Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h −0.004%

Price spread now: Bybit against Deribit−0.089%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 3 days (all we have)+0.082%+$8 · spread now −0.089%, 7d avg −0.043%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.046% cheaper against Deribit than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of −0.043%). If the spread goes back, that is −$5 on $10k: about 2.7 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.051%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,770.2	0.0035	pay 0.0004% / 1h	30m 46s	$258.3M	$222.2M	50x
Short	Bybit ETHUSDT	2,767.7	0.0092	get 0.0092% / 8h	1h 30m	$2.51B	$4.61B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. 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 DeribitbpFee BybitbpOrdersPrice spread, now −0.089%Rate

Funding earned: $11.94
Price spread: −0.089% → −0.043%: −$4.62
Slippage, 4 orders: −$1.1
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$11.78
Costs to cover: 0.191%
Break-even: 13.9 days

Slippage from Deribit: live order book, 3 min ago; Bybit: 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 Deribit live order book, 3 min ago	0.09 bp	4.4 bp −$4	5.7 bp −$57	10.6 bp −$1,059	18.3 bp −$9,138
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.7 bp −$57	7.1 bp −$707	10.1 bp −$5,053

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	2,770.9	+0.025%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,769.7	−0.016%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.7	+0.019%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,770.3	+0.005%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,770.3	+0.005%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0022%	1h	2,775.8	+0.205%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.9	−0.044%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,778.1	+0.287%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.5	+0.012%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0015%	8h	2,767.7	−0.088%	—	$17.4M	—	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	2,767.8	−0.084%	$1.70B	$11.82B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,768.1	−0.075%	$269.2M	$68.7M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.4	+0.009%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,767.8	−0.085%	$255.6M	$990.7M	200x	as long as short
Deribit ETH-PERPETUALlong	+0.0035%	1h	2,770.2	long leg	$258.3M	$222.2M	50x
Bullet ETH-USD	+0.0037%	1h	2,769.8	−0.015%	$180K	$1.7M	20x	as long as short
Binance ETHUSDT	+0.0059%	8h	2,767.6	−0.092%	$6.42B	$17.16B	150x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,767.8	−0.087%	$1.61B	$2.66B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,767.9	−0.082%	$5.0M	$636K	20x	as long as short
Nado ETH-PERP	+0.0064%	1h	2,769.2	−0.035%	$14.3M	$118.0M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,768.5	−0.060%	$55.1M	$228.8M	40x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,768.1	−0.075%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,766.8	−0.122%	$2.10B	$3.11B	150x	as long as short
Bybit ETHUSDTshort	+0.0092%	8h	2,767.7	−0.089%	$2.51B	$4.61B	150x
HTX ETH-USDT	+0.0094%	8h	2,767.5	−0.096%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,767.7	−0.090%	$114.7M	$499.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,769.5	−0.025%	$25.4M	$121.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	+0.031%	—	$41.5M	500x	as long as short
ApeX Omni ETHUSDT	+0.0097%	1h	2,777.8	+0.274%	$8.7M	$32.5M	100x	as long as short
KuCoin ETHUSDTM	+0.0098%	8h	2,766.9	−0.119%	$423.5M	$738.3M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,767.3	−0.102%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769.9	−0.009%	$479K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.3	−0.031%	$3.18B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,767.9	−0.082%	$31.3M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.9	−0.045%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.052%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.403%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,768.3	−0.068%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	+0.160%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.1	+0.249%	$180.0M	$780.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.247%	$161.5M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.6	+0.088%	$21.4M	$58.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.9	+0.028%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.2	+0.038%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,769.6	−0.019%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.9	+0.026%	$42.6M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.9	−0.082%	$971K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,767.4	−0.100%	$31.4M	$74.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,770	−0.008%	$60.0M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,771.7	+0.056%	$8.7M	$675.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,771.2	+0.036%	$32.5M	$12.0M	100x	as long as short
Hibachi ETH/USDT-P	+0.0168%	1h	2,773.6	+0.123%	$278K	$1.5M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,769.3	−0.030%	$86.0M	$331.4M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,768.3	−0.068%	$283.9M	$193.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,769.7	−0.017%	$7.3M	$1.2M	25x	as long as short