Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0111%/8h= +12.1% APRpaid last 24h −0.004%

Price spread now: Bybit against RISEx−0.020%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on RISEx Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.038%−$4 on $10k

Price spread, last 7 days−0.010%−$1 · spread now −0.020%, 7d avg −0.009%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ETH/USDC	2,770.4	−0.0011	get 0.0001% / 1h	51m 13s	$5.8M	$12.0M	25x
Short	Bybit ETHUSDT	2,769.8	0.0100	get 0.0100% / 8h	2h 51m	$2.51B	$4.65B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against RISEx. 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 RISExbpFee BybitbpOrdersPrice spread, now −0.020%Rate

Funding earned: $23.21
Price spread: −0.020% → −0.009%: −$1.13
Slippage, 4 orders: −$2.44
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $2.64
Costs to cover: 0.194%
Break-even: 6.2 days

Slippage from RISEx: live order book, 3 min ago; Bybit: live order book, 3 min ago.

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 RISEx live order book, 3 min ago	0.02 bp	4.1 bp −$4	5.3 bp −$53	353.0 bp −$35.3K	doesn't fit
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.9 bp −$787	11.1 bp −$5,542

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 ETH	−0.0447%	43m	2,769.7	−0.025%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0176%	1h	2,772.5	+0.076%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	+0.156%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	+0.051%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,770.5	+0.004%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.228%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDClong	−0.0011%	1h	2,770.4	long leg	$5.8M	$12.0M	25x
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.038%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	+0.018%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,769.9	−0.019%	—	$17.3M	—	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	+0.0022%	8h	2,769.5	−0.031%	$1.70B	$11.90B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,770.1	−0.011%	$266.5M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.7	+0.012%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0034%	1h	2,775.8	+0.194%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,767.3	−0.111%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,769.9	−0.019%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0043%	8h	2,769.8	−0.020%	$6.44B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,770.2	−0.006%	$255.8M	$999.2M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,770	−0.013%	$3.29B	$9.54B	200x	as long as short
SoDEX ETH-USD	+0.0070%	1h	2,769.1	−0.046%	$55.1M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,769.3	−0.040%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,769.7	−0.024%	$186K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.193%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.8	+0.014%	$115.2M	$508.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.4	+0.035%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.4	+0.001%	—	$42.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771	+0.023%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.4	+0.001%	$489K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.6	−0.030%	$16.1M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	+0.076%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.007%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,769.8	−0.020%	$2.51B	$4.65B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	−0.036%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.3	+0.067%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	+0.016%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.1	−0.010%	$426.0M	$745.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.9	+0.018%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.092%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.240%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.066%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.5	+0.040%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	+0.001%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.068%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.028%	$972K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.054%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771	+0.023%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769	−0.051%	$31.6M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.4	+0.035%	$60.2M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.9	+0.019%	$8.6M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,772.8	+0.086%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0151%	1h	2,771.3	+0.033%	$258.9M	$223.4M	50x	as long as short
BloFin ETH-USDT	+0.0163%	8h	2,769	−0.050%	$286.4M	$197.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,769	−0.048%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	+0.018%	$88.5M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0368%	1h	2,774.6	+0.152%	$273K	$1.5M	20x	as long as short