Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.012%

Price spread now: Orderly against Aftermath Perps+0.022%7-day average — · you sell dearer than you buy

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

Long on Aftermath Perps Short on Orderly

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—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.022% dearer against Aftermath Perps than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps ETHUSD	2,742.4	0.0113	pay 0.0014% / 1h	51m 28s	$30K	$8K	20x
Short	Orderly PERP_ETH_USDC	2,743	0.0189	get 0.0189% / 8h	4h 51m	$32.4M	$9.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Aftermath Perps. 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 Aftermath PerpsbpFee OrderlybpOrdersPrice spread, now +0.022%Rate

Funding earned: $15.75
Price spread: +0.022% → 0.000%: $2.22
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.97
Costs to cover: 0.150%
Break-even: 5.7 days

Slippage unknown: Aftermath Perps: 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Aftermath Perps 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.

ETH on 55 exchanges

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
Hotstuff ETH-PERP	−0.0080%	1h	2,742.5	+0.005%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0056%	1h	2,741.7	−0.024%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,740.8	−0.057%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,742.6	+0.009%	$819K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.9	−0.053%	$7.2M	$654.9M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,740.2	−0.078%	$269K	$4.9M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,741.1	−0.046%	$33.1M	—	200x	as long as short
Bybit ETHUSDT	+0.0045%	8h	2,739.7	−0.098%	$2.37B	$3.77B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,740	−0.086%	$181K	$907K	50x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,739.7	−0.095%	$1.67B	$9.00B	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0083%	1h	2,741	−0.050%	$15.2M	$42.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,743.8	+0.053%	$8.2M	$25.0M	100x	as long as short
KuCoin ETHUSDTM	+0.0092%	8h	2,739.5	−0.103%	$378.2M	$433.7M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,740	−0.084%	$113.7M	$381.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,741.1	−0.047%	$23.5M	$93.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.6	−0.064%	—	$23.3M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,738.3	−0.149%	$4.9M	$247K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0097%	1h	2,741.9	−0.017%	$267.1M	$180.4M	50x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,740.6	−0.064%	$61.7M	$121.7M	40x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.9	−0.126%	$516K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,740.2	−0.078%	$14.9M	$93.4M	50x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,739.7	−0.096%	$254.9M	$699.2M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.6	−0.064%	$32.0M	$320.6M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,739.4	−0.108%	$6.41B	$13.67B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.7	−0.097%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.6	−0.062%	$1.6M	$14.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.8	+0.053%	$163.0M	$315.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.7	−0.098%	$3.27B	$7.60B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,739.4	−0.108%	$1.60B	$2.29B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.5	−0.106%	$2.11B	$2.25B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,739.5	−0.105%	—	$936.1M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740	−0.087%	$15.0M	$35.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741.8	−0.020%	$132.6M	$273.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,742.3	−0.004%	$184.5M	$556.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	+0.049%	$159.5M	$69.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742	−0.013%	$21.1M	$75.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,741	−0.049%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,741	−0.049%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,740.6	−0.064%	$177K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,740.9	−0.054%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.3	−0.002%	$40.9M	$25.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,740.5	−0.069%	$944K	$8.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,740.3	−0.075%	$1.05B	$992.5M	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741	−0.050%	$262.9M	$56.2M	150x	as long as short
Hyperliquid ETH	+0.0102%	1h	2,742	−0.013%	$3.14B	$1.67B	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.5	−0.140%	$30.2M	$63.7M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,741.9	−0.017%	$47.7M	$3.87B	50x	as long as short
Aftermath Perps ETHUSDlong	+0.0113%	1h	2,742.4	long leg	$30K	$8K	20x
Kraken Futures PF_ETHUSD	+0.0120%	1h	2,741.1	−0.046%	$82.6M	$264.9M	100x	as long as short
Reya ETHRUSDPERP	+0.0146%	1h	2,738.4	−0.143%	$7.3M	$854K	25x	as long as short
Orderly PERP_ETH_USDCshort	+0.0189%	8h	2,743	+0.022%	$32.4M	$9.9M	100x
RISEx ETH/USDC	+0.0342%	1h	2,740.5	−0.069%	$5.7M	$10.4M	25x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,741.2	−0.041%	$285.6M	$147.0M	150x	as long as short
Paradex ETH-USD-PERP	+0.0455%	8h	2,741.8	−0.021%	$15.8M	$6.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,745	+0.097%	$118K	$24.7M	52x	as long as short