Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0097%/8h= +10.6% APRpaid last 24h +0.091%

Price spread now: HTX against Deribit−0.085%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. HTX is 0.085% cheaper against Deribit than usual: you would sell low and buy high (spread −0.085% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 2.9 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	Deribit ETHFI_USDC-PERPETUAL	0.7022	−0.0462	get 0.0058% / 1h	58m 20s	$41K	$11K	10x
Short	HTX ETHFI-USDT	0.7016	−0.0365	pay 0.0182% / 4h	1h 58m	$81K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now −0.085%Rate

Funding earned: $20.37
Price spread: −0.085% → 0.000%: −$8.54
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$7.18
Costs to cover: 0.190%
Break-even: 9.5 days

Slippage unknown: Deribit: no order-book sample; HTX: live order book, 48 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell HTX live order book, 48 min ago	12.96 bp	30.7 bp −$31	doesn't fit	doesn't fit	doesn't fit

Deribit: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALlong	−0.0462%	1h	0.7022	long leg	$41K	$11K	10x
HTX ETHFI-USDTshort	−0.0365%	4h	0.7016	−0.085%	$81K	$171K	20x
Orderly PERP_ETHFI_USDC	−0.0271%	4h	0.7019	−0.043%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0159%	4h	0.7023	+0.017%	$931K	$782K	—	as long as short
Bybit ETHFIUSDT	−0.0083%	4h	0.7023	+0.014%	$17.5M	$13.0M	25x	as long as short
Extended ETHFI-USD	−0.0040%	1h	0.7020	−0.035%	$97K	$504K	10x	as long as short
Binance ETHFIUSDT	−0.0040%	4h	0.7023	+0.010%	$24.4M	$35.8M	75x	as long as short
MEXC ETHFI_USDT	−0.0036%	4h	0.7029	+0.100%	$15.7M	$4.1M	125x	as long as short
Paradex ETHFI-USD-PERP	−0.0014%	8h	0.7025	+0.048%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.105%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0072%	1h	0.7015	−0.097%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7032	+0.144%	$1.1M	$829K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7036	+0.199%	$17.0M	$8.5M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7036	+0.197%	$180K	$261K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7023	+0.014%	$5.1M	$12.7M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7034	+0.171%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7025	+0.043%	$1.2M	$228K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7020	−0.028%	$6.1M	$4.9M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7025	+0.043%	—	$8.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7035	+0.187%	$63K	$127K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7032	+0.142%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0203%	4h	0.7009	−0.185%	$1.2M	$241K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0328%	1h	0.7066	+0.627%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.1672%	1h	0.7038	+0.227%	$290K	$288K	20x	as long as short