Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0508%/8h= +55.6% APRpaid last 24h +0.048%

Price spread now: Orderly against ApeX Omni−0.045%7-day average +0.086% · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.355%+$35 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.045%, 7d avg +0.086%

Together, before fees+0.466%+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.131% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.086%). If the spread goes back, that is −$13 on $10k: about 21 hours of funding at the current rate (+$15 a day). At the pace of the last 7 days (+0.355% in total) that is about 2.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.355% in total (about 18.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,770.5	−0.0362	get 0.0045% / 1h	54m 44s	$8.7M	$32.9M	100x
Short	Orderly PERP_ETH_USDC	2,769.3	0.0146	get 0.0146% / 8h	7h 54m	$32.6M	$12.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX Omni. 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 ApeX OmnibpFee OrderlybpOrdersPrice spread, now −0.045%Rate

Funding earned: $106.69
Price spread: −0.045% → +0.086%: −$13.11
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $77.58
Costs to cover: 0.160%
Break-even: 1.9 days

Slippage unknown: ApeX Omni: live order book, 4 min ago; 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 ApeX Omni live order book, 4 min ago	0.05 bp	5.1 bp −$5	5.5 bp −$55	19.3 bp −$1,935	49.7 bp −$24.8K
Sell Orderly no order-book sample	—	—	—	—	—

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 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
Injective ETH/USDC PERP	−0.0752%	1h	2,771.6	+0.038%	$119K	$22.5M	52x	as long as short
ApeX Omni ETHUSDTlong	−0.0362%	1h	2,770.5	long leg	$8.7M	$32.9M	100x
Perpl ETH	−0.0223%	43m	2,768.1	−0.087%	$284K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.9	−0.130%	$5.7M	$11.9M	25x	as long as short
Gate ETH_USDT	−0.0093%	8h	2,769.8	−0.028%	$3.29B	$8.89B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.8	−0.063%	$5K	$1K	50x	as long as short
SoDEX ETH-USD	−0.0032%	1h	2,767.7	−0.103%	$55.1M	$228.8M	40x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,767.4	−0.113%	$168K	$1.2M	50x	as long as short
Bullet ETH-USD	−0.0019%	1h	2,766.7	−0.137%	$182K	$1.7M	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.1	−0.054%	$12.7M	$45.8M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXETHPERP	0.0000%	8h	2,769.4	−0.041%	$8.1M	$690.2M	4.9x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.4	+0.031%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.6	−0.105%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,769.1	−0.052%	$1.71B	$11.78B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,767.5	−0.110%	$12.7M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0037%	1h	2,772.4	+0.067%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,769.6	−0.033%	$256.2M	$1.00B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0050%	1h	2,769.2	−0.049%	$259.1M	$220.5M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.8	−0.098%	$5.0M	$366K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.4	−0.040%	$1.61B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,769.5	−0.039%	$6.46B	$17.19B	150x	as long as short
Bybit ETHUSDT	+0.0063%	8h	2,769.4	−0.042%	$2.51B	$4.58B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,769.4	−0.043%	$2.10B	$3.07B	150x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,769.6	−0.033%	$422.2M	$734.3M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.5	−0.038%	$60.7M	$4.57B	50x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.2	−0.086%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,768.2	−0.084%	$1.08B	$1.31B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,768.3	−0.080%	$115.0M	$455.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.7	−0.030%	$25.2M	$109.6M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.4	−0.115%	$15.9M	$9.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.2	−0.121%	$482K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768	−0.092%	$14.6M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.5	+0.035%	$3.17B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.1	−0.052%	$31.2M	$319.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768	−0.092%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.2	−0.085%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	−0.001%	$170.6M	$266.1M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,769.8	−0.029%	—	$1.24B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.6	−0.035%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.4	+0.032%	$151.3M	$343.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.8	−0.027%	$181.8M	$784.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,770.8	+0.011%	$161.1M	$88.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.1	−0.016%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.2	−0.121%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.6	−0.105%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.1	−0.053%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.4	−0.114%	$969K	$13.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,768.6	−0.070%	$269.6M	$68.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769	−0.055%	$32.5M	$78.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769.3	−0.046%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.7	−0.030%	$94.1M	$331.8M	100x	as long as short
Orderly PERP_ETH_USDCshort	+0.0146%	8h	2,769.3	−0.045%	$32.6M	$12.1M	100x
BloFin ETH-USDT	+0.0178%	8h	2,767.6	−0.106%	$287.0M	$192.5M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,770.2	−0.011%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,766.8	−0.137%	$7.3M	$1.2M	25x	as long as short