Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.019%

Price spread now: OKX against Arcus+0.009%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Arcus Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.052%−$5 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.009%, 7d avg −0.031%

Together, before fees−0.055%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.040% dearer against Arcus than usual: you sell high and buy low (spread +0.009% now, against its 7-day average of −0.031%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus ETH-USD	2,724.2	0.0100	pay 0.0013% / 1h	20m 26s	$1.6M	$16.0M	25x
Short	OKX ETH-USDT-SWAP	2,724.5	0.0072	get 0.0072% / 8h	20m 26s	$1.65B	$10.79B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$5.89
Price spread: +0.009% → −0.031%: $3.98
Slippage, 4 orders: −$1.55
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee OKX: 5 bp × 2 orders: −$10
Net: −$17.96
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Arcus: live order book, 4 min ago; OKX: live order book, 4 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 Arcus live order book, 4 min ago	0.20 bp	2.6 bp −$3	3.6 bp −$36	6.4 bp −$638	doesn't fit
Sell OKX live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$581	8.0 bp −$4,015

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	2,724.5	+0.010%	$275K	$5.7M	8.3x	as long as short
BloFin ETH-USDT	−0.0176%	8h	2,722.4	−0.068%	$281.5M	$177.3M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,723.7	−0.019%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,724.3	+0.003%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,723.4	−0.029%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,723.6	−0.023%	$10.5M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,723.7	−0.019%	$6.7M	$679.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,723.4	−0.030%	$262.7M	$212.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,723.4	−0.029%	$32.9M	—	200x	as long as short
BingX ETH-USDT	+0.0017%	8h	2,724.2	0.000%	—	$1.09B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0020%	8h	2,724.3	+0.003%	$2.32B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0031%	8h	2,722.4	−0.066%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,724.8	+0.022%	$190K	$884K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.7	+0.165%	$200K	$21.5M	52x	as long as short
ApeX Omni ETHUSDT	+0.0051%	1h	2,722.5	−0.062%	$8.4M	$31.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0056%	1h	2,724.1	−0.003%	$241K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,723	−0.043%	$81.7M	$310.8M	100x	as long as short
OKX ETH-USDT-SWAPshort	+0.0072%	8h	2,724.5	+0.009%	$1.65B	$10.79B	100x
KuCoin ETHUSDTM	+0.0074%	8h	2,724.7	+0.017%	$382.0M	$577.6M	100x	as long as short
Aster ETHUSDT	+0.0076%	8h	2,724.4	+0.006%	$252.4M	$847.4M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,724.1	−0.003%	$1.58B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,723	−0.043%	$4.9M	$172K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,724.4	+0.007%	$6.30B	$16.12B	150x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,722.4	−0.066%	$54.2M	$182.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,723.8	−0.014%	$112.0M	$432.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,725	+0.029%	$23.4M	$102.4M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,723.7	−0.019%	$500K	$3.6M	50x	as long as short
Aftermath Perps ETHUSD	+0.0100%	1h	2,724.6	+0.015%	$30K	$20K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,727.9	+0.137%	$15.3M	$7.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,723.9	−0.010%	$14.0M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,726.5	+0.084%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,724.2	−0.001%	$31.9M	$333.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,722.3	−0.070%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USDlong	+0.0100%	1h	2,724.2	long leg	$1.6M	$16.0M	25x
Gate ETH_USDT	+0.0100%	8h	2,724.5	+0.009%	$3.31B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,724.6	+0.014%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,722.3	−0.072%	$14.9M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,722.2	−0.073%	$133.6M	$316.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	−0.092%	$185.2M	$682.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,722.8	−0.050%	$158.2M	$81.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.1	−0.004%	$20.9M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,725.5	+0.048%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,725.8	+0.058%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,724.1	−0.002%	$182K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.6	+0.016%	$40.8M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.1	−0.042%	$955K	$10.8M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,722.7	−0.057%	$262.3M	$64.4M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.2	+0.109%	$162.8M	$356.2M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,722.9	−0.047%	$30.4M	$71.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,724.6	+0.015%	—	$30.2M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,723.8	−0.014%	$46.6M	$4.27B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,724.6	+0.014%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0180%	1h	2,723.4	−0.031%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,726.8	+0.095%	$32.1M	$11.2M	100x	as long as short
Bluefin ETH-PERP	+0.0436%	1h	2,724.6	+0.014%	$20K	$23K	25x	as long as short