Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0211%/8h= +23.2% APRpaid last 24h +0.045%

Price spread now: Katana Perps against Perpl+0.084%48s7-day average −0.056% · you sell dearer than you buy

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

Long on Perpl Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 7 days−0.116%−$12 · spread now +0.084%, 7d avg −0.056%

Together, before fees−0.100%+ Points / potential airdropPerpl: Active · farm board−$10 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 Katana Perps is 0.140% dearer against Perpl than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.056%. The two prices were read 48 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 4 days it paid 0.016% in total (about 1.5% 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	2,743.2	−0.0112	get 0.0010% / 43m	12m 38s	$310K	$5.8M	8.3x
Short	Katana Perps ETH-USD	2,745.5	0.0100	get 0.0100% / 8h	6h 07m	$477K	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana 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 Katana PerpsbpOrdersPrice spread, now +0.084%Rate

Funding earned: $44.4
Price spread: +0.084% → −0.056%: $13.99
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $40.78
Costs to cover: 0.176%
Break-even: 0.6 days

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

Perpl and Katana 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	−0.0112%	43m	2,743.2	long leg	$310K	$5.8M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,747.1	+0.143%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.2	+0.108%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,746.2	+0.109%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.5	+0.194%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.3	+0.114%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,746.4	+0.118%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,746.2	+0.110%	$181K	$1.0M	50x	as long as short
BingX ETH-USDC	+0.0040%	8h	2,745.6	+0.088%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0052%	8h	2,745.6	+0.086%	$1.70B	$10.82B	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	+0.0054%	1h	2,744.9	+0.063%	$8.8M	$31.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,746.3	+0.114%	$370.1M	$608.7M	100x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,745.4	+0.079%	$1.06B	$1.19B	200x	as long as short
Aster ETHUSDT	+0.0067%	8h	2,746	+0.103%	$253.5M	$853.6M	200x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,746.3	+0.114%	$6.38B	$16.06B	150x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,745.7	+0.092%	$1.57B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.3	+0.039%	$4.9M	$167K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,746.3	+0.112%	$58.9M	$4.31B	50x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,746	+0.102%	$3.39B	$8.94B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,746.8	+0.131%	$112.9M	$444.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.3	+0.184%	$24.8M	$107.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.5	+0.084%	—	$34.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,749.2	+0.220%	$16.2M	$8.1M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,745.5	+0.084%	$477K	$2.9M	50x
Nado ETH-PERP	+0.0100%	1h	2,743.1	−0.002%	$13.9M	$112.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.6	+0.198%	$3.13B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,746.8	+0.131%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.1	+0.106%	$2.46B	$4.27B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.2	+0.110%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.5	+0.119%	$2.8M	$16.4M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.7	+0.093%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	+0.099%	$15.0M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,744.9	+0.064%	$132.7M	$345.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.9	+0.063%	$181.5M	$699.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.7	+0.093%	$159.7M	$82.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,745.5	+0.084%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.5	+0.084%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.5	+0.084%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.9	+0.099%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.2	+0.109%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748	+0.177%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,743.1	−0.002%	$961K	$12.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.1	+0.106%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.1	+0.105%	$267.3M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,747.7	+0.163%	$164.0M	$301.0M	25x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,746.6	+0.123%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.1	+0.069%	$30.5M	$73.1M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,745.4	+0.081%	$7.8M	$672.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0178%	8h	2,748.7	+0.201%	$32.3M	$11.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0191%	1h	2,747	+0.140%	$258.8M	$200.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,745	+0.066%	$118K	$22.5M	52x	as long as short
Hibachi ETH/USDT-P	+0.0216%	1h	2,745.3	+0.079%	$250K	$1.5M	20x	as long as short
Reya ETHRUSDPERP	+0.0222%	1h	2,744.9	+0.064%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,746.5	+0.119%	$88.1M	$316.0M	100x	as long as short