.6+0.122%$8.7M$32.1M100xas long as short
StandX ETH-USD+0.0100%1h2,770.8+0.092%$21.4M$64.0M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,768.5+0.009%$10.5M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,768.9+0.022%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,770.7+0.090%$42.6M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,768.5+0.007%$970K$13.1M100xas long as short
HTX ETH-USDT+0.0100%8h2,768.3+0.001%$1.08B$1.25B200xas long as short
Extended ETH-USD+0.0104%1h2,768.1−0.005%$31.0M$74.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,769.8+0.054%—$36.2M500xas long as short
Kalshi KXETHPERP+0.0110%8h2,769.8+0.056%$8.1M$679.5M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0134%1h2,770.3+0.074%$95.9M$319.0M100xas long as short
Hibachi ETH/USDT-P+0.0152%1h2,771+0.099%$252K$1.5M20xas long as short
Orderly PERP_ETH_USDC+0.0154%8h2,771.3+0.108%$32.6M$11.1M100xas long as short
BloFin ETH-USDT+0.0182%8h2,768.7+0.017%$287.1M$181.1M150xas long as short
Reya ETHRUSDPERP+0.0212%1h2,768.3+0.001%$7.3M$1.1M25xas long as short