Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0071%/8h= +7.8% APRpaid last 24h +0.035%

Price spread now: Orderly against RISEx+0.041%7-day average +0.062% · you sell dearer than you buy

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

Long on RISEx Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.041%, 7d avg +0.062%

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

Funding pays, the price is against you. Orderly is 0.021% cheaper against RISEx than usual: you would sell low and buy high (spread +0.041% now, against its 7-day average of +0.062%). If the spread goes back, that is −$2 on $10k: about 23 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx ETH/USDC	2,727.2	0.0115	pay 0.0014% / 1h	37m 26s	$5.6M	$11.7M	25x
Short	Orderly PERP_ETH_USDC	2,728.3	0.0186	get 0.0186% / 8h	1h 37m	$32.1M	$11.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.041%Rate

Funding earned: $15.01
Price spread: +0.041% → +0.062%: −$2.08
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.92
Costs to cover: 0.120%
Break-even: 6.6 days

Slippage unknown: RISEx: live order book, 2 min ago; Orderly: 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 RISEx live order book, 2 min ago	0.02 bp	3.0 bp −$3	3.8 bp −$38	304.5 bp −$30.5K	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
ApeX Omni ETHUSDT	−0.0113%	1h	2,727.4	+0.007%	$8.6M	$31.4M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,725.7	−0.057%	$290K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.4	−0.029%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,727.6	+0.015%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727	−0.008%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,727.4	+0.007%	$816K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,727.3	+0.004%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.4	−0.029%	$6.7M	$690.2M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,726.5	−0.026%	$262.7M	$215.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,726.3	−0.035%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0008%	8h	2,725.9	−0.049%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,727.1	−0.004%	$190K	$893K	50x	as long as short
BingX ETH-USDC	+0.0030%	8h	2,725.8	−0.052%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0033%	8h	2,726.3	−0.031%	$2.34B	$4.43B	150x	as long as short
SoDEX ETH-USD	+0.0066%	1h	2,725.8	−0.051%	$54.3M	$187.5M	40x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,726	−0.045%	$376.2M	$577.6M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,726.3	−0.031%	$251.9M	$850.0M	200x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,727.4	+0.006%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0084%	8h	2,725.5	−0.063%	$955K	$11.1M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,723.4	−0.140%	$4.9M	$165K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0088%	8h	2,726.4	−0.030%	$1.65B	$10.94B	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,726.5	−0.025%	$6.32B	$16.18B	150x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,726.6	−0.022%	$1.52B	$2.59B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,726.6	−0.022%	$112.0M	$434.0M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.9	+0.027%	$23.4M	$103.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,726.4	−0.029%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.9	+0.098%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	−0.030%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.1	+0.070%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.3	+0.002%	$31.9M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726	−0.044%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,727.2	+0.002%	$1.5M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.3	+0.003%	$162.4M	$353.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.9	−0.011%	$3.29B	$8.97B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.4	−0.029%	$2.09B	$2.80B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.8	−0.052%	$15.0M	$41.8M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,726.2	−0.038%	$133.5M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.5	−0.097%	$184.7M	$681.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,726.6	−0.021%	$158.4M	$87.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726	−0.044%	$21.0M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.8	+0.022%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.8	+0.022%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,726.4	−0.028%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,726.4	−0.028%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.9	+0.024%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726	−0.044%	$262.8M	$64.8M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.8	−0.053%	$30.4M	$74.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.3	−0.031%	—	$30.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,727.1	−0.005%	$50.1M	$4.32B	50x	as long as short
RISEx ETH/USDClong	+0.0115%	1h	2,727.2	long leg	$5.6M	$11.7M	25x
Orderly PERP_ETH_USDCshort	+0.0186%	8h	2,728.3	+0.041%	$32.1M	$11.6M	100x
Reya ETHRUSDPERP	+0.0192%	1h	2,725.7	−0.054%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,726.4	−0.030%	$83.2M	$311.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,726.5	−0.026%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0371%	8h	2,726.1	−0.039%	$282.1M	$175.4M	150x	as long as short