Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h −0.006%

Price spread now: RISEx against SunX+0.088%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on SunX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.206%+$21 · spread now +0.088%, 7d avg +0.037%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. RISEx is 0.051% dearer against SunX than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of +0.037%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,735.9	0.0100	pay 0.0100% / 8h	5h 41m	$960K	$11.5M	100x
Short	RISEx ETH/USDC	2,738.3	0.0077	get 0.0010% / 1h	41m 16s	$5.6M	$11.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx against SunX. 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 SunXbpFee RISExbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$4.89
Price spread: +0.088% → +0.037%: $5.1
Slippage, 4 orders: −$4.28
Fee SunX: 4 bp × 2 orders: −$8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$18.06
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from SunX: live order book, 8 min ago; RISEx: live order book, 3 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 SunX live order book, 8 min ago	0.24 bp	7.0 bp −$7	7.1 bp −$71	8.3 bp −$829	11.1 bp −$5,539
Sell RISEx live order book, 3 min ago	0.02 bp	4.0 bp −$4	5.0 bp −$50	doesn't fit	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	−0.0112%	43m	2,738.7	+0.104%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	+0.150%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.264%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,737.2	+0.048%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.2	+0.120%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,737	+0.042%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.322%	$849K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,738.3	+0.088%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,736.1	+0.009%	—	$18.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0062%	8h	2,739.6	+0.135%	$1.69B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,738.4	+0.091%	$383.1M	$597.8M	100x	as long as short
RISEx ETH/USDCshort	+0.0077%	1h	2,738.3	+0.088%	$5.6M	$11.2M	25x
Aster ETHUSDT	+0.0081%	8h	2,738.3	+0.087%	$251.9M	$841.3M	200x	as long as short
Bullet ETH-USD	+0.0085%	1h	2,736.8	+0.034%	$181K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.4	−0.092%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,739.1	+0.116%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,738.2	+0.086%	$6.36B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,737.9	+0.075%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,736.8	+0.033%	$112.5M	$432.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,739.4	+0.128%	$24.6M	$103.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745	+0.333%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,738.5	+0.096%	$58.7M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,741.5	+0.206%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.5	+0.095%	$467K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	+0.083%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,739.6	+0.136%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.3	+0.124%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.2	+0.122%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.4	+0.092%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.1	+0.116%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.279%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,737.4	+0.053%	$3.39B	$8.70B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.9	+0.148%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.3	+0.272%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	+0.164%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	+0.235%	$182.2M	$689.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.279%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.240%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.7	+0.322%	$21.2M	$69.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.2	+0.159%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738.7	+0.103%	$10.9M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,737	+0.039%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	+0.080%	$41.5M	$29.5M	15x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,735.9	long leg	$960K	$11.5M	100x
SoDEX ETH-USD	+0.0100%	1h	2,736.7	+0.030%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	+0.092%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.7	−0.008%	$30.6M	$72.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0112%	1h	2,738	+0.076%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.8	+0.253%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,739.8	+0.143%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,738.5	+0.095%	$32.2M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	+0.020%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737.7	+0.065%	$86.9M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,737.2	+0.047%	$7.2M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,745.6	+0.354%	$250K	$1.4M	20x	as long as short