Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h +0.030%

Price spread now: Orderly against Vest+0.098%7-day average +0.060% · you sell dearer than you buy

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

Long on Vest Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.075%+$8 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now +0.098%, 7d avg +0.060%

Together, before fees−0.117%+ Points / potential airdropVest: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.038% dearer against Vest than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest ETH-PERP	2,772	0.0100	pay 0.0013% / 1h	48m 27s	—	$1.1M	50x
Short	Orderly PERP_ETH_USDC	2,774.8	0.0128	get 0.0128% / 8h	2h 48m	$32.5M	$11.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Vest. 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 VestbpFee OrderlybpOrdersPrice spread, now +0.098%Rate

Funding earned: $5.98
Price spread: +0.098% → +0.060%: $3.76
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.74
Costs to cover: 0.080%
Break-even: 5.0 days

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

Vest and 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	2,771.5	−0.020%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0178%	1h	2,769.3	−0.100%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,770.7	−0.048%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	−0.074%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,771.4	−0.023%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.168%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771.1	−0.032%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,772.5	+0.017%	$12.9M	$45.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	+0.020%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0021%	8h	2,769.8	−0.082%	$266.5M	$65.9M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.4	−0.024%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.3	+0.011%	$13.1M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0038%	1h	2,773.3	+0.047%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,769.7	−0.086%	$5.0M	$636K	20x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,771.4	−0.023%	$255.9M	$997.1M	200x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,771.6	−0.016%	$1.59B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.7	−0.014%	$6.44B	$17.22B	150x	as long as short
Gate ETH_USDT	+0.0058%	8h	2,771.5	−0.020%	$3.29B	$9.55B	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,771.3	−0.026%	$2.09B	$3.13B	150x	as long as short
SoDEX ETH-USD	+0.0075%	1h	2,769.8	−0.081%	$55.2M	$228.6M	40x	as long as short
Bullet ETH-USD	+0.0076%	1h	2,771.4	−0.023%	$187K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,769.8	−0.080%	$141.1M	$319.9M	—	as long as short
Lighter ETH	+0.0096%	1h	2,772.2	+0.006%	$115.2M	$508.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.5	+0.051%	$25.3M	$121.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.6	+0.022%	—	$42.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.2	+0.007%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.7	−0.012%	$480K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,771.7	−0.013%	$16.1M	$115.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.2	+0.078%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.013%	$31.3M	$283.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.5	−0.019%	$2.51B	$4.65B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.4	−0.023%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.4	+0.047%	$2.8M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.044%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.8	−0.045%	$426.2M	$745.1M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,771.6	−0.017%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.039%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.032%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.9	−0.076%	$161.1M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,769.5	−0.092%	$21.4M	$57.5M	40x	as long as short
Vest ETH-PERPlong	+0.0100%	1h	2,772	long leg	—	$1.1M	50x
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	+0.034%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	+0.013%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.1	+0.075%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.3	−0.137%	$970K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.114%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	−0.026%	$31.4M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.5	−0.021%	$60.0M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0115%	8h	2,770.4	−0.059%	$8.6M	$670.1M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0128%	8h	2,774.8	+0.098%	$32.5M	$11.8M	100x
BloFin ETH-USDT	+0.0164%	8h	2,769.8	−0.080%	$286.5M	$196.4M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0169%	1h	2,771.7	−0.012%	$259.0M	$223.4M	50x	as long as short
Reya ETHRUSDPERP	+0.0191%	1h	2,770.7	−0.050%	$7.5M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,771.3	−0.026%	$88.4M	$330.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0384%	1h	2,770.9	−0.041%	$273K	$1.5M	20x	as long as short