Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: OKX against RISEx−0.021%7-day average −0.011% · 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−$17as in the Price arb table

costs, in and out, $10k−$170.165% of the position

Long on RISEx Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.053%−$5 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.021%, 7d avg −0.011%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: −$1 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	2,737.9	0.0107	pay 0.0013% / 1h	56m 31s	$5.7M	$11.7M	25x
Short	OKX ETH-USDT-SWAP	2,737.3	0.0075	get 0.0075% / 8h	3h 56m	$1.67B	$10.74B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$6.73
Price spread: −0.021% → −0.011%: −$0.93
Slippage, 4 orders: −$0.54
Fee RISEx: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: −$24.2
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; OKX: 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	3.5 bp −$3	4.9 bp −$49	274.6 bp −$27.5K	doesn't fit
Sell OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.4 bp −$536	5.9 bp −$2,935

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	2,738	+0.005%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,738.4	+0.019%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739	+0.039%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	−0.006%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,739.1	+0.044%	$6.8M	$680.0M	4.9x	as long as short
Phoenix ETH	0.0000%	1h	2,739.6	+0.063%	$828K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.4	+0.056%	$28.1M	—	200x	as long as short
HTX ETH-USDT	+0.0022%	8h	2,737.2	−0.024%	$1.06B	$1.20B	200x	as long as short
Bullet ETH-USD	+0.0030%	1h	2,738.4	+0.019%	$179K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,737.9	+0.001%	$187K	$819K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0042%	8h	2,739	+0.040%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0051%	8h	2,737.1	−0.029%	$2.37B	$4.36B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,738.4	+0.019%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,737.6	−0.012%	$380.3M	$574.1M	100x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,738.1	+0.008%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAPshort	+0.0075%	8h	2,737.3	−0.021%	$1.67B	$10.74B	100x
Phemex ETHUSDT	+0.0076%	8h	2,738.1	+0.006%	$265.9M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0091%	8h	2,738.6	+0.026%	$251.2M	$842.2M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,738.1	+0.008%	$113.1M	$430.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.5	+0.058%	$23.5M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,738.5	+0.023%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735.4	−0.091%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,739.5	+0.059%	$118K	$22.5M	52x	as long as short
Binance ETHUSDT	+0.0099%	8h	2,739	+0.040%	$6.37B	$15.89B	150x	as long as short
MEXC ETH_USDT	+0.0099%	8h	2,737.4	−0.020%	$1.56B	$2.53B	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,741.9	+0.148%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737	−0.032%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,737.3	−0.023%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.4	+0.055%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,738.2	+0.012%	$31.9M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,736.5	−0.051%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.9	−0.001%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.154%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737	−0.031%	$3.34B	$8.82B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.5	−0.016%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,737.3	−0.023%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.3	−0.021%	$134.0M	$324.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.4	+0.019%	$184.2M	$669.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.2	+0.012%	$159.3M	$86.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738.5	+0.022%	$21.1M	$68.4M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.8	+0.033%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,738.7	+0.029%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,739.8	+0.070%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.8	−0.003%	$960K	$11.3M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,738.5	+0.023%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,736.3	−0.056%	$30.4M	$72.9M	50x	as long as short
RISEx ETH/USDClong	+0.0107%	1h	2,737.9	long leg	$5.7M	$11.7M	25x
Deribit ETH-PERPETUAL	+0.0108%	1h	2,739.3	+0.052%	$260.3M	$197.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0114%	1h	2,737.6	−0.012%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,739.5	+0.057%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,739.1	+0.045%	$83.6M	$315.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,740.3	+0.090%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,736.6	−0.045%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,739.6	+0.062%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0396%	8h	2,737.7	−0.007%	$283.3M	$175.9M	150x	as long as short