Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0640%/8h= −70.1% APRpaid last 24h +0.010%

Price spread now: Injective against Perpl−0.010%7-day average +0.051% · you buy dearer than you sell

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

Long on Perpl Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+0.080%+$8 on $10k

Price spread, last 3 days (all we have)−0.103%−$10 · spread now −0.010%, 7d avg +0.051%

Together, before fees−0.023%+ Points / potential airdropPerpl: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Injective is 0.061% cheaper against Perpl than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.051%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.080%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.080% in total (about 4.2% 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	2,770.7	−0.0112	get 0.0010% / 43m	25m 37s	$285K	$6.6M	8.3x
Short	Injective ETH/USDC PERP	2,770.4	−0.0752	pay 0.0094% / 1h	46m 37s	$119K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.010%Rate

Funding earned: −$134.49
Price spread: −0.010% → +0.051%: −$6.12
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$154.43
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; Injective: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Perpl no order-book sample	—	—	—	—	—
Sell Injective live order book, 3 min ago	7.75 bp	51.5 bp −$51	53.0 bp −$530	53.5 bp −$5,348	doesn't fit

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
Injective ETH/USDC PERPshort	−0.0752%	1h	2,770.4	−0.010%	$119K	$22.5M	52x
RISEx ETH/USDC	−0.0128%	1h	2,770.5	−0.008%	$5.7M	$11.7M	25x	as long as short
Perpl ETHlong	−0.0112%	43m	2,770.7	long leg	$285K	$6.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,772.5	+0.066%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.2	+0.019%	$169K	$1.1M	50x	as long as short
Phemex ETHUSDT	−0.0026%	8h	2,772	+0.046%	$270.0M	$67.8M	150x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.1	+0.015%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.6	+0.034%	$12.7M	$45.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.2	+0.055%	$22.4M	—	200x	as long as short
Gate ETH_USDT	+0.0020%	8h	2,770.9	+0.006%	$3.33B	$8.94B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0020%	1h	2,771.1	+0.015%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,770.1	−0.021%	$1.71B	$11.49B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,771.5	+0.031%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0038%	1h	2,771.5	+0.030%	$55.2M	$228.8M	40x	as long as short
Aftermath Perps ETHUSD	+0.0041%	1h	2,771.3	+0.024%	$31K	$24K	20x	as long as short
Aster ETHUSDT	+0.0042%	8h	2,770.8	+0.005%	$256.6M	$951.0M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,772	+0.047%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,771.1	+0.016%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,770	−0.024%	$6.47B	$16.93B	150x	as long as short
HTX ETH-USDT	+0.0060%	8h	2,771.4	+0.025%	$1.08B	$1.30B	200x	as long as short
Bitget ETHUSDT	+0.0068%	8h	2,770.7	−0.001%	$2.10B	$2.95B	150x	as long as short
ApeX Omni ETHUSDT	+0.0075%	1h	2,770.1	−0.022%	$8.7M	$32.8M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,773.1	+0.087%	$60.5M	$4.54B	50x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,770.9	+0.008%	$420.7M	$730.3M	100x	as long as short
Vest ETH-PERP	+0.0088%	1h	2,770.6	−0.002%	—	$978K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.2	+0.017%	$115.2M	$456.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.5	+0.067%	$25.2M	$110.0M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.6	−0.005%	$15.9M	$9.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.1	−0.021%	$487K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.2	+0.019%	$14.5M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774	+0.120%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.8	+0.039%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.4	−0.010%	$2.51B	$4.53B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.9	+0.008%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.3	+0.022%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.027%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,770.6	−0.003%	—	$1.24B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.7	+0.071%	$15.3M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.8	−0.068%	$151.4M	$343.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.8	−0.067%	$181.8M	$786.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.2	−0.016%	$161.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.3	−0.014%	$21.4M	$59.1M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.6	−0.003%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.1	+0.051%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774	+0.118%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.8	−0.034%	$972K	$13.7M	100x	as long as short
Kalshi KXETHPERP	+0.0100%	8h	2,771.6	+0.033%	$8.2M	$688.7M	4.9x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770	−0.024%	$32.5M	$74.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.4	−0.011%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,773.2	+0.092%	$93.4M	$331.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,774.7	+0.145%	$32.6M	$11.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,770.4	−0.009%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,771.8	+0.042%	$287.6M	$190.5M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0208%	1h	2,773.1	+0.088%	$259.1M	$216.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,770.7	+0.001%	$7.3M	$1.2M	25x	as long as short