Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0387%/8h= +42.4% APRpaid last 24h +0.089%

Price spread now: Orderly against Deribit−0.042%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 Orderly

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. Orderly is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 9 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.7138	−0.0590	get 0.0074% / 1h	16m 19s	$40K	$12K	10x
Short	Orderly PERP_ETHFI_USDC	0.7135	−0.0203	pay 0.0101% / 4h	1h 16m	$16K	$1K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.042%Rate

Funding earned: $81.32
Price spread: −0.042% → 0.000%: −$4.2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $64.12
Costs to cover: 0.130%
Break-even: 1.5 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit 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.

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	−0.0590%	1h	0.7138	long leg	$40K	$12K	10x
Orderly PERP_ETHFI_USDCshort	−0.0203%	4h	0.7135	−0.042%	$16K	$1K	10x
HTX ETHFI-USDT	−0.0106%	4h	0.7125	−0.182%	$88K	$168K	20x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.429%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0080%	8h	0.7137	−0.016%	$6K	—	5x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7143	+0.070%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7144	+0.080%	$17.8M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7139	+0.013%	$182K	$256K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7130	−0.115%	$24.8M	$35.6M	75x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7132	−0.084%	$17.8M	$12.6M	25x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7136	−0.028%	$5.1M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7145	+0.098%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7127	−0.154%	$15.5M	$4.0M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7141	+0.042%	$1.2M	$253K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7137	−0.014%	$6.1M	$5.3M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7142	+0.056%	—	$26.0M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7156	+0.248%	$1.0M	$716K	—	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7143	+0.070%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7135	−0.046%	$97K	$379K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7142	+0.060%	$9K	—	3x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0306%	1h	0.7143	+0.072%	$270K	$203K	20x	as long as short
BloFin ETHFI-USDT	+0.0340%	4h	0.7132	−0.084%	$1.2M	$249K	75x	as long as short
Polymarket Perps ETHFI-USD	+0.0465%	1h	0.7157	+0.269%	$71K	$118K	5x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0512%	1h	0.7169	+0.434%	$31K	$6K	50x	as long as short