Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0127%/8h= +13.9% APRpaid last 24h +0.040%

Price spread now: Orderly against 01 Exchange+0.049%7-day average +0.057% · you sell dearer than you buy

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

Long on 01 Exchange Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.161%+$16 on $10k

Price spread, last 4 days (all we have)−0.078%−$8 · spread now +0.049%, 7d avg +0.057%

Together, before fees+0.083%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.057%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange ETHUSD	2,745	0.0048	pay 0.0006% / 1h	21m 54s	$195K	$948K	50x
Short	Orderly PERP_ETH_USDC	2,746.4	0.0175	get 0.0175% / 8h	6h 21m	$32.4M	$10.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against 01 Exchange. 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 01 ExchangebpFee OrderlybpOrdersPrice spread, now +0.049%Rate

Funding earned: $26.73
Price spread: +0.049% → +0.057%: −$0.75
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $12.97
Costs to cover: 0.130%
Break-even: 3.6 days

Slippage unknown: 01 Exchange: live order book, 30 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 01 Exchange live order book, 30 min ago	0.18 bp	6.7 bp −$7	11.8 bp −$118	doesn't fit	doesn't fit
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 54 exchanges

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
Hibachi ETH/USDT-P	−0.0088%	1h	2,740.5	−0.163%	$234K	$1.3M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740	−0.182%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0069%	1h	2,740.4	−0.169%	$8.3M	$29.8M	100x	as long as short
Bybit ETHUSDT	−0.0035%	8h	2,743.3	−0.061%	$2.36B	$3.96B	150x	as long as short
Phoenix ETH	−0.0023%	1h	2,739.6	−0.197%	$805K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,744.4	−0.020%	$12.0M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,742.4	−0.095%	$7.0M	$663.8M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,743.8	−0.042%	$271K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,744.4	−0.020%	$33.1M	—	200x	as long as short
Gate ETH_USDT	+0.0044%	8h	2,743	−0.071%	$3.26B	$7.86B	200x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSDlong	+0.0048%	1h	2,745	long leg	$195K	$948K	50x
dYdX ETH-USD	+0.0056%	1h	2,743	−0.071%	$14.8M	$43.1M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,743.3	−0.063%	$1.67B	$9.63B	100x	as long as short
Aster ETHUSDT	+0.0072%	8h	2,743	−0.073%	$256.3M	$746.1M	200x	as long as short
MEXC ETH_USDT	+0.0078%	8h	2,743.3	−0.061%	$1.59B	$2.51B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,743.1	−0.068%	$6.38B	$14.68B	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,744.4	−0.023%	$82.2M	$283.1M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.8	−0.117%	$4.9M	$208K	20x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,743.2	−0.066%	$365.6M	$459.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0088%	1h	2,740.3	−0.172%	$30K	$8K	20x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,743.7	−0.047%	$61.8M	$121.8M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,744.1	−0.031%	$114.0M	$389.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,745.3	+0.012%	$23.7M	$98.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.4	−0.130%	—	$23.9M	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.7	−0.047%	$507K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.1	−0.106%	$14.5M	$97.8M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,743.3	−0.062%	$32.2M	$326.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.3	−0.098%	$2.8M	$14.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744	−0.037%	$1.5M	$14.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.6	−0.160%	$163.1M	$330.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.8	−0.082%	$2.11B	$2.41B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,742.8	−0.079%	—	$960.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.1	−0.068%	$14.9M	$37.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.238%	$132.1M	$303.2M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.5	−0.236%	$185.9M	$632.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,741.5	−0.128%	$159.4M	$75.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.186%	$21.0M	$72.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745	−0.002%	—	$365K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.2	+0.044%	$11.3M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,744.4	−0.020%	$177K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.6	−0.015%	$947K	$9.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744	−0.036%	$1.05B	$1.10B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.9	−0.039%	$264.0M	$57.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.9	−0.114%	$30.4M	$67.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,744.9	−0.003%	$45.6M	$3.95B	50x	as long as short
BloFin ETH-USDT	+0.0108%	8h	2,740.2	−0.173%	$282.7M	$158.1M	150x	as long as short
Hyperliquid ETH	+0.0114%	1h	2,746.9	+0.069%	$3.15B	$1.77B	25x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,745	+0.001%	$267.3M	$195.2M	50x	as long as short
Reya ETHRUSDPERP	+0.0161%	1h	2,743.7	−0.046%	$7.3M	$870K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,745.3	+0.010%	$5.6M	$10.8M	25x	as long as short
Orderly PERP_ETH_USDCshort	+0.0175%	8h	2,746.4	+0.049%	$32.4M	$10.1M	100x
Paradex ETH-USD-PERP	+0.0267%	8h	2,747.5	+0.091%	$15.8M	$6.5M	50x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,743.6	−0.051%	$118K	$23.4M	52x	as long as short
Bluefin ETH-PERP	+0.1169%	1h	2,744.6	−0.014%	$20K	$15K	25x	as long as short