Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.001%

Price spread now: SunX against Deribit−0.045%7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$180.175% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now −0.045%, 7d avg −0.060%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.060%, so right now this pair is about funding alone: −$1 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	0.0150	pay 0.0019% / 1h	0m 48s	$267.4M	$186.8M	50x
Short	SunX ETH-USDT	2,748.8	0.0100	get 0.0100% / 8h	6h 00m	$948K	$8.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$10.5
Price spread: −0.045% → −0.060%: $1.48
Slippage, 4 orders: −$2.54
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$26.57
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; SunX: live order book, 11 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, 1 min ago	0.09 bp	3.6 bp −$4	4.0 bp −$40	10.4 bp −$1,037	26.8 bp −$13.4K
Sell SunX live order book, 11 min ago	0.62 bp	5.2 bp −$5	5.5 bp −$55	8.1 bp −$813	10.8 bp −$5,386

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,747.4	−0.095%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,750.4	+0.013%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,748.5	−0.056%	$808K	$2.9M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,748.5	−0.057%	$12.0M	—	200x	as long as short
Bybit ETHUSDT	−0.0005%	8h	2,751.2	+0.041%	$2.37B	$3.85B	150x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,748.6	−0.052%	$7.3M	$660.4M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,748.6	−0.054%	$269K	$5.1M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,748.8	−0.045%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0009%	1h	2,752.1	+0.074%	$8.3M	$25.3M	100x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,749.1	−0.034%	$183K	$951K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	+0.0061%	1h	2,748.6	−0.051%	$15.3M	$42.8M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,750.2	+0.005%	$1.67B	$9.31B	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0080%	1h	2,749.3	−0.027%	$82.5M	$275.2M	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,748.1	−0.070%	$4.9M	$213K	20x	as long as short
Gate ETH_USDT	+0.0083%	8h	2,750.5	+0.015%	$3.27B	$7.94B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,750.6	+0.019%	$257.8M	$723.9M	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,750.5	+0.017%	$365.4M	$443.7M	100x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,750.6	+0.020%	$1.60B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,750.3	+0.008%	$6.41B	$14.13B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,750.4	+0.012%	$114.3M	$392.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,751.6	+0.055%	$23.8M	$100.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.6	−0.052%	—	$23.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0097%	1h	2,747.5	−0.094%	$30K	$8K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.5	−0.092%	$507K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.7	−0.084%	$14.6M	$96.3M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.3	−0.027%	$32.1M	$323.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.4	−0.096%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.4	−0.024%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,748.6	−0.053%	$165.1M	$334.7M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,750.3	+0.010%	$2.11B	$2.32B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,750.2	+0.004%	—	$950.8M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749.2	−0.031%	$14.9M	$36.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,749.1	−0.035%	$132.5M	$297.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,751	+0.033%	$186.6M	$622.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,747.8	−0.081%	$159.8M	$68.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.9	−0.078%	$21.1M	$74.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.9	−0.007%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750	−0.001%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.3	−0.063%	$178K	$1.7M	20x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,748.8	−0.045%	$948K	$8.8M	100x
SoDEX ETH-USD	+0.0100%	1h	2,748.9	−0.041%	$61.9M	$121.9M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,749.1	−0.033%	$1.05B	$1.06B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.8	−0.046%	$264.2M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.4	−0.022%	$30.5M	$65.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,749.7	−0.013%	$46.2M	$3.91B	50x	as long as short
Deribit ETH-PERPETUALlong	+0.0150%	1h	2,750	long leg	$267.4M	$186.8M	50x
Reya ETHRUSDPERP	+0.0158%	1h	2,746.1	−0.144%	$7.3M	$845K	25x	as long as short
RISEx ETH/USDC	+0.0167%	1h	2,749.2	−0.030%	$5.6M	$10.6M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,751.3	+0.045%	$32.5M	$10.0M	100x	as long as short
Hyperliquid ETH	+0.0184%	1h	2,753.4	+0.122%	$3.16B	$1.75B	25x	as long as short
Injective ETH/USDC PERP	+0.0308%	1h	2,751.5	+0.053%	$118K	$25.3M	52x	as long as short
BloFin ETH-USDT	+0.0357%	8h	2,748.8	−0.045%	$282.3M	$150.4M	150x	as long as short
Paradex ETH-USD-PERP	+0.0478%	8h	2,752.7	+0.096%	$15.9M	$6.2M	50x	as long as short
Bluefin ETH-PERP	+0.0578%	1h	2,748.6	−0.054%	$20K	$14K	25x	as long as short