Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC+0.0391%/8h= +42.8% APRpaid last 24h +0.001%

Price spread now: Jupiter Perps against Perpl+0.005%7-day average +0.002% · you sell dearer than you buy

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

Long on Perpl Short on Jupiter Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.112%−$11 on $10k

Price spread, last 3 days (all we have)−0.017%−$2 · spread now +0.005%, 7d avg +0.002%

Together, before fees−0.129%+ Points / potential airdropPerpl: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.112%, 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 3 days it paid -0.112% in total (about -12.7% 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	2,745.8	−0.0447	get 0.0040% / 43m	38m 30s	$310K	$6.0M	8.3x
Short	Jupiter Perps ETH-PERP	2,745.9	L +0.0096% / S +0.0056%	pay 0.0007% / 1h	33m 30s	—	$35.5M	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Jupiter Perps 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 Jupiter PerpsbpOrdersPrice spread, now +0.005%Rate

Funding earned: $82.01
Price spread: +0.005% → +0.002%: $0.28
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Jupiter Perps: 6 bp × 2 orders: −$12
Net: $56.49
Costs to cover: 0.258%
Break-even: 2.2 days

Slippage unknown: Perpl: no order-book sample; Jupiter Perps: 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 Jupiter Perps no order-book sample	—	—	—	—	—

Perpl and Jupiter Perps: 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	−0.0447%	43m	2,745.8	long leg	$310K	$6.0M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,748.2	+0.088%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,744.8	−0.035%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.031%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.1	+0.013%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	+0.023%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.8	+0.001%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.3	+0.017%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,745.3	−0.017%	$180K	$1.1M	50x	as long as short
BingX ETH-USDT	+0.0032%	8h	2,745.5	−0.011%	—	$1.19B	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0042%	8h	2,746.3	+0.018%	$1.68B	$11.07B	100x	as long as short
HTX ETH-USDT	+0.0046%	8h	2,747.1	+0.048%	$1.06B	$1.22B	200x	as long as short
Aster ETHUSDT	+0.0061%	8h	2,745.2	−0.020%	$253.2M	$863.0M	200x	as long as short
MEXC ETH_USDT	+0.0070%	8h	2,745.8	0.000%	$1.56B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0072%	8h	2,745.5	−0.012%	$6.35B	$16.33B	150x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,745	−0.027%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,745.6	−0.008%	$381.1M	$608.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,748.5	+0.098%	$258.6M	$202.0M	50x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,744.8	−0.037%	$3.39B	$8.85B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.2	+0.124%	$58.9M	$4.39B	50x	as long as short
Bitget ETHUSDT	+0.0089%	8h	2,746.2	+0.017%	$2.07B	$2.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.4	−0.015%	$112.7M	$441.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,746.7	+0.032%	$24.8M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERPshort	L +0.0096% / S +0.0056%	1h	2,745.9	+0.005%	—	$35.5M	500x
Paradex ETH-USD-PERP	+0.0099%	8h	2,749.5	+0.135%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.8	−0.072%	$467K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.8	+0.002%	$14.0M	$113.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.1	+0.084%	$3.13B	$2.12B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.5	−0.011%	$31.5M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.8	+0.001%	$2.45B	$4.35B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.6	−0.079%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.1	−0.024%	$2.8M	$16.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748	+0.081%	$15.1M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.6	−0.044%	$133.0M	$346.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.052%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.5	−0.010%	$159.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745	−0.028%	$21.2M	$67.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.1	+0.047%	—	$870K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.2	−0.021%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.8	−0.001%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.3	+0.056%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.8	+0.112%	$41.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.2	+0.016%	$962K	$12.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747.3	+0.055%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.8	+0.073%	$267.1M	$66.5M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.067%	$165.5M	$306.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,746	+0.009%	$30K	$21K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.3	−0.091%	$30.4M	$74.9M	50x	as long as short
Kalshi KXETHPERP	+0.0137%	8h	2,747.9	+0.077%	$7.9M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0167%	8h	2,749.9	+0.151%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,748.4	+0.096%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,744.2	−0.058%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,745.5	−0.012%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,748.3	+0.091%	$90.0M	$318.2M	100x	as long as short