Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.038%

Price spread now: Orderly against SoDEX+0.033%7-day average +0.093% · you sell dearer than you buy

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

Long on SoDEX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now +0.033%, 7d avg +0.093%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.060% cheaper against SoDEX than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.093%). If the spread goes back, that is −$6 on $10k: about 2.3 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX ETH-USD	2,725.7	0.0100	pay 0.0013% / 1h	21m 27s	$54.3M	$187.7M	40x
Short	Orderly PERP_ETH_USDC	2,726.6	0.0188	get 0.0188% / 8h	2h 21m	$32.1M	$11.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.033%Rate

Funding earned: $18.49
Price spread: +0.033% → +0.093%: −$6
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.51
Costs to cover: 0.140%
Break-even: 7.6 days

Slippage unknown: SoDEX: live order book, 3 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 SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.7 bp −$567	29.6 bp −$14.8K
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
Perpl ETH	−0.0447%	43m	2,726.5	+0.030%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	+0.015%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0010%	8h	2,725.1	−0.021%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.1	−0.058%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,720	−0.209%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,724.4	−0.050%	$32.6M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,725.8	+0.002%	$10.3M	$42.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,717.1	−0.316%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0035%	8h	2,726.1	+0.015%	—	$1.13B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,726.8	+0.040%	$192K	$831K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,726.1	+0.016%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,723.2	−0.093%	$955K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,724	−0.062%	$180K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0077%	8h	2,725.8	+0.005%	$374.1M	$577.4M	100x	as long as short
Aftermath Perps ETHUSD	+0.0079%	1h	2,720.6	−0.188%	$30K	$20K	20x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,726.3	+0.022%	$252.2M	$845.1M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,722.6	−0.112%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,726.3	+0.022%	$1.54B	$2.59B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,726.4	+0.027%	$6.32B	$16.08B	150x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,725.7	−0.002%	$262.7M	$64.9M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,726	+0.012%	$112.3M	$434.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,727.4	+0.064%	$23.5M	$103.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0096%	8h	2,726.3	+0.020%	$1.66B	$10.83B	100x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,720.3	−0.197%	$8.6M	$31.4M	100x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.8	+0.004%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,728.5	+0.102%	$15.1M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.3	+0.020%	$13.8M	$105.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.5	+0.102%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,726.6	+0.033%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,726.1	+0.015%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.8	+0.039%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.117%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.2	+0.020%	$3.31B	$9.00B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,726.7	+0.036%	$2.08B	$2.78B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.6	−0.005%	$14.9M	$42.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,716.2	−0.350%	$132.3M	$328.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,720	−0.208%	$184.3M	$677.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,720.5	−0.192%	$158.2M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.059%	$20.9M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.1	+0.052%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.8	+0.077%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,724.8	−0.032%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727	+0.046%	$40.9M	$30.2M	15x	as long as short
SoDEX ETH-USDlong	+0.0100%	1h	2,725.7	long leg	$54.3M	$187.7M	40x
Extended ETH-USD	+0.0104%	1h	2,725.3	−0.013%	$30.4M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,724.4	−0.046%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,727.1	+0.052%	$49.6M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,726.8	+0.040%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0151%	8h	2,723.3	−0.088%	$6.9M	$693.0M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,726.5	+0.028%	$83.0M	$312.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0183%	1h	2,726.8	+0.040%	$259.3M	$207.8M	50x	as long as short
Orderly PERP_ETH_USDCshort	+0.0188%	8h	2,726.6	+0.033%	$32.1M	$11.5M	100x
Reya ETHRUSDPERP	+0.0199%	1h	2,725.8	+0.002%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,724.9	−0.030%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0359%	8h	2,720.5	−0.193%	$281.1M	$173.9M	150x	as long as short