Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h +0.010%

Price spread now: Katana Perps against SoDEX−0.066%7-day average +0.013% · you buy dearer than you sell

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

Long on SoDEX Short on Katana Perps

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)+0.163%+$16 · spread now −0.066%, 7d avg +0.013%

Together, before fees+0.192%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Katana Perps is 0.079% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.013%). If the spread goes back, that is −$8 on $10k: about 12 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,734.7	0.0077	pay 0.0010% / 1h	26m 32s	$54.5M	$187.6M	40x
Short	Katana Perps ETH-USD	2,732.9	0.0100	get 0.0100% / 8h	4h 26m	$501K	$3.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.066%Rate

Funding earned: $4.73
Price spread: −0.066% → +0.013%: −$7.88
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$14.95
Costs to cover: 0.118%
Break-even: 29.1 days

Slippage unknown: SoDEX: live order book, 3 min ago; Katana Perps: 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 SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.3 bp −$43	6.1 bp −$606	30.4 bp −$15.2K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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 ETH	−0.0447%	43m	2,733.9	−0.029%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,739.1	+0.161%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.7	+0.037%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.9	−0.067%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.3	+0.023%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,733.2	−0.055%	$187K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,738.5	+0.139%	$831K	$2.9M	25x	as long as short
Bullet ETH-USD	+0.0006%	1h	2,732.9	−0.066%	$179K	$1.7M	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,733	−0.062%	$28.1M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,737.1	+0.088%	$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
BingX ETH-USDC	+0.0056%	8h	2,733.4	−0.046%	—	$18.4M	—	as long as short
HTX ETH-USDT	+0.0056%	8h	2,734.1	−0.023%	$1.06B	$1.20B	200x	as long as short
Phemex ETHUSDT	+0.0064%	8h	2,734.6	−0.005%	$265.9M	$65.4M	150x	as long as short
Bybit ETHUSDT	+0.0066%	8h	2,733	−0.063%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,734.8	+0.004%	$380.2M	$574.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,733.2	−0.055%	$1.67B	$10.71B	100x	as long as short
SoDEX ETH-USDlong	+0.0077%	1h	2,734.7	long leg	$54.5M	$187.6M	40x
Aster ETHUSDT	+0.0087%	8h	2,734.6	−0.003%	$251.0M	$842.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,733	−0.062%	$1.54B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,733.2	−0.056%	$6.35B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734	−0.027%	$113.0M	$439.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,735.5	+0.031%	$23.4M	$106.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,734.8	+0.003%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,731.7	−0.110%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,737.4	+0.098%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,733.2	−0.055%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,732.9	−0.066%	$501K	$3.2M	50x
Nado ETH-PERP	+0.0100%	1h	2,734	−0.027%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.8	+0.077%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.5	−0.009%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.5	−0.044%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.6	−0.041%	$1.6M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.7	−0.221%	$166.6M	$310.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,733.1	−0.059%	$3.34B	$8.89B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,733	−0.062%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.9	+0.007%	$15.0M	$39.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.1	+0.051%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.5	+0.066%	$184.1M	$672.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.2	+0.091%	$159.2M	$86.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	−0.026%	$21.1M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,734.7	−0.001%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,735.2	+0.018%	$11.2M	$9.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733.9	−0.029%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,735.9	+0.045%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,733.4	−0.049%	$959K	$11.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,732.1	−0.094%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,735.6	+0.034%	$51.3M	$4.27B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0119%	1h	2,736.2	+0.054%	$260.1M	$196.1M	50x	as long as short
Aftermath Perps ETHUSD	+0.0124%	1h	2,735	+0.010%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,734.7	0.000%	$6.7M	$678.5M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,736.5	+0.067%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,732.4	−0.083%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.8	+0.039%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,735.9	+0.043%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0376%	8h	2,733.3	−0.052%	$282.1M	$175.2M	150x	as long as short