Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h +0.016%

Price spread now: SunX against ApeX Omni−0.099%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on ApeX Omni Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$18 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.099%, 7d avg −0.013%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.085% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.099% now, against its 7-day average of −0.013%). If the spread goes back, that is −$9 on $10k: about 4.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni ETHUSDT	2,770.6	0.0034	pay 0.0004% / 1h	58m 40s	$8.7M	$32.6M	100x
Short	SunX ETH-USDT	2,767.9	0.0100	get 0.0100% / 8h	1h 58m	$971K	$14.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.099%Rate

Funding earned: $13.89
Price spread: −0.099% → −0.013%: −$8.51
Slippage, 4 orders: −$5.38
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$17.99
Costs to cover: 0.234%
Break-even: 16.1 days

Slippage from ApeX Omni: live order book, 1 min ago; SunX: live order book, 10 min ago.

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, 1 min ago	0.47 bp	5.8 bp −$6	6.6 bp −$66	17.1 bp −$1,708	45.4 bp −$22.7K
Sell SunX live order book, 10 min ago	1.46 bp	5.9 bp −$6	6.0 bp −$60	7.7 bp −$772	9.6 bp −$4,823

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
Nado ETH-PERP	−0.0243%	1h	2,770.3	−0.011%	$14.3M	$118.9M	50x	as long as short
Perpl ETH	−0.0112%	43m	2,769.5	−0.041%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,768.5	−0.077%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768	−0.094%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,770	−0.022%	$169K	$1.2M	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,769.5	−0.040%	$119K	$22.5M	52x	as long as short
Phoenix ETH	−0.0023%	1h	2,770.5	−0.004%	$884K	$3.6M	25x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,771	+0.013%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.006%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.2	+0.021%	$22.4M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0017%	8h	2,768.4	−0.080%	—	$1.18B	—	as long as short
OKX ETH-USDT-SWAP	+0.0023%	8h	2,768.2	−0.088%	$1.71B	$11.85B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,771	+0.013%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,769.3	−0.048%	$256.1M	$994.5M	200x	as long as short
ApeX Omni ETHUSDTlong	+0.0034%	1h	2,770.6	long leg	$8.7M	$32.6M	100x
Phemex ETHUSDT	+0.0037%	8h	2,771.3	+0.025%	$267.0M	$66.0M	150x	as long as short
Lighter ETH	+0.0040%	1h	2,769.1	−0.055%	$114.6M	$493.9M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,768.1	−0.090%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0052%	8h	2,768.4	−0.078%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0052%	8h	2,768.5	−0.078%	$6.43B	$17.23B	150x	as long as short
Bullet ETH-USD	+0.0059%	1h	2,770.2	−0.015%	$183K	$1.8M	20x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,768.4	−0.080%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0077%	8h	2,769.2	−0.049%	$3.28B	$9.52B	200x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,770.2	−0.016%	$1.08B	$1.32B	200x	as long as short
Lighter RH ETH	+0.0096%	1h	2,770.5	−0.005%	$25.4M	$120.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,769.5	−0.040%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0099%	8h	2,770.9	+0.010%	$140.8M	$321.1M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,768.3	−0.084%	$15.9M	$10.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.3	−0.047%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.5	+0.032%	$3.19B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.2	−0.053%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,768.4	−0.080%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.6	−0.073%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,770.5	−0.005%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	+0.013%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,768.6	−0.073%	$422.0M	$742.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771.4	+0.028%	$15.2M	$43.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.6	−0.001%	$179.5M	$783.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.5	+0.031%	$161.2M	$96.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.1	+0.054%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.1	−0.017%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.8	+0.043%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771	+0.013%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.5	+0.067%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,767.9	−0.099%	$971K	$14.1M	100x
SoDEX ETH-USD	+0.0100%	1h	2,770.3	−0.011%	$55.2M	$228.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.4	−0.080%	$31.5M	$75.4M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,771.8	+0.043%	$258.4M	$225.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.6	+0.036%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,771.5	+0.032%	$8.5M	$673.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,773.1	+0.089%	$32.5M	$12.1M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,770.5	−0.002%	$86.0M	$331.8M	100x	as long as short
BloFin ETH-USDT	+0.0173%	8h	2,771	+0.012%	$285.9M	$195.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0186%	1h	2,770.5	−0.005%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0472%	1h	2,771.3	+0.027%	$280K	$1.5M	20x	as long as short