Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC−0.0442%/8h= −48.4% APRpaid last 24h −0.054%

Price spread now: Perpl against RISEx−0.004%7-day average +0.011% · you buy dearer than you sell

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

Long on RISEx Short on Perpl

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+0.003%$0 · spread now −0.004%, 7d avg +0.011%

Together, before fees−0.050%+ Points / potential airdropPerpl: Active · farm board−$5 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: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.053% in total (about -5.4% 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	RISEx ETH/USDC	2,728.5	0.0107	pay 0.0013% / 1h	12m 22s	$5.6M	$11.7M	25x
Short	Perpl ETH	2,728.4	−0.0335	pay 0.0030% / 43m	9m 22s	$297K	$5.6M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.004%Rate

Funding earned: −$92.77
Price spread: −0.004% → +0.011%: −$1.53
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$114.1
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 2 min ago; Perpl: 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	4.2 bp −$4	4.8 bp −$48	301.1 bp −$30.1K	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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 ETHshort	−0.0335%	43m	2,728.4	−0.004%	$297K	$5.6M	8.3x
Hotstuff ETH-PERP	−0.0080%	1h	2,728.6	+0.004%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0017%	8h	2,727.9	−0.023%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.8	−0.026%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	+0.019%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.3	+0.030%	$6.2M	$686.2M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,729.5	+0.038%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728	−0.019%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,727.3	−0.045%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0032%	1h	2,727.1	−0.051%	$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	+0.0036%	8h	2,727.7	−0.030%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,728.3	−0.007%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0062%	8h	2,727.6	−0.032%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,727.8	−0.024%	$377.8M	$575.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,729.4	+0.034%	$258.6M	$202.4M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,727.8	−0.027%	$1.67B	$10.74B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,727.5	−0.035%	$250.7M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,725.9	−0.095%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0086%	8h	2,727.4	−0.041%	$1.56B	$2.58B	500x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,728.5	+0.001%	$264.4M	$64.8M	150x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,727.4	−0.038%	$6.32B	$15.94B	150x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,728.3	−0.007%	$54.3M	$187.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,731	+0.092%	$8.6M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.6	+0.003%	$112.3M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	+0.051%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,728.4	−0.002%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.085%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.9	−0.021%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,729.6	+0.041%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.022%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,729.9	+0.052%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.3	+0.030%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729	+0.019%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,728.8	+0.012%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.010%	$167.8M	$301.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,727.8	−0.026%	$3.33B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.6	−0.032%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.2	−0.012%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	+0.012%	$134.7M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.5	+0.037%	$183.6M	$673.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730	+0.057%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730	+0.056%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,728.8	+0.012%	—	$845K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729	+0.019%	$11.2M	$9.4M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.3	+0.028%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.1	+0.061%	$41.0M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,730	+0.056%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.2	−0.047%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDClong	+0.0107%	1h	2,728.5	long leg	$5.6M	$11.7M	25x
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729.7	+0.043%	$50.5M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,729.1	+0.023%	$83.6M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,730	+0.056%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,726.9	−0.058%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,729.8	+0.050%	$247K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0347%	8h	2,728.2	−0.010%	$282.3M	$174.6M	150x	as long as short