Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Derive against Arcus−0.034%7-day average +0.023% · you buy dearer than you sell

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

Long on Arcus Short on Derive

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.034%, 7d avg +0.023%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.057% cheaper against Arcus than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ETH-USD	2,775.1	0.0100	pay 0.0013% / 1h	32m 01s	$2.8M	$17.3M	25x
Short	Derive ETH-PERP	2,774.1	0.0100	get 0.0013% / 1h	32m 01s	$42.7M	$29.4M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Arcus. 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 ArcusbpFee DerivebpOrdersPrice spread, now −0.034%Rate

Funding earned: $0
Price spread: −0.034% → +0.023%: −$5.67
Slippage, 4 orders: no order book: not counted
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee Derive: 3 bp × 2 orders: −$6
Net: −$16.17
Costs to cover: 0.105%
Break-even: never at this rate

Slippage unknown: Arcus: live order book, 2 min ago; Derive: 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 Arcus live order book, 2 min ago	0.40 bp	3.1 bp −$3	3.2 bp −$32	7.4 bp −$742	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	2,773.9	−0.043%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,773.2	−0.069%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.8	−0.046%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,775.4	+0.012%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,773.4	−0.060%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0027%	1h	2,776.9	+0.067%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.8	−0.045%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.170%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.6	−0.091%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,770	−0.183%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0020%	8h	2,770.4	−0.170%	$1.70B	$11.81B	100x	as long as short
Phemex ETHUSDT	+0.0023%	8h	2,772.5	−0.091%	$269.6M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.4	−0.096%	$13.0M	—	200x	as long as short
Aster ETHUSDT	+0.0036%	8h	2,772.1	−0.107%	$256.0M	$990.5M	200x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,771.6	−0.127%	$180K	$1.7M	20x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,770.2	−0.175%	$1.62B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,769.7	−0.193%	$6.43B	$17.14B	150x	as long as short
Nado ETH-PERP	+0.0062%	1h	2,773.1	−0.070%	$14.3M	$118.0M	50x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.6	−0.162%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,769.7	−0.192%	$3.28B	$9.59B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,770.3	−0.173%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0075%	1h	2,773.4	−0.060%	$258.3M	$222.2M	50x	as long as short
SoDEX ETH-USD	+0.0083%	1h	2,771.8	−0.118%	$55.2M	$228.8M	40x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,772.1	−0.106%	$1.08B	$1.32B	200x	as long as short
ApeX Omni ETHUSDT	+0.0094%	1h	2,775.4	+0.013%	$8.7M	$32.5M	100x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,770.4	−0.169%	$2.51B	$4.61B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,772.6	−0.090%	$114.9M	$499.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,774.6	−0.017%	$25.4M	$121.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	−0.052%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,772.3	−0.099%	$425.1M	$738.0M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,773.3	−0.063%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,774	−0.039%	$481K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.5	−0.093%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.2	−0.031%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.8	−0.082%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USDlong	+0.0100%	1h	2,775.1	long leg	$2.8M	$17.3M	25x
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.225%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.146%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.017%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.9	−0.007%	$179.9M	$780.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.070%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,777.4	+0.084%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.4	−0.061%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.7	−0.085%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.096%	$21K	$25K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,774.1	−0.034%	$42.7M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,771	−0.145%	$972K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.6	−0.197%	$31.5M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.8	−0.045%	$60.1M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,774.2	−0.031%	$8.6M	$675.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,774.3	−0.028%	$32.5M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,778.5	+0.125%	$279K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.7	−0.049%	$86.3M	$331.1M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,775.4	+0.013%	$285.0M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,771.4	−0.133%	$7.4M	$1.2M	25x	as long as short