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 +0.045%

Price spread now: edgeX against Perpl+0.010%54s7-day average −0.049% · you sell dearer than you buy

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

Long on Perpl Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.010%, 7d avg −0.049%

Together, before fees−0.038%+ Points / potential airdropPerpl: Active · edgeX: Active · farm board−$4 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 edgeX is 0.059% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.049%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.007% in total (about -0.4% 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	2,744.6	−0.0112	get 0.0010% / 43m	14m 37s	$310K	$5.9M	8.3x
Short	edgeX ETHUSDC	2,744.9	0.0100	get 0.0050% / 4h	2h 09m	$181.5M	$699.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.010%Rate

Funding earned: $44.44
Price spread: +0.010% → −0.049%: $5.89
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $27.53
Costs to cover: 0.228%
Break-even: 2.7 days

Slippage unknown: Perpl: no order-book sample; edgeX: live order book, 5 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 edgeX live order book, 5 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.1 bp −$509	6.3 bp −$3,165

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 54 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	2,744.6	long leg	$310K	$5.9M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,743	−0.060%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,742.3	−0.084%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,744.1	−0.018%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.5	+0.141%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.3	−0.049%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,744	−0.024%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,742.8	−0.067%	$181K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0040%	8h	2,742.5	−0.080%	—	$1.17B	—	as long as short
OKX ETH-USDT-SWAP	+0.0051%	8h	2,742.6	−0.075%	$1.69B	$10.90B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0062%	1h	2,748	+0.122%	$8.8M	$31.5M	100x	as long as short
HTX ETH-USDT	+0.0064%	8h	2,743.5	−0.043%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,742.8	−0.068%	$370.3M	$609.6M	100x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,742.8	−0.066%	$253.2M	$857.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,742.7	−0.072%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,742.6	−0.074%	$6.37B	$16.20B	150x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,742.4	−0.082%	$1.57B	$2.58B	500x	as long as short
Gate ETH_USDT	+0.0088%	8h	2,742.6	−0.074%	$3.39B	$8.93B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,744.5	−0.006%	$58.7M	$4.32B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,742.8	−0.066%	$112.8M	$444.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,744.4	−0.008%	$24.7M	$107.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.3	−0.011%	—	$35.4M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,747.6	+0.108%	$30K	$20K	20x	as long as short
Bitget ETHUSDT	+0.0099%	8h	2,742.4	−0.081%	$2.08B	$2.83B	150x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.7	+0.074%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,741.6	−0.111%	$476K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	−0.005%	$14.0M	$112.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.9	+0.009%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,743.1	−0.056%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,742.2	−0.089%	$2.46B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.2	−0.052%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743	−0.058%	$2.8M	$16.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.2	−0.052%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	+0.011%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,744.9	+0.010%	$181.5M	$699.4M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.1	+0.091%	$159.8M	$82.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.3	+0.060%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.6	+0.035%	—	$851K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,744.4	−0.009%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,743.9	−0.028%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.5	−0.007%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.9	+0.045%	$41.7M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.4	+0.027%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.9	−0.027%	$54.6M	$187.8M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.5	−0.007%	$267.1M	$66.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.110%	$164.0M	$301.0M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.7	−0.106%	$30.5M	$73.4M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,745.7	+0.039%	$7.7M	$672.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0162%	1h	2,745.1	+0.018%	$258.7M	$200.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0177%	8h	2,746.6	+0.071%	$32.3M	$11.2M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.7	+0.075%	$118K	$22.5M	52x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,748	+0.121%	$250K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,743.6	−0.038%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0355%	1h	2,744.2	−0.015%	$88.5M	$316.8M	100x	as long as short