Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0230%/8h= +25.1% APRpaid last 24h +0.053%

Price spread now: Extended against Orderly−0.033%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Extended

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—+ Points / potential airdropExtended: Active · farm boardneeds both histories

Funding pays, the price is against you. Extended is 0.033% cheaper against Orderly than usual: you would sell low and buy high (spread −0.033% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 11 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETHFI_USDC	0.7194	−0.0190	get 0.0095% / 4h	31m 22s	$16K	$1K	10x
Short	Extended ETHFI-USD	0.7192	0.0040	get 0.0005% / 1h	31m 22s	$93K	$493K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. 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 OrderlybpFee ExtendedbpOrdersPrice spread, now −0.033%Rate

Funding earned: $48.22
Price spread: −0.033% → 0.000%: −$3.29
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $33.93
Costs to cover: 0.110%
Break-even: 2.1 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 46 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 Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 46 min ago	2.66 bp	17.1 bp −$17	137.9 bp −$1,379	doesn't fit	doesn't fit

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
HTX ETHFI-USDT	−0.0335%	4h	0.7175	−0.264%	$83K	$164K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0305%	1h	0.7197	+0.042%	$42K	$18K	10x	as long as short
Orderly PERP_ETHFI_USDClong	−0.0190%	4h	0.7194	long leg	$16K	$1K	10x
Paradex ETHFI-USD-PERP	+0.0026%	8h	0.7192	−0.026%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.639%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0038%	4h	0.7192	−0.028%	$15.2M	$3.8M	125x	as long as short
Extended ETHFI-USDshort	+0.0040%	1h	0.7192	−0.033%	$93K	$493K	10x
Binance ETHFIUSDT	+0.0042%	4h	0.7193	−0.014%	$25.1M	$37.2M	75x	as long as short
Aster ETHFIUSDT	+0.0059%	4h	0.7202	+0.116%	$184K	$262K	10x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7195	+0.014%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter ETHFI	+0.0096%	1h	0.7205	+0.156%	$1.1M	$897K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7206	+0.172%	$18.2M	$8.9M	5x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7195	+0.014%	$18.2M	$13.1M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7198	+0.056%	$5.0M	$12.7M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7198	+0.056%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7195	+0.014%	$1.2M	$270K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7195	+0.014%	$6.1M	$5.7M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7197	+0.042%	—	$26.1M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7193	−0.018%	$1.1M	$738K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7197	+0.044%	$60K	$94K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7194	0.000%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0166%	4h	0.7193	−0.014%	$1.3M	$290K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0216%	1h	0.7237	+0.598%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0550%	1h	0.7202	+0.112%	$277K	$161K	20x	as long as short