Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h +0.027%

Price spread now: Orderly against Deribit+0.059%7-day average +0.039% · you sell dearer than you buy

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.231%+$23 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.059%, 7d avg +0.039%

Together, before fees+0.215%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.039%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,750	0.0103	pay 0.0013% / 1h	20m 44s	$258.5M	$199.9M	50x
Short	Orderly PERP_ETH_USDC	2,751.6	0.0172	get 0.0172% / 8h	6h 20m	$32.4M	$11.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.059%Rate

Funding earned: $14.39
Price spread: +0.059% → +0.039%: $2
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $3.38
Costs to cover: 0.130%
Break-even: 5.4 days

Slippage unknown: Deribit: live order book, 3 min ago; Orderly: 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 Deribit live order book, 3 min ago	0.18 bp	5.1 bp −$5	5.8 bp −$58	10.9 bp −$1,091	19.7 bp −$9,858
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 54 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	2,750.6	+0.023%	$311K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,750	+0.001%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.6	−0.122%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.6	−0.013%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,752.8	+0.103%	$849K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,747	−0.107%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.7	−0.009%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,750.5	+0.019%	$181K	$1.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0028%	1h	2,751.6	+0.060%	$8.7M	$31.5M	100x	as long as short
BingX ETH-USDC	+0.0036%	8h	2,745.8	−0.153%	—	$18.1M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0047%	8h	2,746.2	−0.137%	$1.69B	$10.95B	100x	as long as short
HTX ETH-USDT	+0.0057%	8h	2,748.3	−0.060%	$1.06B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0070%	8h	2,747	−0.109%	$253.0M	$857.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,746.4	−0.129%	$372.5M	$609.7M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,746.6	−0.124%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0081%	8h	2,746.1	−0.142%	$1.56B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0081%	8h	2,746.6	−0.122%	$6.38B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,749.3	−0.024%	$59.1M	$4.34B	50x	as long as short
Gate ETH_USDT	+0.0091%	8h	2,746.4	−0.132%	$3.39B	$8.91B	200x	as long as short
Bitget ETHUSDT	+0.0094%	8h	2,746.5	−0.128%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747	−0.108%	$112.9M	$443.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748	−0.073%	$24.8M	$107.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,749.9	−0.003%	—	$35.5M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,750.7	+0.027%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746	−0.144%	$478K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.3	−0.025%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749.1	−0.032%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.3	−0.099%	$31.5M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.4	−0.132%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.1	−0.141%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747	−0.109%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748.2	−0.063%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	−0.046%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,750.9	+0.034%	$181.9M	$703.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	+0.073%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.7	+0.099%	$21.3M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,751.2	+0.045%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.4	+0.016%	$10.7M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.4	−0.021%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.1	+0.004%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.7	+0.027%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,747.8	−0.080%	$963K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.6	−0.050%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.6	−0.051%	$267.3M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.067%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,751.2	+0.043%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUALlong	+0.0103%	1h	2,750	long leg	$258.5M	$199.9M	50x
Extended ETH-USD	+0.0104%	1h	2,745.5	−0.162%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,750.4	+0.016%	$7.7M	$674.8M	4.9x	as long as short
Orderly PERP_ETH_USDCshort	+0.0172%	8h	2,751.6	+0.059%	$32.4M	$11.1M	100x
Hibachi ETH/USDT-P	+0.0200%	1h	2,753.6	+0.133%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,750.8	+0.030%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,749.6	−0.015%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,749.3	−0.025%	$89.4M	$316.7M	100x	as long as short