Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0547%/8h= +59.8% APRpaid last 24h +0.034%

Price spread now: Nado against Perpl+0.021%7-day average −0.003% · you sell dearer than you buy

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

Long on Perpl Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.021%, 7d avg −0.003%

Together, before fees−0.012%+ Points / potential airdropPerpl: Active · Nado: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Nado is 0.023% dearer against Perpl than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.024% in total (about 2.8% 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	2,774.3	−0.0447	get 0.0040% / 43m	27m 58s	$286K	$6.9M	8.3x
Short	Nado ETH-PERP	2,774.8	0.0100	get 0.0012% / 1h	31m 58s	$14.4M	$118.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.021%Rate

Funding earned: $114.77
Price spread: +0.021% → −0.003%: $2.33
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $96.3
Costs to cover: 0.208%
Break-even: 1.1 days

Slippage unknown: Perpl: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.8 bp −$581	16.3 bp −$8,174

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
Perpl ETHlong	−0.0447%	43m	2,774.3	long leg	$286K	$6.9M	8.3x
RISEx ETH/USDC	−0.0206%	1h	2,774.9	+0.023%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.276%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	+0.009%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0049%	1h	2,775.4	+0.041%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,775.2	+0.034%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.6	+0.014%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,778.6	+0.157%	$879K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775.3	+0.039%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0011%	1h	2,777.2	+0.105%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,773.3	−0.035%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,773.7	−0.021%	$1.70B	$11.87B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,775.2	+0.035%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0031%	8h	2,774.5	+0.009%	$270.5M	$69.0M	150x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,773.6	−0.024%	$256.4M	$1.00B	200x	as long as short
Bullet ETH-USD	+0.0048%	1h	2,774.4	+0.007%	$182K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,773.5	−0.027%	$55.2M	$229.1M	40x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,773.6	−0.023%	$1.60B	$2.64B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,773.7	−0.021%	$6.45B	$17.28B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,771.4	−0.103%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,773.7	−0.020%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.8	−0.015%	$3.29B	$9.64B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0078%	1h	2,775.3	+0.037%	$259.0M	$222.2M	50x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,774.8	+0.019%	$421.7M	$739.2M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,775	+0.027%	$60.0M	$4.60B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,773.7	−0.019%	$2.51B	$4.62B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,775.1	+0.029%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,774	−0.009%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,774.4	+0.006%	$116.0M	$497.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,775.8	+0.054%	$25.3M	$121.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.8	+0.021%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.8	−0.015%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774.7	+0.016%	$478K	$2.7M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,774.8	+0.021%	$14.4M	$118.1M	50x
Hyperliquid ETH	+0.0100%	1h	2,776.2	+0.070%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,775.1	+0.031%	$31.2M	$310.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,774.3	+0.002%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.9	+0.061%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,777.9	+0.131%	$167.7M	$256.4M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774	−0.009%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,775.8	+0.054%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.7	+0.089%	$182.3M	$783.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	+0.081%	$161.4M	$89.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.4	+0.041%	$21.5M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,775.2	+0.034%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,775.1	+0.031%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.4	+0.077%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,774.3	0.000%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,773.1	−0.040%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,775.2	+0.034%	$8.3M	$684.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,774.7	+0.017%	$86.5M	$333.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,777	+0.100%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,774	−0.010%	$286.4M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,774.6	+0.012%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,775.4	+0.041%	$252K	$1.6M	20x	as long as short