Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0191%/8h= +20.9% APRpaid last 24h +0.033%

Price spread now: Paradex against Orderly−0.055%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.055% cheaper against Orderly than usual: you would sell low and buy high (spread −0.055% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 23 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETHFI_USDC	0.7130	−0.0159	get 0.0079% / 4h	2h 30m	$16K	$1K	10x
Short	Paradex ETHFI-USD-PERP	0.7126	0.0032	get 0.0032% / 8h	2h 30m	$6K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.055%Rate

Funding earned: $40.03
Price spread: −0.055% → 0.000%: −$5.52
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $24.51
Costs to cover: 0.100%
Break-even: 2.7 days

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

Orderly and Paradex: 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-PERPETUAL	−0.0590%	1h	0.7135	+0.070%	$42K	$18K	10x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0214%	1h	0.7138	+0.118%	$278K	$131K	20x	as long as short
Orderly PERP_ETHFI_USDClong	−0.0159%	4h	0.7130	long leg	$16K	$1K	10x
HTX ETHFI-USDT	−0.0094%	4h	0.7121	−0.126%	$83K	$164K	20x	as long as short
Bitget ETHFIUSDT	+0.0024%	4h	0.7130	0.000%	$6.1M	$5.6M	75x	as long as short
Paradex ETHFI-USD-PERPshort	+0.0032%	8h	0.7126	−0.055%	$6K	—	5x
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.543%	$321	$51K	5.5x	as long as short
Extended ETHFI-USD	+0.0088%	1h	0.7128	−0.022%	$92K	$495K	10x	as long as short
MEXC ETHFI_USDT	+0.0088%	4h	0.7130	0.000%	$15.4M	$3.7M	125x	as long as short
Binance ETHFIUSDT	+0.0090%	4h	0.7131	+0.014%	$24.9M	$36.3M	75x	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	0.7134	+0.060%	$1.1M	$891K	5x	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7125	−0.068%	$1.0M	$718K	—	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7135	+0.074%	$18.8M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7136	+0.084%	$182K	$251K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7137	+0.098%	$18.3M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7138	+0.112%	$4.9M	$12.1M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7133	+0.042%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7130	0.000%	$1.2M	$269K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7133	+0.042%	—	$25.9M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7146	+0.230%	$56K	$81K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7133	+0.042%	$1K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7131	+0.011%	$8K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0152%	1h	0.7142	+0.168%	$31K	$8K	50x	as long as short
BloFin ETHFI-USDT	+0.0329%	4h	0.7118	−0.168%	$1.3M	$292K	75x	as long as short