Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC+0.0435%/8h= +47.6% APRpaid last 24h +0.061%

Price spread now: Pacifica against Perpl+0.049%7-day average −0.010% · you sell dearer than you buy

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

Long on Perpl Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days−0.049%−$5 · spread now +0.049%, 7d avg −0.010%

Together, before fees−0.123%+ Points / potential airdropPerpl: Active · Pacifica: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Pacifica is 0.059% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.010%. Mind the row above: over the last 7 days funding on this pair cost −0.074%, 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 -0.074% in total (about -3.9% 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	2,726.9	−0.0335	get 0.0030% / 43m	5m 58s	$301K	$5.6M	8.3x
Short	Pacifica ETH	2,728.2	0.0100	get 0.0013% / 1h	8m 58s	$31.9M	$334.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now +0.049%Rate

Funding earned: $91.33
Price spread: +0.049% → −0.010%: $5.89
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Pacifica: 4 bp × 2 orders: −$8
Net: $75.41
Costs to cover: 0.218%
Break-even: 1.2 days

Slippage unknown: Perpl: no order-book sample; Pacifica: live order book, 5 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 Pacifica live order book, 5 min ago	0.18 bp	4.2 bp −$4	4.5 bp −$45	doesn't fit	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
Perpl ETHlong	−0.0335%	43m	2,726.9	long leg	$301K	$5.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,728	+0.041%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0018%	8h	2,725	−0.068%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,725.6	−0.046%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,728.7	+0.067%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727.4	+0.019%	$6.2M	$686.1M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,726.8	−0.004%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.7	−0.043%	$28.0M	—	200x	as long as short
BingX ETH-USDT	+0.0028%	8h	2,725.7	−0.042%	—	$1.14B	—	as long as short
Bullet ETH-USD	+0.0036%	1h	2,725.1	−0.065%	$177K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0037%	8h	2,725.7	−0.044%	$2.36B	$4.39B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,727.7	+0.030%	$186K	$814K	50x	as long as short
SunX ETH-USDT	+0.0057%	8h	2,724.6	−0.085%	$954K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,725.2	−0.061%	$377.2M	$575.0M	100x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,726	−0.032%	$252.1M	$842.3M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0079%	8h	2,725.8	−0.040%	$1.67B	$10.72B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,722.9	−0.144%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,725.8	−0.039%	$6.32B	$15.94B	150x	as long as short
MEXC ETH_USDT	+0.0085%	8h	2,725.5	−0.052%	$1.56B	$2.58B	500x	as long as short
ApeX Omni ETHUSDT	+0.0087%	1h	2,728	+0.043%	$8.7M	$31.2M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0088%	1h	2,726.4	−0.017%	$258.4M	$202.6M	50x	as long as short
Phemex ETHUSDT	+0.0088%	8h	2,725.5	−0.052%	$264.1M	$64.2M	150x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,725.2	−0.061%	$54.3M	$187.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,725.7	−0.045%	$112.3M	$435.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,726.9	+0.002%	$23.3M	$104.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,727.2	+0.011%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.144%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.1	−0.028%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.3	+0.090%	$15.4M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727	+0.005%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,727.9	+0.038%	$3.09B	$2.04B	25x	as long as short
Pacifica ETHshort	+0.0100%	1h	2,728.2	+0.049%	$31.9M	$334.0M	50x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.6	−0.010%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.3	+0.016%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	+0.050%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,725.9	−0.037%	$3.33B	$8.96B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.8	−0.041%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.060%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	+0.005%	$134.7M	$322.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	+0.045%	$183.5M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,728.8	+0.069%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.8	+0.034%	$21.0M	$72.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.4	+0.018%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.7	+0.030%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.2	−0.025%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.1	+0.007%	$40.9M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,728.9	+0.075%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,724.6	−0.084%	$30.6M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,727.3	+0.015%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,726.3	−0.022%	$50.5M	$4.27B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,726	−0.032%	$83.4M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,728	+0.040%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,724.9	−0.070%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,727.7	+0.031%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0337%	8h	2,725.1	−0.065%	$281.4M	$174.3M	150x	as long as short