Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Ondo Perps against Vest−0.114%7-day average −0.053% · you buy dearer than you sell

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

Long on Vest Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.376%−$38 · spread now −0.114%, 7d avg −0.053%

Together, before fees−0.360%+ Points / potential airdropVest: Active · Ondo Perps: Active · farm board−$36 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Ondo Perps is 0.061% cheaper against Vest than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,737.6	0.0100	pay 0.0013% / 1h	52m 17s	—	$843K	50x
Short	Ondo Perps ETH-USD.P	2,734.5	0.0100	get 0.0013% / 1h	52m 17s	$2.7M	$16.9M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee Ondo PerpsbpOrdersPrice spread, now −0.114%Rate

Funding earned: $0
Price spread: −0.114% → −0.053%: −$6.11
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$13.11
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Ondo 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 Vest no order-book sample	—	—	—	—	—
Sell Ondo Perps no order-book sample	—	—	—	—	—

Vest and Ondo 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	2,735.6	−0.075%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	+0.098%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.6	−0.074%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736	−0.058%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,737.7	+0.004%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736	−0.059%	$181K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.131%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.2	−0.054%	$25.5M	—	200x	as long as short
SoDEX ETH-USD	+0.0045%	1h	2,735.2	−0.088%	$54.5M	$187.6M	40x	as long as short
Bullet ETH-USD	+0.0051%	1h	2,735.4	−0.080%	$180K	$1.7M	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-USDT	+0.0055%	8h	2,735.7	−0.069%	—	$1.14B	—	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,735.9	−0.063%	$1.68B	$10.61B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,735.5	−0.077%	$380.1M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,736.5	−0.042%	$253.0M	$840.5M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,733.2	−0.161%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,735.5	−0.076%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0092%	8h	2,735.5	−0.076%	$6.35B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,735.9	−0.062%	$112.6M	$431.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.7	−0.032%	$24.4M	$103.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.5	−0.003%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,735.9	−0.064%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,739.8	+0.078%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.8	−0.103%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.6	−0.074%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738	+0.014%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	−0.023%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,735.8	−0.065%	$2.43B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.Pshort	+0.0100%	1h	2,734.5	−0.114%	$2.7M	$16.9M	25x
Arcus ETH-USD	+0.0100%	1h	2,735.5	−0.077%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.115%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.4	−0.044%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.9	−0.064%	$2.07B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.3	−0.085%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.122%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	+0.082%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.010%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.098%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.3	+0.061%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,737.6	long leg	—	$843K	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	−0.012%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.5	−0.005%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.4	−0.118%	$959K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.7	−0.072%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.1	−0.093%	$265.8M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.1	−0.092%	$30.6M	$72.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.5	−0.003%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0125%	1h	2,739.7	+0.076%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,737.3	−0.012%	$7.7M	$672.9M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0174%	1h	2,736.7	−0.032%	$260.0M	$194.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,738.1	+0.016%	$32.2M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	+0.029%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.9	−0.061%	$85.9M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,735.8	−0.068%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,739.6	+0.072%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1676%	1h	2,736.3	−0.050%	$21K	$20K	25x	as long as short