Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.006%

Price spread now: Binance against SoDEX−0.009%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−$20as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on SoDEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.009%, 7d avg +0.011%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.020% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.011%). If the spread goes back, that is −$2 on $10k: about 2.9 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.002% in total) that is about 36 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,770.8	0.0037	pay 0.0005% / 1h	28m 16s	$55.2M	$229.0M	40x
Short	Binance ETHUSDT	2,770.5	0.0060	get 0.0060% / 8h	28m 16s	$6.45B	$17.29B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SoDEX. 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 SoDEXbpFee BinancebpOrdersPrice spread, now −0.009%Rate

Funding earned: $4.8
Price spread: −0.009% → +0.011%: −$2
Slippage, 4 orders: −$0.4
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$15.6
Costs to cover: 0.184%
Break-even: 29.8 days

Slippage from SoDEX: live order book, 1 min ago; Binance: live order book, 16 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 SoDEX live order book, 1 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.9 bp −$587	35.6 bp −$17.8K
Sell Binance live order book, 16 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$583	8.0 bp −$3,995

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	−0.0223%	43m	2,771.8	+0.035%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,771.6	+0.027%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.401%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	+0.083%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	+0.122%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,772.2	+0.051%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.2	+0.086%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	+0.173%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.9	+0.040%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0014%	1h	2,775.2	+0.157%	$29K	$22K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,770.7	−0.004%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,770.6	−0.007%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,771.8	+0.038%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,771.1	+0.009%	$256.2M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0034%	8h	2,771.2	+0.013%	$270.2M	$69.0M	150x	as long as short
SoDEX ETH-USDlong	+0.0037%	1h	2,770.8	long leg	$55.2M	$229.0M	40x
Bullet ETH-USD	+0.0049%	1h	2,771.2	+0.016%	$183K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0057%	1h	2,772.7	+0.067%	$259.0M	$222.3M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,771.1	+0.012%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDTshort	+0.0060%	8h	2,770.5	−0.009%	$6.45B	$17.29B	150x
Aevo ETH-PERP	+0.0064%	1h	2,768.6	−0.078%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,771	+0.008%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,771.2	+0.016%	$3.29B	$9.65B	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,771.6	+0.027%	$420.8M	$739.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,772	+0.042%	$59.9M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,770.6	−0.006%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,772	+0.045%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,771.3	+0.019%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,771.1	+0.009%	$115.2M	$499.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,772.5	+0.061%	$25.3M	$121.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.1	+0.084%	—	$42.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,771.1	+0.012%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.7	+0.032%	$476K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.4	+0.023%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.5	+0.097%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.056%	$31.3M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.6	+0.029%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.7	+0.067%	$2.8M	$17.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.076%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	+0.061%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	+0.089%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	+0.100%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.1	+0.120%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.9	+0.076%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.6	+0.029%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.3	+0.053%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.7	+0.106%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.8	−0.001%	$970K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.6	−0.009%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,772.6	+0.065%	$8.3M	$685.8M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,772	+0.043%	$86.4M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,774.1	+0.120%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,772.3	+0.053%	$286.4M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,770.9	+0.005%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,773.8	+0.109%	$252K	$1.6M	20x	as long as short