Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.051%

Price spread now: Deribit against Perpl+0.078%7-day average +0.030% · you sell dearer than you buy

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

Long on Perpl Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 4 days (all we have)−0.211%−$21 · spread now +0.078%, 7d avg +0.030%

Together, before fees−0.287%+ Points / potential airdropPerpl: Active · farm board−$29 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 Deribit is 0.048% dearer against Perpl than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.076%, 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 -0.076% in total (about -4.0% 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	2,742.9	−0.0112	get 0.0010% / 43m	32m 50s	$305K	$5.6M	8.3x
Short	Deribit ETH-PERPETUAL	2,745.1	0.0100	get 0.0013% / 1h	44m 50s	$258.8M	$195.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.078%Rate

Funding earned: $44.44
Price spread: +0.078% → +0.030%: $4.84
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $28.48
Costs to cover: 0.208%
Break-even: 2.5 days

Slippage unknown: Perpl: no order-book sample; Deribit: 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 Deribit live order book, 4 min ago	0.82 bp	4.8 bp −$5	5.3 bp −$53	10.6 bp −$1,057	19.4 bp −$9,704

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	−0.0112%	43m	2,742.9	long leg	$305K	$5.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,741.6	−0.049%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.064%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.7	+0.027%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.9	−0.001%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.8	+0.030%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.085%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,744.1	+0.042%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0047%	8h	2,743.4	+0.017%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,743.2	+0.008%	$1.70B	$10.58B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0064%	8h	2,744.5	+0.055%	$376.7M	$598.0M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,744.2	+0.045%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,744.4	+0.052%	$252.4M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.2	−0.063%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,743.3	+0.014%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,743.3	+0.012%	$6.38B	$15.72B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,743.3	+0.015%	$112.8M	$431.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.3	+0.050%	$24.7M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.3	−0.060%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.9	+0.070%	$59.0M	$4.27B	50x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,743.5	+0.021%	$182K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,743.4	+0.016%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.7	+0.137%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.3	+0.013%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.6	+0.025%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.8	+0.068%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.9	−0.001%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.9	−0.038%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,741.3	−0.060%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.2	+0.045%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.021%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.4	+0.015%	$3.40B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.9	−0.003%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.2	+0.009%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.093%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	−0.137%	$181.4M	$691.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.115%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,740.9	−0.074%	$8.7M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.9	−0.074%	$21.2M	$69.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.6	+0.061%	$10.9M	$8.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744	+0.037%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.7	+0.100%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.6	−0.087%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.9	+0.035%	$54.6M	$187.5M	40x	as long as short
Deribit ETH-PERPETUALshort	+0.0100%	1h	2,745.1	+0.078%	$258.8M	$195.7M	50x
Phemex ETHUSDT	+0.0100%	8h	2,743.4	+0.018%	$266.9M	$65.1M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.7	+0.028%	—	$819K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.3	+0.049%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0131%	1h	2,743.4	+0.017%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,743.7	+0.028%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,746.4	+0.127%	$32.3M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0208%	8h	2,742.9	−0.001%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.6	+0.059%	$87.4M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,743.5	+0.019%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,740.9	−0.076%	$249K	$1.4M	20x	as long as short