Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.067%

Price spread now: Derive against Perpl+0.002%7-day average +0.045% · you sell dearer than you buy

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

Long on Perpl Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now +0.002%, 7d avg +0.045%

Together, before fees−0.079%+ Points / potential airdropPerpl: Active · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.043% cheaper against Perpl than usual: you would sell low and buy high (spread +0.002% now, against its 7-day average of +0.045%). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.038% in total) that is about 7.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl ETH	2,747.7	0	get 0.0000% / 43m	8m 57s	$305K	$5.6M	8.3x
Short	Derive ETH-PERP	2,747.7	0.0100	get 0.0013% / 1h	20m 57s	$41.5M	$29.7M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.002%Rate

Funding earned: $21
Price spread: +0.002% → +0.045%: −$4.29
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$3.09
Costs to cover: 0.198%
Break-even: 8.0 days

Slippage unknown: Perpl: no order-book sample; Derive: no order-book sample. 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 Derive no order-book sample	—	—	—	—	—

Perpl and Derive: 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
Hotstuff ETH-PERP	−0.0080%	1h	2,748.1	+0.015%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,742.7	−0.181%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,746.6	−0.039%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747.5	−0.008%	$10.8M	$41.7M	50x	as long as short
Perpl ETHlong	0.0000%	43m	2,747.7	long leg	$305K	$5.6M	8.3x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,746.7	−0.036%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,742.3	−0.196%	$847K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,748.2	+0.019%	$182K	$863K	50x	as long as short
ApeX Omni ETHUSDT	+0.0041%	1h	2,744	−0.133%	$8.8M	$30.8M	100x	as long as short
BingX ETH-USDT	+0.0053%	8h	2,746.3	−0.049%	—	$1.15B	—	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	+0.0066%	8h	2,746	−0.061%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,746.2	−0.054%	$382.2M	$576.2M	100x	as long as short
Bullet ETH-USD	+0.0075%	1h	2,746.5	−0.044%	$183K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,748.1	+0.015%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,746.4	−0.047%	$253.4M	$841.5M	200x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,746.1	−0.057%	$1.56B	$2.55B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,746.1	−0.056%	$6.38B	$15.66B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.2	−0.053%	$113.0M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,747.6	−0.003%	$24.6M	$104.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.8	−0.033%	—	$30.5M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744.5	−0.116%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748	+0.011%	$58.3M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,752.3	+0.168%	$16.0M	$7.9M	50x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.8	−0.068%	$54.7M	$187.6M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.3	−0.014%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.5	−0.005%	$13.9M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.5	+0.030%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.8	+0.005%	$31.7M	$334.4M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.3	−0.049%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.8	−0.032%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.1	+0.015%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,742.3	−0.196%	$165.2M	$299.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.4	−0.045%	$3.39B	$8.75B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.3	−0.051%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.8	−0.067%	$15.0M	$39.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.069%	$133.3M	$326.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741	−0.243%	$182.2M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,744.9	−0.102%	$159.6M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.1	−0.094%	$21.2M	$67.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	+0.012%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.7	+0.037%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,747.7	+0.002%	$41.5M	$29.7M	15x
SunX ETH-USDT	+0.0100%	8h	2,747.2	−0.017%	$964K	$11.5M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.2	−0.056%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.2	−0.019%	$267.1M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.4	−0.082%	$30.6M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0127%	1h	2,744.7	−0.109%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0160%	8h	2,747.1	−0.021%	$7.8M	$669.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,747.5	−0.008%	$259.8M	$196.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,748.7	+0.037%	$32.3M	$11.4M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.9	−0.028%	$86.7M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0228%	1h	2,747	−0.023%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746	−0.061%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0255%	1h	2,746.8	−0.034%	$21K	$20K	25x	as long as short
BloFin ETH-USDT	+0.0326%	8h	2,745.7	−0.071%	$285.1M	$181.1M	150x	as long as short