Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0034%/8h= −3.7% APRpaid last 24h −0.013%

Price spread now: Binance against Derive−0.060%7-day average −0.058% · you buy dearer than you sell

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

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.159%−$16 on $10k

Price spread, last 3 days (all we have)+0.021%+$2 · spread now −0.060%, 7d avg −0.058%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.058%, 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	Derive ETH-PERP	2,785.5	0.0100	pay 0.0013% / 1h	50m 45s	$42.9M	$29.4M	15x
Short	Binance ETHUSDT	2,783.8	0.0066	get 0.0066% / 8h	50m 45s	$6.46B	$17.27B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now −0.060%Rate

Funding earned: −$7.09
Price spread: −0.060% → −0.058%: −$0.23
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$23.31
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Binance: live order book, 8 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 8 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.2 bp −$623	8.4 bp −$4,186

Derive: 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 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	2,784.9	−0.022%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,783.5	−0.071%	$5.7M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.107%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,785.9	+0.015%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0066%	1h	2,786.6	+0.039%	$8.8M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,783.8	−0.060%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0006%	1h	2,782.5	−0.107%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,784.6	−0.032%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,785	−0.017%	$888K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,784.4	−0.040%	$22.5M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0016%	8h	2,783.2	−0.083%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,783.5	−0.071%	$1.70B	$11.92B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,784.2	−0.046%	$12.9M	—	200x	as long as short
Phemex ETHUSDT	+0.0027%	8h	2,783.3	−0.080%	$271.2M	$68.8M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,784.3	−0.041%	$256.9M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,783.6	−0.069%	$5.1M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,783.7	−0.065%	$2.11B	$3.11B	150x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,783.6	−0.068%	$1.60B	$2.63B	500x	as long as short
Binance ETHUSDTshort	+0.0066%	8h	2,783.8	−0.060%	$6.46B	$17.27B	150x
Gate ETH_USDT	+0.0072%	8h	2,784.4	−0.040%	$3.31B	$9.59B	200x	as long as short
Bullet ETH-USD	+0.0072%	1h	2,783.7	−0.064%	$184K	$1.7M	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,784.6	−0.032%	$60.3M	$4.62B	50x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,784.1	−0.049%	$423.5M	$739.5M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,783.8	−0.059%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,783.1	−0.085%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,784.6	−0.034%	$116.3M	$495.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,786.1	+0.021%	$25.4M	$120.7M	50x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,784.3	−0.041%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,783.9	−0.058%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,783.5	−0.071%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,785.3	−0.008%	$14.4M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,786.7	+0.044%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,784.6	−0.031%	$31.3M	$306.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,783.7	−0.064%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,785	−0.018%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	−0.046%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,783	−0.088%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,781.4	−0.146%	$147.6M	$336.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,782.4	−0.112%	$182.1M	$780.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,784.1	−0.050%	$161.9M	$90.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784.5	−0.035%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,784.5	−0.035%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,784.3	−0.042%	$21K	$24K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,785.5	long leg	$42.9M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,782.9	−0.092%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,783.4	−0.075%	$55.4M	$229.0M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,783.1	−0.087%	$32.7M	$77.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,784.2	−0.046%	—	$41.8M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0116%	1h	2,785	−0.018%	$258.9M	$222.8M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,784.4	−0.038%	$86.8M	$332.8M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,784.8	−0.025%	$8.5M	$682.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,786.2	+0.025%	$32.7M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,783.3	−0.079%	$285.1M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,783.3	−0.077%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,785.5	+0.001%	$271K	$1.5M	20x	as long as short