Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0089%/8h= +9.7% APRpaid last 24h +0.041%

Price spread now: Orderly against ApeX Omni−0.123%70s7-day average +0.084% · 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+0.351%+$35 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now −0.123%, 7d avg +0.084%

Together, before fees+0.540%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.208% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of +0.084%). If the spread goes back, that is −$21 on $10k: about 7.8 days of funding at the current rate (+$3 a day). The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,724.6	0.0100	pay 0.0013% / 1h	31m 40s	$8.6M	$31.3M	100x
Short	Orderly PERP_ETH_USDC	2,721.2	0.0189	get 0.0189% / 8h	2h 31m	$32.0M	$11.4M	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 −0.123%Rate

Funding earned: $18.59
Price spread: −0.123% → +0.084%: −$20.75
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.17
Costs to cover: 0.160%
Break-even: 13.8 days

Slippage unknown: ApeX Omni: live order book, 2 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, 2 min ago	0.15 bp	5.1 bp −$5	6.7 bp −$67	20.8 bp −$2,076	51.8 bp −$25.9K
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
Perpl ETH	−0.0447%	43m	2,720.2	−0.160%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,718.2	−0.234%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,718.4	−0.226%	$1.05B	$1.21B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,719.7	−0.180%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	−0.109%	$815K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0008%	1h	2,719.8	−0.177%	$30.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.5	−0.113%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0010%	1h	2,719	−0.205%	$10.7M	$42.0M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0011%	1h	2,719.7	−0.179%	$258.7M	$206.2M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,720.6	−0.146%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,717.6	−0.255%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,718.1	−0.240%	$2.35B	$4.41B	150x	as long as short
SunX ETH-USDT	+0.0069%	8h	2,719.6	−0.182%	$953K	$11.2M	100x	as long as short
Bullet ETH-USD	+0.0070%	1h	2,719.1	−0.201%	$179K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,721.9	−0.100%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0076%	8h	2,718.6	−0.219%	$374.4M	$577.8M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,718.7	−0.217%	$251.5M	$843.6M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,715.9	−0.320%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,718.3	−0.230%	$1.56B	$2.58B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0091%	8h	2,718.5	−0.224%	$1.65B	$10.77B	100x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,718.8	−0.213%	$6.29B	$16.06B	150x	as long as short
Phemex ETHUSDT	+0.0095%	8h	2,719.1	−0.202%	$262.8M	$64.3M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,718.9	−0.210%	$111.2M	$432.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,720	−0.167%	$23.3M	$103.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,718.4	−0.227%	$497K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,721	−0.133%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720.2	−0.160%	$13.8M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,719.9	−0.172%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,719.5	−0.186%	$31.8M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,717.9	−0.245%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,718.9	−0.208%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,719	−0.206%	$161.7M	$327.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.5	−0.224%	$3.30B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.5	−0.224%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,718.6	−0.219%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	−0.049%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,724.1	−0.017%	$184.5M	$676.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	−0.036%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDTlong	+0.0100%	1h	2,724.6	long leg	$8.6M	$31.3M	100x
StandX ETH-USD	+0.0100%	1h	2,718	−0.242%	$20.9M	$71.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,720.6	−0.147%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,720.9	−0.135%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719.7	−0.179%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.9	−0.174%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,718.7	−0.216%	$54.1M	$187.8M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,717.6	−0.257%	$30.5M	$74.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.3	−0.156%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,720.4	−0.155%	$49.7M	$4.28B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,719	−0.203%	$5.5M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,720	−0.168%	$6.5M	$691.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0177%	1h	2,719.4	−0.190%	$82.7M	$315.7M	100x	as long as short
Orderly PERP_ETH_USDCshort	+0.0189%	8h	2,721.2	−0.123%	$32.0M	$11.4M	100x
Reya ETHRUSDPERP	+0.0201%	1h	2,718.3	−0.230%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,720.4	−0.154%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,717.8	−0.250%	$281.2M	$174.1M	150x	as long as short