Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.008%

Price spread now: SoDEX against Bybit−0.083%7-day average −0.013% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.083%, 7d avg −0.013%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.070% cheaper against Bybit than usual: you would sell low and buy high (spread −0.083% now, against its 7-day average of −0.013%). If the spread goes back, that is −$7 on $10k: about 4.6 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	Bybit ETHUSDT	2,729.6	0.0039	pay 0.0039% / 8h	1h 50m	$2.35B	$4.42B	150x
Short	SoDEX ETH-USD	2,727.3	0.0090	get 0.0011% / 1h	50m 41s	$54.3M	$187.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.083%Rate

Funding earned: $10.66
Price spread: −0.083% → −0.013%: −$7
Slippage, 4 orders: −$1.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$16.88
Costs to cover: 0.205%
Break-even: 18.1 days

Slippage from Bybit: live order book, 3 min ago; SoDEX: live order book, 3 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, 3 min ago	0.02 bp	5.5 bp −$6	5.5 bp −$55	6.2 bp −$623	8.8 bp −$4,403
Sell SoDEX live order book, 3 min ago	0.18 bp	4.2 bp −$4	4.2 bp −$42	5.5 bp −$545	32.7 bp −$16.3K

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	−0.0112%	43m	2,725.6	−0.145%	$287K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.4	−0.116%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	−0.079%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,729.2	−0.013%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.3	−0.084%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729.8	+0.009%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.8	+0.010%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727	−0.094%	$6.7M	$692.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.1	−0.055%	$261.8M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.3	−0.082%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0009%	8h	2,727.2	−0.086%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,730	+0.016%	$191K	$892K	50x	as long as short
BingX ETH-USDT	+0.0033%	8h	2,729.6	+0.003%	—	$1.12B	—	as long as short
Bybit ETHUSDTlong	+0.0039%	8h	2,729.6	long leg	$2.35B	$4.42B	150x
Aftermath Perps ETHUSD	+0.0077%	1h	2,730.2	+0.023%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,729.6	+0.003%	$375.5M	$576.1M	100x	as long as short
SunX ETH-USDT	+0.0087%	8h	2,725.3	−0.155%	$955K	$11.1M	100x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,729.8	+0.009%	$252.2M	$849.4M	200x	as long as short
SoDEX ETH-USDshort	+0.0090%	1h	2,727.3	−0.083%	$54.3M	$187.5M	40x
OKX ETH-USDT-SWAP	+0.0093%	8h	2,729.5	−0.001%	$1.66B	$10.94B	100x	as long as short
Lighter ETH	+0.0096%	1h	2,730.3	+0.027%	$112.2M	$432.1M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.4	+0.067%	$23.5M	$102.8M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.8	−0.174%	$4.9M	$161K	20x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,730	+0.016%	$1.52B	$2.58B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,730	+0.014%	$6.33B	$16.17B	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.5	−0.002%	$508K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,734.3	+0.175%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	−0.116%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.2	+0.097%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	+0.048%	$32.0M	$334.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.8	−0.138%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.5	+0.034%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.134%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.7	+0.005%	$3.27B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.7	+0.004%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.7	−0.033%	$15.0M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,727	−0.093%	$133.2M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.070%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.8	−0.064%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.5	−0.075%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.8	−0.063%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.2	−0.050%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,727	−0.095%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.2	−0.086%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,729	−0.020%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.1	−0.053%	$263.0M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.8	−0.026%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.7	−0.104%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729	−0.022%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,730.5	+0.036%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.4	−0.007%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,725.9	−0.132%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,728.4	−0.043%	$83.3M	$311.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,728.4	−0.044%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,728.3	−0.046%	$282.1M	$175.1M	150x	as long as short