Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0203%/8h= −22.3% APRpaid last 24h +0.035%

Price spread now: Bybit against Paradex+0.096%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.096% dearer against Paradex than usual: you sell high and buy low (spread +0.096% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.6969	−0.0110	get 0.0110% / 8h	7h 40m	$6K	—	5x
Short	Bybit ETHFIUSDT	0.6976	−0.0313	pay 0.0157% / 4h	3h 40m	$17.1M	$13.0M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Paradex. 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 ParadexbpFee BybitbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$42.72
Price spread: +0.096% → 0.000%: $9.64
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.07
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Bybit: live order book, 3 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 Paradex no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.72 bp	17.1 bp −$17	43.6 bp −$436	doesn't fit	doesn't fit

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	−0.0467%	1h	0.6972	+0.039%	$41K	$12K	10x	as long as short
Bybit ETHFIUSDTshort	−0.0313%	4h	0.6976	+0.096%	$17.1M	$13.0M	25x
Orderly PERP_ETHFI_USDC	−0.0279%	4h	0.6969	−0.004%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0273%	4h	0.6973	+0.058%	$929K	$795K	—	as long as short
HTX ETHFI-USDT	−0.0231%	4h	0.6963	−0.090%	$83K	$149K	20x	as long as short
Paradex ETHFI-USD-PERPlong	−0.0110%	8h	0.6969	long leg	$6K	—	5x
MEXC ETHFI_USDT	+0.0012%	4h	0.6972	+0.039%	$15.8M	$4.1M	125x	as long as short
Binance ETHFIUSDT	+0.0014%	4h	0.6973	+0.053%	$24.4M	$36.1M	75x	as long as short
Extended ETHFI-USD	+0.0016%	1h	0.6970	+0.015%	$95K	$505K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.884%	$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
BloFin ETHFI-USDT	+0.0055%	4h	0.6982	+0.183%	$1.2M	$233K	75x	as long as short
Aevo ETHFI-PERP	+0.0080%	1h	0.6968	−0.018%	$8K	—	3x	as long as short
Aster ETHFIUSDT	+0.0088%	4h	0.6982	+0.183%	$179K	$230K	10x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6984	+0.217%	$1.1M	$828K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6982	+0.175%	$16.7M	$8.7M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6975	+0.082%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6978	+0.125%	$1.7M	$1.9M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6979	+0.139%	$1.2M	$215K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6973	+0.053%	$6.1M	$4.7M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6974	+0.068%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6973	+0.053%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6982	+0.183%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0336%	1h	0.7020	+0.728%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0865%	1h	0.6988	+0.265%	$294K	$287K	20x	as long as short