Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0187%/8h= +20.5% APRpaid last 24h +0.042%

Price spread now: HTX against Perpl+0.011%7-day average −0.029% · you sell dearer than you buy

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

Long on Perpl Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 3 days (all we have)−0.076%−$8 · spread now +0.011%, 7d avg −0.029%

Together, before fees−0.163%+ Points / potential airdropPerpl: Active · farm board−$16 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 HTX is 0.040% dearer against Perpl than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.029%. Mind the row above: over the last 7 days funding on this pair cost −0.087%, 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 -0.087% in total (about -4.5% 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	2,746.6	−0.0112	get 0.0010% / 43m	10m 03s	$310K	$5.8M	8.3x
Short	HTX ETH-USDT	2,746.8	0.0075	get 0.0075% / 8h	6h 05m	$1.06B	$1.19B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $39.25
Price spread: +0.011% → −0.029%: $3.95
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee HTX: 6 bp × 2 orders: −$12
Net: $17.41
Costs to cover: 0.258%
Break-even: 3.9 days

Slippage unknown: Perpl: no order-book sample; HTX: 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 HTX live order book, 4 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	6.8 bp −$678	11.9 bp −$5,938

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	2,746.6	long leg	$310K	$5.8M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,747.6	+0.038%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.9	+0.014%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.3	+0.027%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.067%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	−0.008%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.3	+0.026%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.2	+0.024%	$181K	$1.0M	50x	as long as short
BingX ETH-USDC	+0.0040%	8h	2,746	−0.022%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,747.2	+0.024%	$1.70B	$10.80B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0067%	8h	2,746.7	+0.005%	$369.7M	$605.8M	100x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,747.1	+0.020%	$253.1M	$850.5M	200x	as long as short
HTX ETH-USDTshort	+0.0075%	8h	2,746.8	+0.011%	$1.06B	$1.19B	200x
ApeX Omni ETHUSDT	+0.0077%	1h	2,745.4	−0.041%	$8.7M	$31.4M	100x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,746.9	+0.013%	$1.57B	$2.59B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.6	−0.070%	$4.9M	$167K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,746.9	+0.012%	$6.39B	$16.01B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,747.9	+0.051%	$58.7M	$4.31B	50x	as long as short
Lighter ETH	+0.0096%	1h	2,747.3	+0.026%	$113.1M	$445.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.7	+0.078%	$24.8M	$108.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.3	+0.028%	—	$31.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.7	+0.150%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.4	−0.005%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.9	−0.025%	$13.9M	$108.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.5	+0.071%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	+0.020%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747.2	+0.023%	$2.47B	$4.24B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.3	−0.009%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.1	+0.021%	$2.8M	$16.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.7	+0.005%	$3.40B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,747.5	+0.033%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.024%	$15.0M	$41.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.2	−0.014%	$132.8M	$343.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.3	−0.047%	$181.9M	$700.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.3	−0.119%	$159.5M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	+0.020%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.8	+0.045%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.6	+0.038%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.9	+0.011%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747	+0.016%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.7	+0.077%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.3	−0.009%	$963K	$12.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.8	+0.009%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.9	+0.014%	$267.5M	$65.8M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.012%	$164.3M	$302.6M	25x	as long as short
Aftermath Perps ETHUSD	+0.0103%	1h	2,746.8	+0.009%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.9	+0.011%	$30.5M	$73.0M	50x	as long as short
Kalshi KXETHPERP	+0.0148%	8h	2,747.2	+0.024%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0179%	8h	2,749.4	+0.102%	$32.3M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,748.3	+0.065%	$258.9M	$198.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.7	−0.067%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,746.7	+0.005%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0224%	1h	2,748.2	+0.060%	$250K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.7	+0.041%	$88.2M	$315.1M	100x	as long as short