Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.122%

Price spread now: Deribit against Paradex+0.197%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 Deribit

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. Deribit is 0.197% dearer against Paradex than usual: you sell high and buy low (spread +0.197% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETHFI-USD-PERP	0.7179	0.0047	pay 0.0047% / 8h	6h 27m	$6K	—	5x
Short	Deribit ETHFI_USDC-PERPETUAL	0.7193	−0.0028	pay 0.0003% / 1h	27m 53s	$41K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.197%Rate

Funding earned: −$15.79
Price spread: +0.197% → 0.000%: $19.66
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$7.13
Costs to cover: 0.110%
Break-even: from the start

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

Paradex and 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 23 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	−0.0237%	4h	0.7175	−0.054%	$88K	$169K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0205%	4h	0.7187	+0.113%	$16K	$1K	10x	as long as short
Deribit ETHFI_USDC-PERPETUALshort	−0.0028%	1h	0.7193	+0.197%	$41K	$13K	10x
Variational Omni ETHFI	−0.0004%	4h	0.7164	−0.202%	$1.0M	$702K	—	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.851%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERPlong	+0.0047%	8h	0.7179	long leg	$6K	—	5x
Lighter ETHFI	+0.0096%	1h	0.7198	+0.265%	$1.1M	$887K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7201	+0.307%	$18.1M	$8.4M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7193	+0.191%	$184K	$258K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7188	+0.122%	$25.0M	$36.1M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDT	+0.0100%	4h	0.7187	+0.113%	$18.1M	$12.7M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7191	+0.169%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7190	+0.155%	$1.7M	$2.0M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7187	+0.113%	$15.5M	$4.0M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7183	+0.057%	$1.2M	$256K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7184	+0.071%	$6.1M	$5.4M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7188	+0.127%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7198	+0.272%	$72K	$118K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7193	+0.197%	$1K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7185	+0.083%	$98K	$380K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7190	+0.155%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0160%	1h	0.7193	+0.197%	$31K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0225%	1h	0.7195	+0.231%	$274K	$181K	20x	as long as short