Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0547%/8h= +59.9% APRpaid last 24h +0.029%

Price spread now: Vest against Perpl+0.007%7-day average +0.006% · you sell dearer than you buy

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

Long on Perpl Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.007%, 7d avg +0.006%

Together, before fees−0.022%+ Points / potential airdropPerpl: Active · Vest: Active · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$16 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.006% in total (about 0.7% 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	2,772.4	−0.0447	get 0.0040% / 43m	20m 29s	$289K	$6.9M	8.3x
Short	Vest ETH-PERP	2,772.6	0.0100	get 0.0013% / 1h	50m 29s	—	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.007%Rate

Funding earned: $114.78
Price spread: +0.007% → +0.006%: $0.03
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Vest: 1 bp × 2 orders: −$2
Net: $99.02
Costs to cover: 0.158%
Break-even: 1.0 days

Slippage unknown: Perpl: no order-book sample; Vest: 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 Vest no order-book sample	—	—	—	—	—

Perpl and Vest: 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	2,772.4	long leg	$289K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,772.8	+0.016%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	+0.026%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.3	+0.033%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.6	+0.008%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0001%	1h	2,772.3	−0.003%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.8	+0.015%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,772	−0.014%	$884K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	−0.004%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,772.3	−0.002%	—	$17.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0021%	8h	2,771.6	−0.029%	$1.71B	$11.83B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,770.8	−0.059%	$266.9M	$65.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	−0.007%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,772.4	+0.001%	$256.4M	$992.8M	200x	as long as short
Nado ETH-PERP	+0.0034%	1h	2,772.8	+0.014%	$14.3M	$118.5M	50x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771	−0.051%	$182K	$1.8M	20x	as long as short
Binance ETHUSDT	+0.0053%	8h	2,772.5	+0.005%	$6.44B	$17.16B	150x	as long as short
MEXC ETH_USDT	+0.0053%	8h	2,772.9	+0.020%	$1.61B	$2.64B	500x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,773.3	+0.034%	$287K	$1.5M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.7	−0.097%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0067%	1h	2,770.7	−0.061%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,772.1	−0.009%	$2.10B	$3.11B	150x	as long as short
Gate ETH_USDT	+0.0083%	8h	2,772.7	+0.012%	$3.29B	$9.54B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0086%	1h	2,772.2	−0.006%	$258.4M	$224.4M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,773.4	+0.035%	$115.0M	$495.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.8	+0.089%	$25.4M	$120.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.2	−0.007%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,770.3	−0.076%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.008%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.5	+0.004%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773	+0.022%	$481K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.3	+0.069%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.3	+0.034%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.9	−0.018%	$2.51B	$4.61B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.6	+0.008%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.7	+0.083%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.064%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,773	+0.021%	$424.1M	$738.6M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.3	−0.038%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.5	+0.005%	$179.7M	$779.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.135%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,771.8	−0.022%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772	−0.014%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.4	+0.037%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	−0.012%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.3	+0.032%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.4	−0.070%	$970K	$14.0M	100x	as long as short
Vest ETH-PERPshort	+0.0100%	1h	2,772.6	+0.007%	—	$1.1M	50x
Extended ETH-USD	+0.0104%	1h	2,772.1	−0.011%	$31.4M	$75.1M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772	−0.014%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,772.1	−0.010%	$8.5M	$673.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,773.7	+0.047%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.7	−0.023%	$86.1M	$330.7M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,771	−0.049%	$285.0M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0188%	1h	2,771.9	−0.018%	$7.4M	$1.1M	25x	as long as short