ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0216%/8h= −23.6% APRnext payment −$0.27 per $10,000 · paid last 24h −0.025%

Price spread now: Injective against SoDEX−0.066%62s7-day average +0.076% · 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—prices read too far apart to compare

costs, in and out, $10k−$690.692% of the position

Long on SoDEX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.066%, 7d avg +0.076%

Together, before fees−0.063%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Injective is 0.142% cheaper against SoDEX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.076%). Swap the legs. The two prices were read 62 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.030% in total (about -3.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.27 per $10,000. 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	SoDEX ETH-USD	2,732.7	0.0074	pay 0.0009% / 1h	28m 14s	$54.4M	$187.6M	40x
Short	Injective ETH/USDC PERP	2,730.9	−0.0141	pay 0.0018% / 1h	28m 14s	$117K	$22.5M	52x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.066%Rate

Funding earned: −$45.28
Price spread: −0.066% → +0.076%: −$14.17
Slippage, 4 orders: −$61.18
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$128.64
Costs to cover: 0.692%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; Injective: live order book, 1 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	4.3 bp −$43	6.1 bp −$606	30.4 bp −$15.2K
Sell Injective live order book, 1 min ago	9.85 bp	51.0 bp −$51	52.4 bp −$524	52.5 bp −$5,253	doesn't fit

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	2,735.2	+0.092%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERPshort	−0.0141%	1h	2,730.9	−0.066%	$117K	$22.5M	52x
Hotstuff ETH-PERP	−0.0080%	1h	2,738.3	+0.205%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734	+0.046%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.6	+0.106%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.9	+0.081%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,738.5	+0.212%	$831K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,733.9	+0.045%	$179K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733.9	+0.045%	$28.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,732.9	+0.008%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0050%	1h	2,734.2	+0.054%	$260.1M	$196.1M	50x	as long as short
BingX ETH-USDT	+0.0056%	8h	2,733.4	+0.027%	—	$1.14B	—	as long as short
HTX ETH-USDT	+0.0059%	8h	2,732	−0.024%	$1.06B	$1.20B	200x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,732.6	−0.004%	$379.8M	$574.7M	100x	as long as short
Bybit ETHUSDT	+0.0068%	8h	2,732.8	+0.003%	$2.39B	$4.35B	150x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,732.7	0.000%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0069%	8h	2,732.9	+0.006%	$265.7M	$65.4M	150x	as long as short
SoDEX ETH-USDlong	+0.0074%	1h	2,732.7	long leg	$54.4M	$187.6M	40x
Aevo ETH-PERP	+0.0088%	1h	2,730.2	−0.093%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0088%	8h	2,735.3	+0.097%	$251.0M	$843.5M	200x	as long as short
MEXC ETH_USDT	+0.0092%	8h	2,733	+0.011%	$1.53B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,733	+0.011%	$6.35B	$15.88B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.4	+0.026%	$113.0M	$438.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,734.3	+0.057%	$23.4M	$106.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.8	+0.078%	—	$30.9M	500x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,739.5	+0.248%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.1	+0.089%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.6	+0.070%	$501K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735	+0.082%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,735.2	+0.091%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.1	+0.124%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,734.3	+0.059%	$2.7M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,735.2	+0.091%	$1.6M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.148%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.6	+0.033%	$3.34B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733.6	+0.034%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,733	+0.010%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.1	+0.124%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.5	+0.139%	$184.1M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.2	+0.165%	$159.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,738	+0.194%	$21.1M	$68.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.1	+0.123%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.8	+0.113%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.5	+0.028%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.5	+0.066%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.3	+0.022%	$959K	$11.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732	−0.026%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,734	+0.048%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0123%	1h	2,735.1	+0.089%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,734.9	+0.081%	$6.6M	$678.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,735.2	+0.091%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,734.3	+0.060%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,733.7	+0.036%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.3	+0.240%	$254K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0371%	8h	2,737.3	+0.169%	$282.5M	$175.6M	150x	as long as short