Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0096%/8hpaid last 24h 0.000%

Price spread now: Deribit against Bybit+0.069%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 3 days (all we have)−0.035%−$3 · spread now +0.069%, 7d avg +0.042%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.028% dearer against Bybit than usual: you sell high and buy low (spread +0.069% now, against its 7-day average of +0.042%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ETHUSDT	2,759.2	0.0100	pay 0.0100% / 8h	4h 06m	$2.53B	$4.43B	150x
Short	Deribit ETH-PERPETUAL	2,761.1	0.0004	get 0.0001% / 1h	6m 19s	$258.3M	$209.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$20.16
Price spread: +0.069% → +0.042%: $2.76
Slippage, 4 orders: −$1.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.7
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 2 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 Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.8 bp −$58	7.8 bp −$785	10.2 bp −$5,076
Sell Deribit live order book, 2 min ago	0.63 bp	4.1 bp −$4	5.3 bp −$53	9.7 bp −$973	19.9 bp −$9,930

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	−0.0208%	1h	2,761.8	+0.095%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0112%	43m	2,759.9	+0.025%	$269K	$6.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,762	+0.102%	$5K	$2K	50x	as long as short
SoDEX ETH-USD	−0.0021%	1h	2,758.6	−0.021%	$55.6M	$184.4M	40x	as long as short
Phoenix ETH	−0.0003%	1h	2,762.9	+0.135%	$928K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,763.2	+0.144%	$13.5M	$42.2M	50x	as long as short
Deribit ETH-PERPETUALshort	+0.0004%	1h	2,761.1	+0.069%	$258.3M	$209.3M	50x
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,760.5	+0.047%	$22.3M	—	200x	as long as short
Bulk ETH-USD	+0.0012%	1h	2,762.6	+0.123%	$165.0M	$265.6M	25x	as long as short
OKX ETH-USDT-SWAP	+0.0016%	8h	2,759.1	−0.005%	$1.73B	$11.31B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni ETHUSDT	+0.0018%	1h	2,761.7	+0.091%	$8.4M	$28.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0021% / S +0.0013%	1h	2,760.5	+0.046%	$12.3M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,759.2	0.000%	$194K	$1.8M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,761.9	+0.099%	$178K	$1.2M	50x	as long as short
Phemex ETHUSDT	+0.0032%	8h	2,759.1	−0.002%	$266.7M	$64.5M	150x	as long as short
MEXC ETH_USDT	+0.0038%	8h	2,759.1	−0.004%	$1.62B	$2.48B	500x	as long as short
Binance ETHUSDT	+0.0039%	8h	2,759.3	+0.005%	$6.57B	$16.32B	150x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,757.3	−0.068%	$5.0M	$651K	20x	as long as short
RISEx ETH/USDC	+0.0044%	1h	2,761.7	+0.090%	$5.8M	$12.2M	25x	as long as short
Gate ETH_USDT	+0.0051%	8h	2,759.2	+0.002%	$3.35B	$9.26B	200x	as long as short
Aster ETHUSDT	+0.0057%	8h	2,760.5	+0.049%	$268.2M	$947.4M	200x	as long as short
Aftermath Perps ETHUSD	+0.0071%	1h	2,763.3	+0.149%	$29K	$20K	20x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,759.1	−0.005%	$2.09B	$3.00B	150x	as long as short
Variational Omni ETH	+0.0092%	8h	2,760.4	+0.043%	$139.7M	$304.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,761.3	+0.076%	$115.1M	$498.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,762.9	+0.136%	$25.5M	$122.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,761.8	+0.094%	—	$44.1M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,765.4	+0.226%	$15.8M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,762.7	+0.128%	$481K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,761	+0.067%	$17.3M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,762.1	+0.106%	$3.23B	$2.21B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,761.5	+0.084%	$31.2M	$265.1M	50x	as long as short
Bybit ETHUSDTlong	+0.0100%	8h	2,759.2	long leg	$2.53B	$4.43B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,760.8	+0.059%	$2.9M	$15.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,762.4	+0.118%	$2.9M	$16.9M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,759.4	+0.007%	$415.1M	$711.2M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,759.1	−0.003%	—	$1.15B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,762.7	+0.126%	$15.3M	$41.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,761.2	+0.074%	$179.7M	$749.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,761.6	+0.087%	$160.6M	$95.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,762.1	+0.106%	$21.3M	$56.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,761	+0.067%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,762	+0.102%	$11.3M	$7.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,760.5	+0.048%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,762.2	+0.110%	$42.8M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,761.3	+0.078%	$969K	$14.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,758.3	−0.032%	$1.08B	$1.24B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,758.7	−0.016%	$31.5M	$75.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0112%	8h	2,762	+0.102%	$32.4M	$11.1M	100x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,763.2	+0.146%	$8.6M	$642.9M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0128%	1h	2,760.7	+0.053%	$59.5M	$4.56B	50x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,763.6	+0.159%	$278K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0154%	8h	2,762.2	+0.108%	$292.7M	$186.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0163%	1h	2,760.1	+0.034%	$85.2M	$322.2M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,758.9	−0.009%	$7.5M	$936K	25x	as long as short